The July 15 tax-filing deadline is quickly approaching, remember to pay your taxes on time. Earlier this year the Treasury Department and the IRS provided federal tax filing and payment relief to individuals and businesses in response to the COVID-19 pandemic. The deadline changes also apply to disaster victims, 2016 refunds, extensions, and IRS contributions.
COVID-19 Pandemic Relief
2019 tax payments which were originally due for the first and second quarter on April 15th and June 15th must be paid by the July 15th due date.
Individuals, trusts, estates, corporations, and other non-corporate tax filers who originally had a filing or payment deadline from April 1st – July 15th qualify for the July 15th deadline. Also Americans who live and work abroad and normally had the June 15th deadline, must also file their 2019 federal income tax return and pay any tax due by July 15th.
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The IRS recently announced an additional extension for taxpayers who are victims of tornadoes, severe storms, and flooding in the south. This relief applies to individuals and businesses in disaster areas declared by FEMA in parts of Mississippi, Tennessee, and South Carolina. These individuals and businesses now have until October 15th to file returns and pay taxes.
2016 Unclaimed Refunds
There is a three-year opportunity window to claim refunds. The original deadline was April 15th and is also now July 15th. The refund will become property of the U.S. Treasury if the return is not filed withing three years.
Filing an Extension
Taxpayers who file an extension still need to pay estimated taxes before the deadline. The extension request must be filed by the July 15th postponed return due date. An extension will give taxpayers until October 15th to submit their return.
IRA Contribution Deadline
The IRA contribution deadline is usually the same day as the tax deadline. This deadline has also been postponed from April 15th to July 15th to aid taxpayers affected by the coronavirus pandemic. If you are under 50, the contribution limit is $6,000. The contributions made before July 15th can apply for the 2019 tax year.