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Reminder for US Persons - July 15th The Taxman Cometh

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    Reminder for US Persons - July 15th The Taxman Cometh

    July 15 is fast approaching. If you delayed filing your tax return, delayed paying a balance due on your 2019 taxes, or delayed paying your 1st and/or 2nd estimated tax payments for 2020, it's time to get that return prepared and make sure your funds are lined up so you can make the payment(s) on or before the extended deadline of July 15th.

    Yes, I know there has been some talk about extending the deadline again, but that's not guaranteed.

    I paid our estimated taxes today -- earlier than necessary, but I just wanted to get it crossed of my list and be done with it.



    Most federal tax deadlines from April 1, 2020 to July 14, 2020 are extended to July 15, 2020 for coronavirus tax relief. Find the latest updates and forms affected.

    #2
    We were all done and paid by April 15th so we're clear here.

    One tax thing I just heard about for 2020, though, is that part of the CARES act allows for you to deduct up to $300 in charitable donations this year even if you take the standard deduction and don't itemize. I haven't looked into the details but I'll definitely ask our accountant about that. We haven't been able to deduct any charitable stuff since the tax law changed but if we can deduct $300 this year, that's something. We give way more than that to charity.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

    Comment


      #3
      And don't forget you have until July 15th to make a contribution to your 2019 Roth Ira.

      My DD24 got laid off, but since she's collecting the extra $600/wk she's been saving up to make a contribution before the deadline.

      Comment


        #4
        I owe Federal, State, and Local.

        I'll be mailing the checks the night of the 14th

        Brian

        Comment


          #5
          We were worried the state still wouldn't be able to process in time if we waited until July. Everything got sent in and we received confirmation of acceptance just before the original April timeline. Now I'm waiting for the state to process my vehicle registration renewal, which I paid 30 days early. That was 90 days ago, state says they are buried and can't catch up. So now I get to roll around with a temp tag taped in the window until they figure themselves out.

          Comment


            #6
            Originally posted by ua_guy View Post
            We were worried the state still wouldn't be able to process in time if we waited until July. Everything got sent in and we received confirmation of acceptance just before the original April timeline. Now I'm waiting for the state to process my vehicle registration renewal, which I paid 30 days early. That was 90 days ago, state says they are buried and can't catch up. So now I get to roll around with a temp tag taped in the window until they figure themselves out.
            Two of our cars were due for inspection during the shutdown and the third is due in July. They've extended the expiration dates but once they reopen, we'll need to get all 3 cars over there.
            Steve

            * Despite the high cost of living, it remains very popular.
            * Why should I pay for my daughter's education when she already knows everything?
            * There are no shortcuts to anywhere worth going.

            Comment


              #7
              We filed our taxes like 2 months ago, and while we got our state return a while back, our federal taxes still haven't even been "accepted" ugh.

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                #8
                Hey! I heard today on this podcast if you're owed a refund you will get interest added to your refund if you file in July. They'll add the interest on back to April 15th. You can listen for the particulars here, it's only 9 min

                https://podcasts.google.com/feed/aHR...NDIzN2Vm?ep=14

                Comment


                  #9
                  Only 1 week to go.

                  Comment


                    #10
                    Just filed my federal taxes electronically. Sending the $142,571 check via snail mail, though. Maybe they'll take a few weeks to cash it.

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                      #11
                      Originally posted by corn18 View Post
                      Just filed my federal taxes electronically. Sending the $142,571 check via snail mail, though. Maybe they'll take a few weeks to cash it.
                      Smart move - with that much cash the interest in a couple of weeks could be worth it.
                      james.c.hendrickson@gmail.com
                      202.468.6043

                      Comment


                        #12
                        Originally posted by james.hendrickson View Post
                        Smart move - with that much cash the interest in a couple of weeks could be worth it.
                        True. I recently had $300k sitting in my savings account ahead of buying our new home (closed today!), and even with the abysmal savings interest rates (1%-1.2%) right now, I was still earning ~$10/day of interest. It was definitely sobering setting up the wire transfer to watch that much cash leave my account... if your tax bill is that high, no reason to speed the process along of giving them your money.
                        "Praestantia per minutus" ... "Acta non verba"

                        Comment


                          #13
                          Originally posted by corn18 View Post
                          Just filed my federal taxes electronically. Sending the $142,571 check via snail mail, though. Maybe they'll take a few weeks to cash it.
                          Months ... it might be months before they get around to opening it.

                          Comment


                            #14
                            mine is set to hit 7/14/20. The usual I owe around $5k. Not too shabby. Considering the only year I messed up I owed $10k.
                            LivingAlmostLarge Blog

                            Comment


                              #15
                              Originally posted by bjl584 View Post
                              I owe Federal, State, and Local.

                              I'll be mailing the checks the night of the 14th

                              what is the advantage of mailing them on the very last day?

                              Comment

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