Some people are born procrastinators. No matter how much time they’re given to complete a project, they always run right down to the deadline, creating stress for themselves and for those who are depending on the finished product.
It’s Tax Time!
July 15 – tax day for 2020 – is right around the corner, and procrastinators everywhere are now scrambling to get their tax documents to their accountants. If your accountant is a good one, he or she is probably already booked up and won’t be able to get your taxes done by the July 15 deadline. However, that doesn’t mean you’re off the hook. Your accountant can easily file an extension for you that buys you the time you (and your accountant) need to get your taxes filed and do a thorough job on them.
What Does Filing An Extension Mean?
Filing an extension gives you more time in which to file your tax return. If you’re unable to get your taxes filed by the July 15 deadline, filing an extension gives you until October 15, 2020, to get them done. However, be aware that filing an extension does not extend the date by which you have to pay. Taxes owed to the IRS are still due on July 15, so if you’re filing an extension, you’ll need to estimate the amount of tax owed and send that payment on or before July 15.
The IRS has resources to help individual taxpayers file an extension here. Businesses should contact an accountant for help in filing an extension.
What If I Can’t Pay Right Now?
Many businesses are struggling because of the COVID-19 pandemic. If you can’t afford to pay your taxes by July 15, you need to make a payment arrangement with the IRS. You’ll still be subject to interest and late-payment penalties, but they’ll be less if you have an installment agreement in place. The most important thing to keep in mind is that paying something is always better than paying nothing at all.
Call Adams Accounting Solutions for Help
Adams Accounting Solutions specializes in tax preparation for both small businesses and individuals. If you need help filing an extension before July 15, give us a call. We can also help with setting up a tax payment plan with the IRS. Don’t put off doing your taxes any longer. Give us a call today at 913-888-9100 to schedule an appointment.
