As the April 15 tax filling day looms, many Massachusetts taxpayers are getting a break in the form of a May 11 tax deadline extension for both their federal and state tax returns.
The Internal Revenue Service granted the May 11 extension to residents and businesses in Massachusetts counties that were declared federal disaster areas. The Massachusetts counties that were declared disaster areas are Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester.
The Massachusetts Department of Revenue also said it would grant the May 11 deadline extension for state tax returns.
The following are some frequently asked questions:
The most common is, do I have to do anything other than file my tax return by May 11? Do I have to request permission to do this, or offer proof of storm damage, if I live in one of the seven counties (Worcester, Middlesex, Essex, Plymouth, Norfolk, Suffolk or Bristol). The answer to all these questions is "no." If you live in one of these counties, no proof or pre-registration is required.
What if I filed my return before the date of the TIR issuance (which was April 2) but had not yet paid tax due? In that case, you must pay by April 15.
What if I live in Rhode Island but work in Massachusetts? Since Rhode Island has also been declared a federal disaster area, you have until May 11 to file your Massachusetts and federal returns.
Does the extension apply to estimated payments? It does.
What happens if I am eligible for the extension but file after May 11? In that case, penalties and interest will be assessed as of April 15.
Does the May 11 extension cover payments as well as returns? Yes, it does.
Gregory Menges is a founder of Boston Independent Advisors. Greg is a seasoned financial advisor with more than 15 years experience serving individuals, families, business owners, and company sponsored retirement plans. All securities offered through Investors Capital Corp., Member FINRA/SIPC -- Advisory Services offered through Investors Capital Advisory.
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