When tax season rolls around, many people feel anxious or ill-prepared. Though it happens every year, it seems to catch us all off guard time and time again. Do not worry, taxes can be complex and this is absolutely normal. You may have heard about tax payment plans or filing extensions. Are you wondering if these options could be useful to you? Weinberg & Co. WPB is here to explain the current 2019/2020 tax season and offer advice on filling extensions and online tax payment plans.
2019/2020 Extended Filling Season
On March 21st, 2020, the IRS announced that, in response to the COVID-19 pandemic, they would be extending the filing deadline to July 15th, 2020. This left many people confused and wondering if the new deadline applied to them. We are here to clear up any confusion. The extended tax deadline applies to everyone, regardless of if you have been directly affected by COVID-19 or not. Nothing else about the process has changed, and you can go about filling as you normally would. Weinberg & Co’s highly trained tax experts are available here to assist you in getting the maximum refund, as always.
It is important to note if you do not have 2018 taxes on file, it is necessary to have your 2019 taxes filled in order to receive a Government Stimulus Check as of the publishing of this article.
If you believe you still may not be able to meet the tax deadline, the IRS has always offered options for personal extensions. To request an extension past the new July 15th deadline, individuals or their tax professional will need to submit a 4868 Form to the IRS. Businesses are offered the same option by submitting Form 7004. Most are eligible for an automatic 6-month extension to file. We always like to remind our clients that just because you received a filing extension, you do not automatically get an extension on paying your taxes.
Tax Payment Plans
The IRS offers both businesses and individuals to apply for an online payment plan. This allows owed taxes to be paid back in increments rather than one lump sum. There are multiple tiers of plans which differ between business and personal taxes. Each plan type comes with its own set-up fee and your tax balance becomes subject to interest rates and penalty charges for late payments. There are options to revise existing plans as well. While these extensions can be necessary for some, they also often result in the accrual of extra fees. A Weinberg & Co. CPA can help you determine if one of these tax payment plans is the right option for you.
Weinberg and Co. WPB is proud to serve the individuals and small businesses of South Florida with outstanding tax and accounting services. Our CPA’s are the best in the region and our commitment to our community is evident in everything we do. Call us today at (561) 687-0700 for our West Palm Beach office or (561) 547-7166 to get in touch with our Lantana team. We look forward to speaking with you!