Due to the outbreak of COVID-19, the IRS pushed back several big tax deadlines, including the deadline to file and pay your 2019 taxes. While this will help thousands of taxpayers, it is important to make sure you file by the deadline to avoid getting hit with penalties and interest. Here is what you need to know about the new tax deadline and everything that is due July 15th!
Federal Tax Return
Your 2019 federal tax return needs to be filed by July 15th. You can either file your tax return online, or you can mail in a paper copy to the IRS. It’s best to file your federal return by the deadline, even if you can’t afford to pay the taxes you owe as not filing could mean incurring penalties. If you don’t think you will be able to file your tax return by July 15th, you can file for an extension to file your return by October 15th. You will need to file this extension by July 15th, or you could face penalties for failing to file.
Federal Income Tax Payments
If you owe income taxes for 2019, you will need to pay these by July 15th. Unlike your tax return, you cannot file for an extension to pay your federal taxes. If you don’t pay them by July 15th, you could incur penalties and interest on top of your tax debt. If you don’t think you can pay your taxes in full or at all, you need to look at a payment plan or a different resolution with the IRS. If you need assistance, you can hire Polston Tax to help negotiate for a tax debt resolution.
Estimated Tax Payments
The IRS has postponed both the 1st and 2nd quarter Estimated Tax payments until July 15th. This means the payments that were due on April 15th and June 15th, aren’t due until July 15th, 2020. If you make over $1,000 and don’t have taxes taken out of that income, you will need to make tax payments on your own. This is to help spread out the taxes you owe over 4 quarterly payments, rather than have you pay the full amount when you file your return. You can learn more about making Estimated Tax Payments here.
If you need help filing your tax return or need help paying off the taxes you owe, Polston Tax can help! Give us a call at 844-841-9857 or click below to schedule a free consultation.