July 15 is our new tax day. What do you need to know? That's the deadline to: - File your 2019 personal federal income tax return (Form 1040) - Pay what you owe Uncle Sam with that return - Make a Health Savings Account (HSA) contribution for 2019
As a COVID-19 federal tax relief measure, the IRS postponed to July 15 many of the usual tax filing and payment deadlines and the deadlines for taking certain other tax-related actions. While this deadline relief is welcome, it has created confusion. We aim to dispel that confusion. Here goes.
Reason: The revised July 15 deadline applies to federal income tax return filing deadlines , federal income tax payment deadlines, and IRA and HSA contribution deadlines that would otherwise fall on or after April 1 and before July 15. Therefore, the July 15 deadline applies to all of the aforementioned actions if you use the calendar year for federal income tax purposes, as do virtually all individual taxpayers.
You can also defer paying any federal income tax that is still owed for your 2019 tax year until July 15. The normal payment deadline is 4/15. Finally, you can defer your first and second quarterly estimated federal income tax installments for the 2020 tax year until July 15. The normal deadlines for those payments are 4/15 and 6/15. All this relief is automatic. You don’t need to submit anything to the IRS to take advantage, and you won’t owe any interest or penalty if you do.
Some business entities use non-calendar tax years that don’t end on December 31 . The revised July 15 deadline can potentially apply to them too, for federal income tax return filings and federal income tax payments that would otherwise be due on or after 4/1/20 and before 7/15/20.Your C corporation uses the calendar year for tax purposes. The normal deadline for filing your corporation’s 2019 federal income tax return is 4/15/20. That deadline is postponed to 7/15/20.
Same July 15 deadline for many other federal tax filings and payments The IRS has granted the same July 15 deadline relief for many other federal tax return filings and payments that would otherwise be due on or after 4/1/20 and before 7/15/20. For example, the July 15 deadline potentially applies to the following.
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