The 2020 tax season has been a confusing mélange of missing stimulus check rebates, new credits, and of course, shifting deadlines. Considering a recent IPX 1031 survey, 32% of Americans didn’t know the federal tax deadline was extended to May 17, a refresher on other important IRS deadlines coming in the next two months might be in order.
The tax deadline is still April 15—for gig workers
Though the IRS extended the tax-filing season to May 17 due to the pandemic, workers that earned income not subject to tax withholding—freelancers, gig workers, and small business owners—are still required to pay their taxes on a pay-as-you-go quarterly schedule, which means the deadline is still April 15. These estimated tax payments can include income from self-employment, dividends, alimony or rental income. That means tomorrow is your last day to file your first-quarter taxes if you want to avoid potential late fees.
You can make IRA and HSA contributions until May 17
You still have time to make 2020 contributions to your individual retirement accounts (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs). For 2020, a person under age 50 can contribute $6,000 to their IRA and a person over 50 can contribute up to $7,000; these contributions might be fully or partially tax deductible, according to IRS rules.
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The deadline for unclaimed 2017 tax refunds is now May 17
The IRS gives you a three-year window in which to claim a tax refund (if you qualified for one) before the money becomes the property of the U.S. Treasury. Normally the deadline is April 15, but the date was extended to May 17 to align with the new federal tax deadline.
The 2021 AFSP deadline was postponed to May 17
The Annual Filing Season Program (AFSP) for the 2021 calendar year has been extended as well. The AFPS is a continuing education program that helps non-credentialed tax preparers brush up on the latest tax laws.
