The Time To Pay

Submitted by ub on Wed, 07/15/2020 - 06:53

My telephone rang last night, and I missed the call. When I called back I found a friend and colleague who sounded extremely agitated over an unfortunate inability to complete her taxes on time.

After we discussed that time it is for real, I explained that even though I wanted to, I really could not help her complete the task at hand. Wednesday is the deadline to file your 2019 federal tax return.

Earlier this year, the #IRS postponed the tax-filing deadline from April 15 due to disruptions caused by the coronavirus pandemic.

As of mid-June, millions of Americans still had not filed their return, due to a variety of difficulties, including lack of access to tax preparers, job loss, and caring for sick family members.

i explained that If she still can not completed her task, she can seek an extension. However, she should also realize that there's a catch: Even though an extension gives you until Oct. 15 to file, you'll still have to pay any owed taxes by July 15 or face the possibility of owing penalties to the Internal Revenue Service.