04/05/2020
Did you realize??
1. If you are not sure you can file your 2019 tax returns by July 15, 2020, you need to file an extension by April 15. Doing so extends your filing date to October 15.
2. Unemployment benefits are taxable, so if you don’t have federal and state taxes withheld, expect it to have an impact on your 2020 tax returns.
3. Any coronavirus stimulus check you receive MAY be an “advance refund” on your 2020 tax return. That means you are paying back that stimulus amount out of next year’s refund or in addition to next year’s tax due. There are also reports of an offsetting tax credit so just be aware of the possibility either way.
4. If you are making early withdrawals from retirement accounts during this crisis, the normal 10% penalty may be waived, but the withdrawals are taxable. Consider having federal and state taxes withheld.
Don’t be blindsided next tax season. If you have any questions, please consult your tax preparer.
