Tax procrastinators, your time is running out.
Taxpayers who need more time can request an extension on the IRS website. That will give them until Oct. 15 to file. However, an extension to file does not mean added time to pay. So those planning on filing later should estimate what they owe and make that payment by July 15.The IRS is willing to set up payment plans or make other arrangements with taxpayers who cannot pay in full. Many of those can be set up online.
Accountants and tax preparation services say they have a variety of means to help people prepare their taxes without meeting face to face.Taxpayers who make estimated quarterly tax payments have until July 15 to make the payments for the first and second quarter. Those were originally due on April 15 and June 15 respectively.There are a host of other tax deadlines linked to July 15. Check out the IRS website or reach out to a tax professional for answers to your specific question.
One worth noting is that July 15 is also the deadline to claim a refund for 2016 tax returns. An estimated $1.5 billion refunds for 2016 are sitting unclaimed because people failed to file tax returns. The law provides a three-year window of opportunity to claim a refund. But if taxpayers do not file a return within that time, the money becomes property of the Treasury. There is no penalty to file a later return if a refund is due.
It’s also a good time to check in with a tax professional if you have had a major shift in income, employment or other tax situations in 2020. With all the changes stemming from the COVID-19 pandemic, there may be need for added help when it comes to taxes. “Reach out to about what 2020 is going to look like,” says Michael Eisenberg, a CPA and attorney at Squar Milner in Los Angeles.
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