On March 17, the IRS bowed to pressure and postponed the due date for filing 2020 tax returns by one month, from April 15 to May 17. (May 15 falls on a Saturday.) Even better: The extension also applies to payments of tax liability. Subsequently, the IRS clarified that taxpayers have until May 17 to make IRA contributions for the 2020 tax year.

Note that residents of Texas and other FEMA-designated disaster areas have until June 15 to file their returns.

However, the delay does not apply to payments of estimated tax for 2021 nor does it extend to 2020 returns for corporations, partnerships and nonprofit organizations.

Finally, the IRS extension only covers federal income tax, not income tax filing on the state level. Alabama has extended the deadline to file and pay but interest will accrue on any Alabama amounts starting on April 15.