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July 06, 2020 | Posted in:

Are You Ready For July 15th?

At the end of March, the treasury department shifted the due date for 2019 tax returns by 90 days until July 15, 2020. The extensions are automatic and taxpayers do not need to file additional forms or contact the IRS.

2019 Federal taxes

The move to July 15th applies to all taxpayers:

  • Individuals
  • Trusts and estates
  • Businesses
  • Self-employed individuals

The extension also applies to all payments related to these taxes including personal income tax and self-employment tax. You also have until July 15th to save up to $6,000 in your individual retirement account (plus $1,000 if you’re age 50 or over) and have the contribution count for 2019.

If you can’t get your return done by the July deadline, filers can request an extension until October 15th but payments are still due on July 15th.

2019 State taxes

You should also pay attention to what’s happening at the state level. Many states including New Jersey, New York, Pennsylvania and Delaware delayed their tax filing deadlines to July 15th as well.

2020 Estimated taxes

For the 2020 tax year, both first and second quarter estimated income tax payments are due on July 15th. One surprise for individuals: If you lost your job or were furloughed and are receiving unemployment benefits, you may be required to pay federal and state tax on the benefits received. Check with your accountant or tax professional for more information.

Author:

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