8 Most Common Tax Deductions For 2019 Tax Year
Tax Season 2020: Extensions and Dates to Remember – Support the Government in a Time of Crisis with Prompt Tax Payment
In an unprecedented move since Tax Day was set for April 15 in 1955, the Internal Revenue Service (IRS) announced on March 21 an extension on the deadline for the filing of federal income tax returns and tax payments from April 15 to July 15. This was due to the coronavirus pandemic currently ravaging the world.
The IRS announcement came on the heels of President Trump’s emergency declaration under the Stafford Act, a federal law designed to bring a systematic means in handling natural disasters and providing emergency assistance for states and local governments.
As citizens are advised to stay at home and avoid physical contact as part of measures to prevent the spread of the highly infectious virus, the IRS assured taxpayers that no penalties or interests will be imposed on taxes due the government as long as they pay their taxes on or before the extended tax deadline.
The extension is also granted automatically on individuals, trusts and estates, corporations, non-corporate tax filers and those who pay self-employment tax without any need to file additional forms.
Tax Deadline: Dates to Remember
Amid the serious threats posed by the coronavirus, ensuring the health of citizens is paramount. However, taxpayers still need to fulfill their responsibility and be guided by the updated deadlines set by the government. As a taxpayer, you have the responsibility of supporting the government in a time of national crisis by paying your taxes on time. The collected taxes will help the government in bolstering its response to the pandemic.
Here is a lowdown on the tax deadlines set for 2020.
- Individual income tax returns
Tax Day or the deadline for filing has been automatically extended to July 15. The IRS started processing these tax returns as early as January 27.
- Estimated tax payments for Tax Year 2019
Individuals needed to file their IRS Form 1040 within three deadlines — April 15, June 15, and September 15, 2019. These taxes were typically payable on the year they applied to, by quarter. The final tranche was supposed to be paid on January 15, 2020.
- Partnership returns
Taxpayers need to file IRS Form 1065 on the extended deadline of September 15, 2020 from its original deadline of March 16.
- Estates and trusts income tax returns
Taxpayers need to file their IRS Form 1041 by July 15, 2020. However, a request for extension can be filed by filling out Form 7004.
- Gift tax returns
Similar to the Personal Income Tax Returns, the deadline for the filing of IRS Form 709 is now July 15, 2020. Gift taxes are usually due on the year after the gift was made. A request for extension can be made to extend the filing until October 15.
- C corporation income tax returns
C corporations will benefit from an extension in the filing of their IRS Form 1120 to October 15, 2020. Typically, C corporation returns are filed every 15th day of July. C corporations are major corporations whose businesses are taxed separately from their owners.
- S corporation returns
The IRS has extended the deadline for the filing of IRS Form 1120-S for September 15, 2020, from the original March 15 deadline. S corporations stand for small business corporations or those that qualify for a special tax status with the IRS and enjoy some tax advantages.
- Foreign bank account reports
The IRS similarly extended the deadline for filing IRS FinCen Form 114 from July 15th to October 15th, 2020. This should be filed together with Form 1040.
Help the Less Fortunate with a Vehicle Donation
With the challenges posed worldwide by the novel coronavirus, governments are imposing emergency measures to aid those affected by the pandemic. Paying your taxes promptly can greatly help the government in the fight against the deadly virus and in providing aid to those badly affected by the pandemic.
You can also help your less fortunate fellow Americans, particularly those afflicted with breast cancer. By donating an unneeded vehicle to Breast Cancer Car Donations, you’ll be helping save the lives of financially struggling breast cancer patients in your local area.
We’ll have your donated vehicle auctioned off, with the proceeds distributed to our charity partners. These IRS-certified 501(c)3 nonprofit organizations use the funding they get from our vehicle donation program to deliver comprehensive breast health services in various communities across the country.
The services they render enable uninsured and underprivileged breast cancer patients to get easy access to medical facilities where they can undergo full treatment.
These charities also provide breast cancer survivors with follow-up care and free breast cancer screening and prevention and education services to their other beneficiaries.
You can donate almost any type of vehicle, and it doesn’t have to be in good shape.
Provide Them Hope and Relief Today
In times of crisis, let the breast cancer sufferers in your community know that they are not fighting their battles alone and that kind-hearted individuals like you are there to provide them hope and relief. Call us at 866-540-5069 or fill out our online donation form to show you care with your car donation today!