With April 15th right around the corner here is what you need to know if your returns haven't been filed yet or you owe payments
It goes without saying we're all being inundated with information from everywhere under the sun. Some is accurate, some is premature and not fully final, some is hype and some has actual facts. With April 15th almost upon us, here is what you need to know regarding payments, extensions, what to do if your return isn't done yet and a helpful link directly to the IRS with FAQ.
- April 15th was picked up and plopped onto July 15th. That means the original due date for anything April 15th is now July 15th for income taxes.
- Massachuestts is following the July 15th due date move
- No extensions, nor extension payments need to be filed on April 15th if your taxes are not done yet
- April 15th quarterly estimated tax payments are now due July 15th
- 2019 IRA contributions are now due July 15th
- There are no additional interest/penalty charges for paying taxes owed after April 15th and before July 15th. If you did not pay in enough taxes throughout 2019, normal underpayment interest/penalty charges still apply (at this moment).
- THIS IS NOT AN EXTENSION - in the past many folks fear filing an extension is a red flag. This is not considered an extension by the government. They literally moved the original due date, it's as if April 15th never existed and it's now July 15th. There is no need for concern if your return is not done by April 15th.
Here is a link to the IRS's website with some helpful FAQ on the filing and payment deadline changes Click Here
If you have sent in your tax documents to us, we have them, and are working day and night every day of the week to keep things moving along. Please be patient with us as our normal mode of operations have been dramatically impacted with a flood of inquiries by folks in these uncertain times.
We'll reach out if we're missing information, have questions and when you return is ready. In the meantime, stay safe, be kind, be gracious, and stay strong.