July 2020 Tax Deadline Reminders
To say that 2020 has been a strange year would be a wild understatement. Never before have we been finalizing tax returns and extension calculations in mid-July. With all the changes implemented this year in light of the COVID-19 pandemic, we wanted to provide a quick summary of what is due on July 15th, 2020:
2019 Tax Returns
All 2019 Federal individual income tax returns must be filed by July 15th, 2020. You are still allowed to request an extension of time to file your returns until October 15th, 2020, but you need to pay any tax due by July 15th.
Most states, including Maryland, adopted the extended Federal tax deadlines so your state tax return is also likely due on July 15th. There were a few states that adopted alternative deadlines, more information can be found on the AICPA website here.
Federal Fiduciary (Trust) tax returns are due July 15th, 2020, but these can also be extended to October 15th. Most states followed the Federal extension deadline for Fiduciary returns.
2020 Estimated Taxes
First AND second quarter Federal individual estimated tax payments for 2020 are both due by July 15th, if you haven't already paid them.
Most states, including Maryland, also adopted the extended estimated tax deadline dates. You can check the AICPA website for your specific state’s estimated tax deadlines.
Third and fourth quarter individual estimated taxes will still be due on September 15th, 2020 and January 15th, 2021 as usual.
First and second quarter estimated tax payments for trusts are also due July 15th.
2019 IRA and HSA contributions
If you planned to make an IRA or HSA contribution for the 2019 tax year, you must do so by July 15th. These contributions are typically due April 15th but the deadlines were extended along with the filing deadline.
Maryland Personal Property Tax Returns
Maryland personal property tax returns are typically due April 15th but are allowed an extension to June 15th. This year, Maryland provided an extension of the deadline to July 15th, but there is no further extension allowed. If you typically file a Maryland personal property tax return, it must be filed by July 15th.
This is not meant to be a comprehensive list and there are other returns with a July 15th deadline, including many types of business returns and gift tax returns. If you aren't sure what you need to file this week, please feel free to reach out to us.
-Chris Benson, CPA, PFS
The views expressed represent the opinions of L.K. Benson & Company and are subject to change. These views are not intended as a forecast, a guarantee of future results, investment recommendation, or an offer to buy or sell any securities. The information provided is of a general nature and should not be construed as investment advice or to provide any investment, tax, financial or legal advice or service to any person.
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