
The Internal Revenue Service knows that many taxpayers have had a stressful spring. So, it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes owed for 2019.1 This year, the 6-month extension is now a 3-month extension. If you owe federal taxes, you must still pay them by July 15.2 It applies to any individual or business entity that would normally have to file or pay by April 15.2 On April 9, the I.R.S. set a new July 15 deadline for both first-quarter and second-quarter estimated tax payments. The Q3 and Q4 estimated tax deadlines remain set at September 15, 2020 and January 15, 2021, respectively.3 Do you still need to do this? Ordinarily, your deadline would be April 15, 2020, but just as the federal income tax filing deadline has been pushed forward to July 15, so has this deadline.1 While the federal estate tax deadline fell on April 15, Forms 709 (the Gift and Generation-Skipping Transfer Tax Return) and related payments are not due until July 15. An extension to file as late as October 15 is permitted, but gift and GST taxes owed will still be due on or before July 15.4 A few states have given taxpayers even more time. In Hawaii, the filing deadline is July 20. In Iowa, state income taxes may be filed as late as July 31. In Colorado, taxpayers have until October 15 to file their returns, with any taxes owed due by July 15.5 Do you think you will owe money? The earlier you determine what you owe, the more time you have to plan your tax payment. If you are owed money, filing earlier can bring you a refund earlier. At JenniferLangFinancialServices.com we have access to a variety of insurance products that can help meet your financial security planning needs. No matter your personal situation—if you’re single or in a family; a professional or a seasonal employee; an executive or small business owner—we will work together to design a customized plan. |
1. Kiplinger.com, March 30, 2020 2. IRS.gov, April 10, 2020 3. Forbes.com, April 9, 2020 4. The Internal Revenue Service, April 2020 5. MSN.com, April 6, 2020 |