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What to Know About the 2021 Texas Tax Deadline Extension

For Texans affected by severe winter storms, you may be eligible for a tax deadline extension. The IRS has declared that “victims of winter storms that began February 11, 2021 now have until June 15, 2021” to file their tax forms and make payments. This announcement includes individuals, businesses, and tax-exempt organizations. 

Quick Facts: Here’s What You Should Know

  • Those who live or have businesses in all 254 Texas counties are eligible for tax relief. 
  • Any deadlines that fall on or after February 11 and before June 15 are postponed.
  • This deadline change allows you to make IRA contributions for 2020 until the new date.
  • If you owe estimated tax payments for Q4 of 2020, you now have until June 15. 
  • This extension applies to quarterly payroll and excise tax. 
  • This extension applies to tax-exempt organizations operating on a calendar year basis. 
  • If you have penalties on deposits due on or after February 11 and before February 26, those will be abated if the tax deposits were made by February 26. 
  • Follow this link to read the full IRS announcement.

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 winter 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 254 Texas counties covered by the IRS’ declaration? The IRS identifies taxpayers located in the covered disaster area automatically to apply this relief. However, if you live or have a business outside of the covered disaster area, call the IRS disaster hotline at 866-562-5227.

If you sustained damage from the winter storms…

For those who live or have a business in the federally-declared disaster area, you can claim disaster-related casualty losses on your federal income tax return for either the year in which the event occurred or the prior year. This could also include personal property losses not covered by insurance. If you are claiming disaster loss on a 2020 tax return, note “Texas – Severe Winter Storms” in bold letters at the top of the form, including the disaster declaration number (FEMA 4586) 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.