Tax Filing. July 15th? Let’s Talk.
On March 21, the Treasury Department and Internal Revenue Service announced a tax filing and tax payment deadline extension until July 15, 2020. Now what? Hint: It doesn’t mean tax filing should go to the bottom of your to-do list.
On the one hand, the extension that resulted from the Stafford Act means more time to prepare and more time to pay; we know that brought relief to many American households. In contrast, tax accountants immediately knew this relief would come with its own difficulties. Consider this; more time does not mean that filing July 15th vs. April 15 will be in the best interest of you, the individual taxpayer.
Here’s why we, the professionals you trust to send legal documents to the government on your behalf, encourage you to not wait until July 15th for tax preparation or tax filing. Over the next few days, we will go more in-depth on why we recommend preparing well before the extended deadline.
- Refund when you need it. At a time where cash flow is critical in many houses and small businesses, an April or May refund may be vital.
- More time now. You are home for an undetermined amount of time, use it to prepare for the maximum return on your income taxes.
- Extra days to pay the bill. With a July 15th deadline, preparing your taxes now means you have more time to plan on how you will pay your 2020 tax bill.
- Less time later. April 15, 2021, is only nine months away from the new tax deadline of July 15, 2020, decreasing the amount of time to pay your next tax bill.
Until April 15th, Profit Wise Accounting is offering payment plans and delayed payment options. Schedule your free virtual consultation today!
“Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically,” – IRS Commissioner Chuck Rettig