Tax extension deadline July 15

Published: Jun. 25, 2020 at 3:10 PM PDT
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RENO, Nev. (KOLO) - Taxpayers in Nevada and elsewhere were given a 90 Day extension by the IRS to file their taxes. That deadline is fast approaching. One tax preparer says those who are owed money aren’t really paying attention to the July 15 deadline.

“Well yea, if you don’t know and you are getting money back?” says Teresa Decal, with Triangle Tax. “There is no deadline really, you have three years to actually file, and get that money back,” she says.

But it’s been a different story for those who owe money to the IRS and must pay. The 90-day extension has literally meant tax-time in July.

“It is interesting,” says Teresa. “I am starting to see the end of tax season coming on. So, people are calling me, and I am filling up quite quickly with appointments. People are like, “oh gosh we need to get our taxes done?” We forgot,” she says.

Decal says a strange confluence of events will occur in July this year for a certain group of taxpayers.

Those who pay quarterly taxes were also given an extension. Which means both their first and second filings and payments will occur on that July 15th date.

Which means they could pay half of their estimated yearly taxes at that time.

The extension meant contributions typically made by April 15th have also been extended.

Contributions to self-employed IRAS, traditional IRA, Roth Accounts, and Health Savings accounts can still be made on or before July 15, 2020 and count for 2019 tax season.

Decal says one of her clients who filed his taxes after April 15th this year did receive a letter from the IRS saying he owed interest and penalties.

She suspects It was just a letter automatically sent out.

She went to the IRS website and sent them a copy of their own regulations for this year.

For those who find themselves without a job and a tax bill due on the 15th of July?

Teresa says you can file for an extension and can wait until October to fully file your tax return.

But an extension of time to file is not an extension of time to pay taxes if owed.

Copyright 2020 KOLO. All rights reserved.

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