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Tips for Taxes During COVID-19
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If you have not filed your 2019 income tax return, here are some things to consider:
- If you anticipate a refund, there is no penalty for filing after April 15. Reach out to your tax preparer and learn their plan of action. If they are currently unavailable to meet with you, they likely have a contingency plan and will guide you accordingly. They may be a small business owner too and will appreciate your patience and support.
- If you anticipate owing: There is now an extension of time to file due to COVID-19 and an extension of time to PAY any amount due from your 2019 return. Current deadline to file and pay is July 15 and penalties and interest are waived during this 90 days.
- Individual tax filers, regardless of income, can use Free File to request a tax-filing extension using this link: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free. This extension gives taxpayers until October 15 to file a return. To get the extension, taxpayers must estimate their tax liability on this form and CAN pay any amount due but DO NOT have to. May business owners estimate $0 tax liability.
- Sales Tax: Business as usual. Remember that any sales tax that you collect does not belong to you. You are simply the conduit between the consumer and the state.Follow your deadlines and payments as much as possible.
- Payroll Tax: Business as usual. Again, any with dollars you withhold on behalf of your employees are not yours to keep. Follow your deadlines and payments as much as possible.
Remember information is subject to change and we’ll update these resources as those changes are implemented!