Happy Tax Day – Kinda

Today is traditionally the tax deadline for most Americans. But given the current pandemic, the government quickly rolled out the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that included many changes to our tax system. One of the main changes is the automatic extension to file your 2019 tax return (you don’t need to do anything). The deadline for tax year 2019 (to file and pay your taxes) is July 15th, 2020.

You can still file an extension (Form 4868) by July 15th, 2020 to extend your filing out to October 15th, 2020. Remember though, if you expect to owe taxes for 2019 and you extend your filing out to October, you still need to make a good faith payment by July 15th, 2020.

For those that make estimated tax payments, the first payment for 2020 (typically due today, April 15th, 2020) is now bundled with your second quarter payment. Basically, the sum of your first and second estimated tax payments will be due by July 15th, 2020.

The world is upside down right now, but we will get through this together.

Be safe and healthy out there!