Tax news

Dallas residents get emergency extension from IRS on 2020 taxes

Man frustrated with paperwork and computer

Texas residents have two more months to file taxes after the winter storm.

Photo by Jamie Grill/Getty Images

Dallasites are getting an extension to file their 2020 taxes following last week's brutal winter storm, the Internal Revenue Service announced on February 22.

Texas residents now have until June 15, 2021, to file most individual and business tax returns and make tax payments. This applies to residents of 254 Texas counties.

The extension includes various 2020 business tax returns due on March 15, as well as 2020 individual and business returns due on the traditional tax day of April 15. Taxpayers also have until June 15 to make 2020 IRA contributions, the IRS said.

In addition to the above, the extension also applies to:

fourth quarter estimated tax payment due on April 15
quarterly payroll and excise tax returns normally due on April 30
tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17

If a Texas taxpayer receives a late filing or late payment penalty notice from the IRS that they believe falls under the extension, call the telephone number on the notice to have the IRS abate the penalty.

Texans should also note that those living in a federally declared disaster area (like Dallas County) have the option of claiming disaster-related losses on their federal income tax return.

"Affected taxpayers claiming the disaster loss on a 2020 return should put the Disaster Designation, 'Texas – Severe Winter Storms,' in bold letters at the top of the form. Be sure to include the disaster declaration number, FEMA 4586, on any return," the IRS says.

Read the full details here.

city-news-roundup

population explosion

7 booming Dallas neighbors see biggest population growth in U.S.

City of Denton, TX - City Hall/Facebook

Denton had the biggest population growth rate in Dallas-Fort Worth from 2022 to 2023.

Denton, Mansfield, McKinney, and more North Texas cities are among the fastest-growing places in the country, according to a new population growth study by SmartAsset.

The report, "These Cities Saw the Largest Growth in Population – 2024 Study," examined U.S. Census population estimates for 2023, 2022, and 2018 to determine one-year and five-year population changes for 610 U.S. cities with populations of at least 65,000 residents in 2023 (where the most recent data was available).

Silver Spring, Maryland had the No. 1 biggest population boom nationwide from 2022 to 2023, SmartAsset found. The Washington, D.C. suburb grew 12.86 percent year-over-year, bringing the city's total population from 75,313 to 84,996 residents in 2023.

Denton took the lead over all other Dallas-Fort Worth cities with the 16th-largest one-year population growth rate in the U.S., at 5.32 percent. Denton gained over 8,000 residents from 2022 to 2023, bringing the city's total population to 158,361 in 2023.

This should come as no surprise to those who already live in Denton, who may know their hometown was ranked one of the safest suburbs in America.

Mansfield trailed close behind with a 4.16 percent increase in population during that same period, which landed it the No. 26 spot in the one-year population change analysis. The city gained 3,189 new residents in that time, adding up to a total population of 79,775 residents in 2023.

McKinney appeared farther down the list as No. 49 with just a 2.89 percent one-year growth rate from 2022 to 2023, and a total population of 213,504 residents.

Only four other Dallas-Fort Worth cities appeared in the top 100 fastest growing cities in the U.S. from 2022 to 2023:

No. 61 – Frisco (2.48 percent increase)
No. 72 – Rowlett (2.48 percent)
No. 73 – Lewisville (2.17 percent)
No. 99 – Flower Mound (1.73 percent)

The report suggested major population shifts in communities like Denton or Mansfield can result in "a variety of interwoven economic and social impacts."

"The magnitude of the population change can affect demand for businesses and services, which in turn may impact costs – or even the availability of such amenities," the report's author wrote. "Similarly, the relative age of the population can determine the strength or weakness of the local job market, as well as have an impact on local culture, economic trajectory, tax base and more."

Fast-growing cities elsewhere in Texas
Texas cities dominated the top 10 list of cities where population grew the most from 2022 to 2023.

New Braunfels, a San Antonio suburb, ranked No. 2 nationally with an 12.49 percent one-year population boom, and a 29.68 percent growth rate from 2018 to 2023. The city gained 12,318 new residents in that time, adding up to a total population of 110,961 residents in 2023.

Just two spots behind New Braunfels is the North Austin suburb of Georgetown (No. 4), which grew 11.34 percent to 96,317 residents in 2023. According to the report's five-year population change analysis, Georgetown ranked seventh with a 29.85 percent growth rate.

The Houston suburbs of Atascocita and Conroe ranked No. 5 and No. 9, respectively. Atascocita's total population grew to 119,502 residents in 2023, which represented a 11.03 percent growth rate from 2022, and a whopping 38.56 percent population increase since 2018. Conroe's 6.73 percent one-year population increase paled in comparison, but the city grew 23.49 percent during the five-year period from 2018 to 2023.

The top 10 U.S. cities where population grew the most from 2022 to 2023 are:

No. 1 – Silver Spring, Maryland
No. 2 – New Braunfels, Texas
No. 3 – Glen Burnie, Maryland
No. 4 – Georgetown, Texas
No. 5 – Atascocita, Texas
No. 6 – Pine Hills, Florida
No. 7 – Elgin, Illinois
No. 8 – Lehi, Utah
No. 9 – Conroe, Texas
No. 10 – Dale City, Virginia

population growth reports smartasset dallas fort worth denton suburbs mansfield