Important Tax Extensions and Deadlines
Several states have recently announced that the deadline for taxpayers to file their returns have been extended. Delaware, Pennsylvania, and New Jersey are three of the states that have extended their individual tax filing and payment due date to May 17th, while Maryland has been extended to July 15, 2021.
It is important to note that state filing and payment deadlines are made on a state-by-state basis and the states listed above are not all-inclusive. You can check to see the status of a particular state by reviewing each state agency's website. We encourage our clients to consult with their tax advisor for specific tax advice.
Additionally, recent legislation has also impacted several other important deadlines outlined below.
IRA and HSA Contribution Extension
- The IRS has extended the deadline to May 17, 2021 for individuals to make 2020 contributions to their individual retirement accounts (IRAs and Roth IRAs) and health savings accounts (HSAs).
PPP Updates and Extension
- Businesses now have until May 31, 2021 to apply for a first or second draw PPP loan. The bill also states that the Small Business Administration has until June 30, 2021 to process lender applications.
Gift Tax Returns and First Quarter Estimates have NOT been Extended
- The deadlines for 2021 first quarter estimated tax payments and 2020 gift tax returns have not been extended and are still due on April 15, 2021.
If you have specific questions or would like to discuss your own investment strategy or financial planning needs, we welcome you to call us at 302.234.5655 or email us at contactus@covenantwealthstrategies.com to set up time to discuss further.
Disclaimer
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax situation with a qualified tax advisor.