Consider this your public service announcement. You had an extra three months, but this is your last chance: 2019 taxes are due on July 15. Despite a few hopeful rumors circulating, the IRS recently confirmed it was not going to push the deadline back any farther. Sorry.
Cramming Sessions for Filing Taxes
We’ve mentioned on here multiple times about the virtues of starting earlier in the year to reduce stress associated with filing taxes. Every year people who’ve taken our advice return more organized, better prepared, and generally less annoyed at the whole process. But we also know how hard it is to start a new habit. Inevitably the same individuals will return year after year deep into the 11th hour. They show up stressed, angry, and thoroughly unprepared for the cramming session necessary to file on time. The pandemic offered an unheard-of reprieve for those unable to get their ish together in time.
2019 Tax Variations
The global pandemic’s impact caused the Treasury Department to many different types of tax deadlines, including filing annual 2019 returns. The IRA also pushed back deadlines for first quarter estimated taxes for 2020. By the way, less common filings (think taxes owed on trusts and estates) also saw their filing deadlines shifted to July 15. However, they didn’t push back deadlines for second quarter. So, yes, if your typical send in quarterly estimated tax payments, you have three different tax dates and one has already past.
The normal procedures still apply if extending filing past July 15. So, Master Procrastinator, an individual can extend filing until October 15 (but you still have to file that form by July 15). A business can file for extension, too, but again must submit the paperwork by July 15. While this may tempt you into further procrastination, remember this does NOT extend the due date for paying any taxes owed as part of the filing. Not only will you still owe the same amount, but it will also include late fees.
Still haven’t gotten started on your 2019 taxes yet? Relax! We can help ensure you stay in good graces with the IRS. We can also find additional avenues for you to pay the lowest taxes possible while staying in compliance. To learn more, call our office at 724-216-5180 or use our online form.