An unprecedented “triple whammy” tax deadline is fast approaching. July 15 is the due date for the following:
- Individual income tax returns (Form 1040) and trust income tax returns (Form 1041);
- First quarter 2020 estimated tax payments; and
- Second quarter 2020 estimated tax payments
Although an extension is available until October 15 to file individual tax returns, there is no extension to pay any tax due. Effectively, July 15 is the deadline if you owe tax.
If you owe estimated tax payments, July 15 is the deadline for both the first and second quarter payments (which would normally have been due on April 15 and June 15, respectively).
Contact us today for assistance preparing your tax return or calculating estimated taxes.