Taxes are Due July 15: What You Need to Know
For businesses or individuals who took advantage of the automatic extension granted by the IRS during the COVID-19 emergency, the July 15 deadline is fast approaching.
There are less than two weeks left until July 15, the date to which the IRS moved the 2019 tax deadline because of the COVID-19 pandemic.
If you filed in April as usual, there is likely nothing you need to do in July. But if the July deadline snuck up on you, there are steps you need to take this week. Whether you haven’t yet filed your taxes or you’re looking for answers about a more complex tax scenario, here are some questions you may be asking:
FAQs for individual filers
Can I still get my individual taxes done?
If you have not contacted us to have your taxes prepared, we encourage you to do so before it becomes too late. If you have already started working with us on your taxes but still have not gotten all of your tax information in, please contact us so we can prepare a three-month extension for you. If you will owe tax, you will need to make a payment with the extension request.
Is there a new extension deadline?
If you are unable to file your 2019 1040 tax return by the July 15th deadline for any reason, you must file a Form 4868, which will extend your deadline to October 15. The tax liability shown on the extension should be paid with the extension form to avoid late payment penalties and interest.
What do I need to be aware of if I pay quarterly estimated payments?
On July 15th, the first and second installments of 2020 individual estimated taxes (Form 1040-ES) are due. In a typical year, these payments would have been due April 15 and June 15, but because of the COVID-19 crisis, the IRS extended the due dates to July 15.
Can I still contribute to my IRA?
July 15 is also the last day to make IRA contributions for tax year 2019.
For answers to more questions related to your taxes, contact us at info@sbfcpa.com.
