As you read this blog, the day is getting closer. Which day?
That day is July 15, 2020, and it is the extended filing deadline for all individual tax returns this year.
The federal government changed it to July 15 because, of course, the Coronavirus pandemic put millions out of work and set back deadlines. Now, States are reopening, and as people are returning to their job (if it is still available); it’s important not to forget this tax return filing date.
The later filing date has been a relief to many people who were laid off when the pandemic closings began. Millions were thrown out of work and have been unemployed or finding work where they can. This spring will be one for the books as it has stressed us all. Your individual Federal tax return is due July 15th. Check with your tax preparer for when your state tax return is due. Here, at A.K. Burton, PC we have been monitoring the everchanging Federal & State guidance striving to give our clients the best service possible during a period of such unprecedented legislative turbulence.
While the three-month extension to file Federal individual taxes has given taxpayers 3 extra months to pay any tax due on the deadline, it has also given people a chance to procrastinate. Before we know it, July 15 will arrive and many taxpayers will not be ready. Let’s fix that. First, you need to send all of your tax documents to your tax preparer.
Don’t remember what documents to provide your tax preparer? Here are some tips on what to bring them:
1. Wages and salary income (W2)
2. State tax refunds and unemployment compensation (1099-G)
3. Dividend & Interest statements
4. Stocks, bonds and other investments
5. Rental income & Expenses
6. Forms K-1 from Partnerships and S Corp
7. Forms 1099 (MISC)
8. Schedule C- Business Income & expenses
9. Forms 1099-R for Pensions & IRAs
10.Property tax bills
11. Medical Expenses
12. Mortgage interest (form 1098)
13. Charitable donations
14. Moving expenses
15. Child care expenses
16. Tuition Paid (Form 1098-T)
17. Student Loan Interest Paid (Form 1098-E)
Organize these documents. That will help your accountant or tax preparer get your tax returns completed more efficiently. Then, upload the documents to a secure link your tax preparer sent you or bring them to your accountants’ office ASAP as time is running out.
Late filings beyond July 15, 2020, may incur interest and penalties, so you may have to file an extension. Any tax you owe is due by the filing deadline. This is done by filing Form 4868. If you don’t have all your tax documents gathered, give your tax preparer all the documents you have and ask for an extension to be filed.
The main thing to remember if you have not filed your 2019 income tax returns is: See your tax preparer now! You don’t want to get any late fees or correspondence letters from the IRS.
A.K. Burton, PC, is open for business and we can prepare and file your taxes for you and your business. We are working extended hours to prepare our client’s returns. Call us at (301) 365-1974 for a phone consultation. We serve the Bethesda, Rockville, and Montgomery County. MD area.
*** For more information on the forms and other IRS documents, click here.