July 15 Deadline Approaching – I’m Here to Help

2020 has certainly been a year for the books! Though the IRS has tried to alleviate some of the COVID-19 burden on families by pushing back the tax deadline to July 15, all good things must come to an end. In fact, July 15 may be a financially painful day for some. Having the right tax coach on your side can help.

There are trickle implications that may affect you or your business: 

  1. Amended returns: You will be able to submit a federal or state amended return for 2016 through July 15,2020. 
  2. IRA Contributions: July 15 is the last day that you are permitted to contribute to your ROTH or traditional IRA for 2019 calendar year.
  3. Paying 2019 tax due: While you still have the option to file an extension to have your taxes filed by October 15, 2020, all taxes for 2019 must be paid by July 15, 2020 to avoid incurring additional penalties and interest. If in doubt as to your liability, it’s better to overpay (and be refunded later) than underpay and be hit with additional penalty and interest charges for not paying enough. 
  4. Estimated Taxes: If you typically make quarterly tax payments or anticipate a tax liability for 2020, your 1st and 2nd quarterly payments of 2020 are due July 15th and the 3rd and 4th quarters remain at September 15, 2020 and January 15, 2021, respectively. To avoid penalties, the IRS is experts to receive 100% of 2019 tax due or 90% of 2020 tax due, paid on a quarterly basis. 
  5. Estimated quarterly employment taxes: While the 1st quarter 941 returns should have already been filed on April 30, businesses had the option to postpone the payment of the first quarter taxes to July 15. The second quarter due date and pay date is still July 30.

Whether you need to file an amended return from prior years or still need to file your 2019 tax return or extension, My Tax Coaching is ready to alleviate your filing burdens. We offer a streamlined, contactless system, where you upload your tax documents into our secure portal and our experts will take it from there! It’s sure to be the easiest and most stress-free tax season you have ever experienced. 

We are here to help.