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Tue Jun 30, 2020, 05:31 AM

Treasury decides to stick with July 15 tax deadline

Source: Politico

The Treasury Department announced Monday that it will not be moving the tax-filing deadline for a second time, despite some pressure to do so because of the coronavirus pandemic.

After considering an additional postponement, the agency said ... that it is sticking with the current July 15 deadline, and that people who need more time can ask for a normal extension that would give them until mid-October to complete their returns.
...
IRS figures indicate that almost 90 percent of taxpayers have already filed, with the remainder being disproportionately wealthy.

The agency said it has programs in place to help people who cannot afford to pay balances due by July 15. “We have many payment options to help taxpayers,” said IRS Commissioner Chuck Rettig. “These easy-to-use payment options are available on IRS.gov, and most can be done automatically without reaching out to an IRS representative."

Read more: https://www.politico.com/news/2020/06/29/treasury-decides-to-stick-with-july-15-tax-deadline-345186

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Response to JudyM (Original post)

Tue Jun 30, 2020, 06:12 AM

1. I just did mine and used free H&R Block

since I make under $35,000 a year and it took 12 hours! It was the first time I used it and couldn't get my needed info for the ACA tax credits, then the IRS wouldn't accept my on-line filing and I still had to do it by mail. I was ready to get an extension.

After all of that I still had to pay the govt (I ALWAYS got a refund until two years ago when tRump messed with the ACA). I pay more than Bezos!

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Response to BigmanPigman (Reply #1)

Tue Jun 30, 2020, 06:43 AM

3. As an ACA participant...

Since the Traitor Tot has been prez, I have never been able to file on line. IRS always rejects my ACA forms.I always have to mail them in.

This never happened before the Putin Puppet was prez.

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Response to Sedona (Reply #3)

Tue Jun 30, 2020, 09:43 AM

8. I didn't know this!

I HATE him!!!!!!

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Response to Sedona (Reply #3)

Tue Jun 30, 2020, 10:10 AM

9. Might have been something else--ours have always gone thru

We use H&R Block software.

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Response to JudyM (Original post)

Tue Jun 30, 2020, 06:41 AM

2. I did ask for the October extension because I wasn't sure anything would open

But I still have an appointment for tomorrow to get them done. I’m a 50K a year person whose not wealthy but just wasn’t sure how things would turn out.

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Response to JudyM (Original post)

Tue Jun 30, 2020, 07:50 AM

4. "...with the remainder being disproportionately wealthy."

Shocked, shocked I tells ya!

Hubby and I not only filed early but have already paid our estimated taxes for the first half of the year, altho we may have lower income than expected (both self-employed and my income has virtually disappeared) so we will probably get a refund next year. We filed and paid because we can and that is what adult citizens do--we know many aren't able to meet the deadlines and someone has to help take up the slack.

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Response to Maeve (Reply #4)

Tue Jun 30, 2020, 11:20 AM

10. I always file at the last moment

When you pay early you are giving the interest you could have earned to the government and I already pay enough in taxes, this is the same reason wealthy people wait until the deadline to file.

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Response to ripcord (Reply #10)

Tue Jun 30, 2020, 11:25 AM

11. I understand that pov, but with interest rates as low as they are

And our cash-flow is irregular, so when we have the money available...

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Response to JudyM (Original post)

Tue Jun 30, 2020, 08:28 AM

5. Never really understood extensions since you still have to pay by the filing deadline

How do you know what to pay if you don’t do your taxes?

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Response to soothsayer (Reply #5)

Tue Jun 30, 2020, 09:27 AM

7. You can pay estimated taxes if you are concerned about underpayment

but you really don't HAVE to pay anything, it is just a matter of penalties. The point is, that sending in the extension to show your intent to eventually settle up with the IRA.

Often, the reason for getting an extension is you don't have all the needed information, the accountants have a big backlog, etc.

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Response to Steelrolled (Reply #7)

Tue Jun 30, 2020, 08:52 PM

13. IRA is a good Freudian slip

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Response to soothsayer (Reply #13)

Tue Jun 30, 2020, 10:12 PM

14. You gotta pay somebody

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Response to JudyM (Original post)

Tue Jun 30, 2020, 08:35 AM

6. Need to do ours...takes little time on Turbo tax with both of us retired

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Response to JudyM (Original post)

Tue Jun 30, 2020, 11:48 AM

12. I electronically file April 2. I still have not received my refund of 1k. They talk about payment

options. Where is their responsibility to get me my refund. There should be a law that I have to receive my refund by a certain time just like we have to make payments by a certain time.

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