The tax filing and payment deadline for most 2020 federal tax returns is here.
You should file or request an extension of time to file and pay any taxes you owe by the May 17 deadline to avoid penalties and interest.
Here are some tips if you owe tax, but can't pay it immediately:
File your tax return or request an extension of time to file by the May 17 deadline
If you owe tax and don't either file your return on time or request an extension, you may face a failure-to-file penalty.
Remember that an extension of time to file is not an extension of time to pay. An extension gives you until October 15, 2021 to file your 2020 tax return, but taxes owed are still due May 17, 2021.
Pay as much as possible by the May 17 due date.
Whether you file a return or request an extension, you must pay your taxes due in full by the May filing deadline to avoid penalties and interest. If you don‘t pay your taxes on time you, will face a failure-to-pay penalty.
Set up a payment plan as soon as possible.
If you owe but can‘t pay in full by the deadline, you don't have to wait for a tax bill to request a
payment plan. You can apply for a payment plan on IRS.gov, or you can submit a payment plan request in writing using Form 9465, Installment Agreement Request.
Some disaster victims, taxpayers living overseas, military service members and eligible support personnel in combat zones have beyond the May 17 deadline to file and pay their taxes.
You should also check your state filing and payment deadlines, which may be different from the federal May 17 deadline.
Resources:
Tax Topic Number 653, IRS Notices and Bills, Penalties, and Interest Charges
What Is the Due Date of My Federal Tax Return or Am I Eligible to Request an Extension?
IRS.gov has information for taxpayers who can't afford to pay taxes they owe.