Tax Reminder - Octo 15 deadline approaches for taxpayers who requested 1040 extensions

October 15 is right around the corner. This is a friendly reminder to file your 2020 tax return prior to the deadline if you filed for an extension using IRS form 4868. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing late.

Although October 15 is the last day for most people to file, some taxpayers may have more time. They include:

• Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.

• Taxpayers in federally declared disaster areas who already had valid extensions. For details, see the disaster relief page on IRS.gov.

There is usually no penalty for failure to file if the taxpayer is due a refund. However, people who wait too long to file and claim a refund, risk losing it altogether. Those who have yet to file a 2020 tax return, owe tax, and did not request an extension can generally avoid additional penalties and interest by filing the return as soon as possible and paying any taxes owed.

Please reach out if you have any questions or visit irs.gov for more information.