Deadlines for filing and paying many 2019-2020 taxes have been deferred to July 15, 2020. But deferment is only a delay. On July 15, taxpayers will be liable for ALL accumulated deferments, which could result in a larger than expected tax liability due at one time.
Here’s some of what’s due on July 15:
- Amount due, if any, on 2019 taxes
- First-quarter estimated tax payments
- Second-quarter estimated tax payments
- Self-employment taxes owed by sole proprietors
- Estate taxes or gift taxes that would have been due prior to July 15, 2020
- 2019 IRA contributions
- 2019 health savings account funding
You don’t have to wait until July 15 to begin paying some of your taxes. Don’t get caught on July 15 with a total tax liability that’s more than you expected!