The IRS announced today that the 2020 federal tax filing deadline has been extended from April 15 to May 17, 2021. The extension is automatic; individuals do not need to file any paperwork to take advantage of the extension.
Any payments on 2020 federal income taxes due may also be postponed until May 17. However, estimated tax payments for 2021 still need to be paid timely.
Also, this extension only affects federal income taxes, not state income taxes. Many states follow the federal deadlines; however, you should check with your state to verify its due date.
If you have not filed your taxes yet, here are some ideas of what you can do with your extra time:
If you are a Christmas tree grower:
Save thousands by electing capital gain treatment on cut Christmas tree sales
Double-check your capital gain election…you only get one chance to do it right!
Upgrade your bookkeeping system for your Christmas tree farm
Do an 80/20 analysis to increase profits and decrease expenses
If you are a forest landowner:
Save thousands by electing capital gain treatment on any timber sales
Double-check your capital gain election…you only get one chance to do it right!
Make sure you are correctly deducting any casualty losses due to natural disasters
Watch my recent webinar on the Top 5 Ways Forest Landowners Save Taxes
Have questions or need help implementing any of the above recommendations? Contact Andrew for help!
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