In 2020, federal taxes are outstanding by July 15. Initially, the tax deadlines were April 15, but the government of the United States extended it to provide taxpayers additional time to deal with their taxes amid the coronavirus pandemic. Taxpayers presently have an additional three months to both file and pay their taxes. Treasury Secretary Steven Mnuchin stated on March 20 that Americans could delay filing taxes until July 15, but they should try to file their tax returns by April 15. The IRS states that the additional 90 days for filling taxes will not incur interest or fines.
Tax Deadlines that are Approaching
When will taxes be due if we get an extension?
In 2020, with the IRS is moving the tax-filing deadline to July 15; everyone gets an additional three months. If by this deadline, you put in for an extension, your tax return will be outstanding on Oct 15, 2020.
File your 2019 tax return
If you were due a return for the 2019 tax year but didn’t file a tax return, you have until July 15 (the original tax deadlines) to present the old Form 1040 and claim your funds.
Use your 401(k) by Dec. 31
- Contributions to a regular 401(k) will decrease your entire taxable income for the year.
For instance, let’s assume you earn $65,000 a year and put $19,500 (the limit in 2020) into your 401(k) form. Rather than giving income taxes on the whole $65,000 you made, you’ll only owe on $45,500 of your payroll. In different words, storing for the future enables you to shield $19,500 from taxes (and much more if you’re 50 or older).
Many organizations try to match a portion of whatever you save, indicating that if you contribute enough to your account, you’ll additionally catch some free cash.
Contribute to your health plans
- As the medical account is open to people who have a high-deductible health plan, which gives a tax-saving way to fund out-of-pocket costs.
- You have tax deadlines until July 15, 2020, to present to an HSA for the 2019 tax year.
- The limits of 2019 are $3,500 for an individual HSA owner and a household. It is $7,000 in the year 2020. The family coverage limit is $7,100, and for the individuals, the coverage contribution limit is $3,550.
File an extension for Tax Day
- If you can’t complete your return by the July 15 tax deadline, file IRS Form 4868, as it will help most taxpayers to file their tax returns by Oct. 15.
- A tax expansion gets you more extra time to file your return, but it does not offer a longer time to pay your taxes. You need to pay any tax you owe, or a reliable measure of that amount, by the tax deadline. Admit the payment with your extension request, or you could face a late-payment fine on the taxes due.
