July 15th Tax Filing Deadline Approaching

Don’t forget taxpayers have until July 15^th to file their 1040 form and July 15^th is the deadline to pay any federal taxes owed for 2019.

You’ve had three additional months to make a 2019 IRA or HSA contribution. Take note if you still need to make your contribution. Ordinarily, your deadline would have been April 15^th, 2020, but just as the federal income tax filing deadline has been pushed forward to July 15^th, so has this deadline.¹

The extended tax deadline still falls on October 15^th. This year, the 6-month extension is now a 3-month extension. If you owe federal taxes, you must still pay them by July 15^th.²

The July 15^th deadline also applies to fiscal year filers and many businesses. It applies to any individual or business entity that would normally have to file or pay by April 15^th.²

How about those who pay quarterly taxes? On April 9^th, the I.R.S. set a new July 15^th deadline for both first-quarter and second-quarter estimated tax payments. The Q3 and Q4 estimated tax deadlines remain set at September 15^th, 2020 and January 15^th, 2021, respectively.³

The July 15^th deadline also applies for gift taxes. While the federal estate tax deadline fell on April 15^th, Forms 709 (the Gift and Generation-Skipping Transfer Tax Return) and related payments are not due until July 15^th. An extension to file as late as October 15^th is permitted; though, gift and GST taxes owed will still be due on or before July 15^th.⁴

As a reminder, this article is intended to present general information, not tax advice. Talk with a tax professional or your Kaizen Advisor about your specific tax situation before modifying your strategy.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Kaizen Financial Advisors, LLC (Kaizen FA) is a Registered Investment Advisor in the State of Washington. Our office is located in Kirkland, Washington. Kaizen FA and its representatives are in compliance with the current registration and/or notice filing requirements imposed upon state registered investment advisers by those states in which we maintain clients. We only transact business in those states in which we are registered, or states that qualify for an exemption or exclusion from registration requirements. Individualized responses to persons that involve either the effecting of transactions in securities, or the rendering of personalized investment advice for compensation will not be made without registration.  

Citations.

1. Kiplinger.com, March 30, 2020
2. IRS.gov, April 10, 2020 
3. Forbes.com, April 9, 2020
4. The Internal Revenue Service, April 2020