This is a reminder that you have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes owed for 2019.1
The extended tax deadline still falls on October 15. 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
[If you are considering self-filing, here is a resource that outlines the pros and cons of the top online tax prep companies: The Best Online Tax-Prep Software for 2020]
The July 15 deadline also applies to fiscal year filers and many businesses. It applies to any individual or business entity that would normally have to file or pay by April 15.2
How about those who pay quarterly taxes? 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
You have three additional months to make a 2019 IRA or HSA contribution. 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
The July 15 deadline also applies for gift taxes. 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
Many state tax deadlines have also been extended to July 15. 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
Things are a bit different in three other states. Mississippi pushed its state tax deadline forward, but only to May 15. New Hampshire offered extensions to “qualifying taxpayers” affected by the coronavirus crisis who were unable to pay state taxes by April 15. Virginia gave taxpayers an automatic 6-month extension to file.5
If you are reading this and realizing that you either haven’t filed in a timely manner or are at risk of missing your filing deadline, please reach out to your tax advisor as soon as possible.
Reggie D. Ford, CPA is the Founder and President of Rosecrete Wealth Management. Rosecrete provides personalized, comprehensive financial services to affluent and high net worth clients. Rosecrete focuses on sports, legal, and medical industries with a passion for helping younger generations with early retirement planning.
Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.
For a list of states in which I am registered to conduct securities business, visit my website at www.rosecrete.com.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Investing includes risk including potential loss of principal.
You are under no obligation to use the services of any of the entities shown and may choose any qualified professional to provide tax services. These entities and their services are not affiliated with LPL Financial and Rosecrete Wealth Management.
4. The Internal Revenue Service