Taxpayers could face penalties and interest if they fail to file on July 15th

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SAVANNAH, Ga. (WSAV) – July 15th is Tax Day and the deadline to request a filing extension. 2020’s tax return deadline was pushed back from April to July because of the pandemic. Officials said even if you cannot afford to pay, you still need to file.

Georgia and South Carolina’s state tax returns and the federal tax deadline was extended to provide economic relief to taxpayers, but if people fail to file by the deadline they could face interest and penalties.

The Internal Revenue Service has several free online tools and links to free software that will help people file. The July 15th deadline includes individual income taxes, corporate income taxes, as well as franchise and license fees and first and second quarter estimated taxes. You can request a filing extension, but unpaid balances will automatically incur penalties and interest starting on July 16th.

The IRS encouraged people to file online––promoting it as a faster process for returns and to distribute refunds if utilized. They encourage people to have access to all tax documents they may need like their W2’s, 1099’s, 1098’s and any child tax credit information. There are payment plans available through the IRS’s Installment Agreement, Online Payment Agreement, Temporary Delayed Collection, and Offer in Compromise.

If you’ve already filed and are waiting on a refund, officials said most tax credits are issued within 21 days. Contact your state’s Department of Internal Revenue to find out more information about your status.

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