You Now Get an Extra Month to File Your 2020 Taxes -- but Should You Wait?

Last year, when the coronavirus outbreak erupted, the IRS made the decision to push back the tax-filing deadline from April 15 to July 15, giving filers an extra three months to not only get their returns in order, but come up with any money they owed the IRS. Earlier this year, it seemed like the IRS was holding firm on the April 15 filing deadline for 2021. But just this week, the agency caved in and agreed to push the filing deadline back to May 17.

Part of the reason the IRS conceded to this longer time frame is that the $1.9 trillion coronavirus stimulus bill that was just signed into law included an exemption for $10,200 in unemployment income. Given the number of people who collected jobless benefits last year, tax preparers will need time to incorporate these new rules. And now, thankfully, they get an extra month to do so.

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Source Fool.com