Please make your tax payment by 07/15/2020 to avoid penalty and interest

IRS extended federal tax filing and payment deadline from April 15, 2020 to July 15, 2020 back then when COVID -19 pandemic just stated, it allowed taxpayer to have more time to prepare. With deadline approaching quickly, what does it mean to our taxpayers?

Some taxpayers incorrectly assumed that they could make tax payment past 07/15/2020 after they file extension. This is not correct, and potentially it might result a large penalty that you could easily avoid.

If taxpayer decides to file an extension, file form 4868 through tax professional, software that you can purchase online or in store, or free file on IRS website. But keep in mind, if you estimate you owe a tax liability, you must make tax payment by July 15th by using electronic payment with Direct Pay, Electronic Federal Tax Payment System or by debit, credit card or digital wallet and select Form 4868 or extension as the payment type.

I am here to help you with your tax needs. Contact me if you are interested in any service. Looking forward to hearing from you.