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Tennessee Tax Deadline Extended for Certain Counties

Tennesseans living in areas affected by severe thunderstorms, winds, tornadoes, and flooding, will now have more time to file their taxes. In response to the Federal Emergency Management Agency’s disaster declaration, the IRS has now extended the tax deadline for certain areas in Tennessee, moving the due date to August 2, 2021. This announcement includes individuals, businesses, and tax-exempt organizations.

Counties that Qualify for the Tax Deadline Extension 

The following counties qualify for the extended deadline: Campbell, Cannon, Cheatham, Claiborne, Clay, Davidson, Decatur, Fentress, Grainger, Hardeman, Henderson, Hickman, Jackson, Madison, Maury, McNairy, Moore, Overton, Scott, Smith, Wayne, Williamson, and Wilson.

Quick Facts: Here’s What You Should Know

  • Certain deadlines that fall on or after March 25, 2021, and before August 2, 2021, are postponed through August 2, 2021, including the May 17 deadline for filing 2020 individual income tax returns and paying any tax due. 
  • Taxpayers have until August 2, 2021, to make IRA contributions for 2020.
  • The August 2, 2021, deadline applies to the first quarter estimated tax payment, normally due on April 15, and the second quarter payment normally due on June 15. 
  • The deadline also applies to the quarterly payroll and excise tax returns normally due on April 30, 2021. 
  • In addition, the deadline applies to tax-exempt organizations operating on a calendar-year basis that have a 2020 return due on May 17, 2021. 
  • Penalties on deposits due on or after March 25, 2021, and before April 9, 2021, will be abated as long as the tax deposits were made by April 9, 2021.
  • Follow this link to read the full IRS announcement with more information. 

If you receive a letter from the IRS…

Do not panic if you receive a late filing or payment notice from the IRS. Simply call the phone number listed on the penalty notice and ask the IRS to abate the penalty. 

If you were affected by the storms and do not live in the covered area…

What if you were affected by the severe weather but do not live or have a business within the qualifying Tennessee counties? The IRS identifies taxpayers located in the covered disaster area automatically to apply this relief. However, if you are outside of the covered disaster area, and were negatively impacted by the storms, call the IRS disaster hotline at 866-562-5227.

If you sustained damage from the storms…

For those who live or have a business in the disaster area, you can claim disaster-related casualty losses on your federal income tax return. This could also include personal property losses not covered by insurance. If you are claiming the disaster loss on a 2020 tax return, note “Tennessee Severe Storms, Straight-line Winds, Tornadoes, and Flooding” in bold letters at the top of the form, including the disaster declaration number (FEMA 4601-DR) on the return as well.

IRS Resources to Review

Need Help Planning Your Taxes? 

Southwestern Investment Group advisors can analyze your personal or business financial plan to maximize your tax benefit. Contact us today to schedule a consultation.

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Jeffrey T. Dobyns

CFP®, CLU, CHFC

President, SageSpring 

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Jeffrey T. Dobyns

President, SageSpring 

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.