The IRS extended the tax deadline to July. Here's what you need to know

The IRS is giving you three additional months to file and pay.

This spring has brought many unprecedented changes. With jobs on hold or lost, and small businesses in limbo, the Internal Revenue Service has reset the federal tax deadline to July 15. This means you have until July 15 to file your 1040 form, pay any federal taxes owed for 2019, and make contributions to your HSA and IRA accounts.

Beyond these important details, there are others to note. Keep in mind: this article is for informational purposes only. It's not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your strategy. 

Many state tax deadlines, including Arizona's, have also been extended to July 15. A few states have given taxpayers even more time. In Hawaii, the filing deadline is July 20. In Iowa, state income taxes may be filed as late as July 31. In Colorado, taxpayers have until October 15 to file their returns, with any taxes owed due by July 15.

Things are a bit different in three other states. Mississippi has pushed its state tax deadline forward, but only to May 15. New Hampshire has offered extensions to "qualifying taxpayers" affected by the coronavirus crisis who were unable to pay state taxes by April 15. Virginia has given taxpayers an automatic 6-month extension to file; if taxes owed are not paid by May 1, interest will be charged, but late penalties will be waived if taxes are paid by June 1.

As I mentioned above, you have three additional months to make a 2019 IRA or HSA contribution. Do you still need to do this? Ordinarily, your deadline to do so would be April 15, 2020, but just as the federal income tax filing deadline has been pushed forward to July 15, so has the deadline to earmark contributions for 2019.

The extended tax deadline still falls on October 15. This year, the 6-month extension is now a 3-month extension. If you owe federal taxes, you must still pay them by July 15.

The July 15 deadline also applies to fiscal year filers and many businesses. It applies to any individual or business entity that would normally have to file or pay by April 15.

How about those who pay quarterly taxes? On April 9, the IRS set a new July 15 deadline for both first-quarter and second-quarter estimated tax payments. The Q3 and Q4 estimated tax deadlines remain set at September 15, 2020 and January 15, 2021.

Still, there are reasons to send in your return well before July 15. Do you think you will owe money? The earlier you determine what you owe, the more time you have to plan your tax payment. If you are owed money, filing earlier can bring you a refund earlier. 

As a reminder, this article is intended to present general information, not tax advice. Talk with a tax or legal professional about your particular tax situation before modifying your strategy.