Tax reminder

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.

If you’re not ready to file your tax return, you can request an extension, which gives you until October 15 to file. That said, any money you owe from 2019 is still due on July 15.

 

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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