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Do you need an extension for you taxes?

Do you need an extension for you taxes?

With the country and the rest of the world having stagnant economies, people fighting for their lives, we must continue to learn and follow medical indications to avoid falling prey to the virus.

In addition, our countries social situation, with protests across the country, to demand justice for the death of George Floyd and many more victims, black and Latino, murdered by the police throughout the history of the United States. Thus, despite all the events we have had, the date that the federal government established to file your taxes expires on July 15, 2020.

We are close to the date to send our tax report to Uncle Sam and it is recommended to take time to analyze and put in order the documents that we will present to our accountant.

The more certain we are about what we will claim for expenses, the more prepared we will be in case the Internal Revenue Service wants to review our documents. As Benjamin Franklin said, in this world nothing can be said to be certain, except death and taxes.

Taking this concept as a reference, most of us want to avoid discussing these two issues, but sooner or later they will come, so the more prepared we are, the easier it will be to establish everything necessary to comply.

The 2019 income tax filing and payment deadlines with the automatic extension expire on July 15, 2020 for individuals, C corporations, and trust corporations. Remember that fines and interest will begin to accumulate in the outstanding balances as of July 16, 2020. In case you need additional time to file your tax report, you can request an extension with form 4868 for individuals and form 7004 for corporations.

You can do this by calling your tax professional for assistance. While the IRS doesn`t need an explanation when requesting an extension, there is no reason to prepare your tax return in a hurry if other problems prevent you from concentrating on it.

Our recommendation is that many of the tax preparers provide exceptional and professional tax service. However, each year, some taxpayers are financially disadvantaged because they choose the wrong tax preparer.
Be sure to check out the IRS site at this link to choose and verify a tax preparer to avoid "phantom" and unethical tax preparers.

Taxes at the Wheel


Edic.: 156
Autor: Gustavo Nuñez
Date: 7/2020