Things to know ahead of Tax Day

This year’s tax deadline was pushed back to July 15 due to the COVID-19 pandemic. We spoke with Blau Company President, Aaron Blau about the changes people should be aware of before filing their taxes.

Originally the tax deadline was set for April 15, but due to the COVID-19 pandemic, The Department of Treasury and IRS decided to push it back. The department’s decision has given many the time they need to properly file.

One of Blau’s biggest recommendation for those self-employed is to pay quarterly estimated tax payments.

The IRS urges people who owe taxes, even if they have a filing extension, to carefully review their situation and pay what they can by July 15 to avoid penalties and interest. For those that can not pay the IRS has multiple options to help those out.

Furthermore, the most important thing to know according to Blau is if you have a balance due to make the payment by July 15. He recommends people use the IRS online direct payment system instead of the usual check. By doing so he says you can get your payment processed quicker.

For those that still need beyond July 15, you can file for extension up to October 15. You can find more information on filing your taxes and resources here.

 

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In this segment:

Aaron Blau, EA, CPA, The Blau Company

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