Steve Mnuchin announced this morning that the Trump Administration will extend the 2020 Income Tax Filing Deadline to July 15th.
Top Things You Need to Know at this Point:
- Taking advantage of the extra 90 days to file or pay will not incur interest or penalties.
- As of now, the extension deadline has not been adjusted, and remains October 15, 2020.
- Quarterly estimated taxes remain unchanged as of now.
Investment Ideas to Consider:
- Open and/or contribute to your retirement accounts for 2019. The IRS has also extended these dates out until July 15th, so you’ll have additional time to make these payments which can be coded as 2019 contributions.
- Contribute to your Health Savings Account, which provides a tax-saving way for individuals/families with a high-deductible health plan to pay for out-of-pocket costs. Again, you’ll have until July 15th of 2020 to make contributions that can be coded for 2019, leaving you with the option of making additional 2020 contributions to help further reduce your taxable income.
KEEP IN MIND!
States are not (yet) legally required to follow the IRS guidelines, so check with your CPA to find out about your state’s specific tax deadlines.
Disclosure: This is not intended to provide specific legal, tax or other professional advice. For a comprehensive review of your personal situation, always consult with a tax or legal advisor.