Tax Day Extended to June 15 For Texas
Usually Tax Day is April 15, but this year because of the pandemic, it was extended to May 17. So why do Texans get to wait till June 15?
According to NewsWest 9, two other states besides Texas got the extension, they are Louisiana and Oklahoma, but why did those states get an extension?
It's simple, the big freeze that happened in February.
Kenneth Arnold is a CPA at Arnold, Hancock, & Wallach, P.L.L.C. and is used to the normal deadline date of April 15, but he has been inundated with calls from confused people.
"For 47 states, [May 17] is tax filing deadline day," said Arnold. "Not for Texas, Louisiana and Oklahoma, and so we’ve been getting a lot of calls saying 'hey when I woke up I heard this, what’s the deal?' So we’ve spent most of the day explaining not for us, for everyone else."
Even though you have an extra month, Arnold says you should still get your taxes done quickly.
"Get together all the paperwork," said Arnold. "Make sure you’ve got a good system that takes everything into account to put it on your return, and be sure that you include all of the expenses, all of the legal expenses, which you are entitled to. It shouldn’t be a big pressure moment. You shouldn’t wait until the last minute, but people do."
Arnold also says there are plenty of penalties if you don't watch out.
"If you leave out enough taxable income, there are penalties for that," said Arnold. "There are penalties for not paying on time. There are penalties for not filing estimated taxes correctly. They work in a penalty environment, and it’s just what they do."
So get your taxes done quickly if you haven't already done so, but if you haven't you still have a little less than a month.