Friendly reminder! If you haven’t heard, the revised IRS tax deadline is quickly approaching.
Since nothing in 2020 has been easy to understand, we put together a summary of the high-level points you need to know about filing and paying your federal, state, and quarterly taxes by July 15.
Here’s what you need to know.
2019 Federal Tax Return & Payment
All federal income tax payments that had been due on April 15 are now due.
2019 State Tax Return & Payment
The July 15 deadline applies to federal taxes only. State taxes vary by state. Here’s a list of state tax agencies where you can find more information.
2020 Quarterly Payments on 1099 Income
If you’re generating 1099 income and expect to owe more than $1,000 in income tax for the year, you’re required to make quarterly payments with the IRS. Payment for the first two quarters of 2020 – the time between January 1 and May 31 – is due on July 15, 2020.
For more details, head over to the Self-Employed Individuals Tax Center on the IRS website.
As always, indi recommends you speak with a certified tax professional if you need help or have questions about your income tax returns and payments.
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