IRS Extends Tax Filing, Payment Deadlines in Response to Coronavirus

IRS Extends Tax Filing, Payment Deadlines in Response to Coronavirus

2 min read
Amanda Han

Amanda Han has been a CPA specializing in tax strategies for real estate, self-directed investing, and individual tax planning for over 18 years. She’s been investing in real estate herself for over 10 years with a focus on long-term hold residential and multifamily assets across multiple states.

Experience
As both a tax strategist and real estate investor, Amanda combines her passion of real estate investing with her expertise in tax. Her goal is to help investors with strategies designed to supercharge their wealth-building using entity structuring, self-directed investing, and income offset opportunities to keep more of what they make.

Her highly rated book Tax Strategies for the Savvy Real Estate Investor is amongst Amazon’s bestseller list. Amanda is also a frequent contributor, speaker, and educator to some of the nation’s top investment and self-directed IRA companies.

Amanda and her husband Matt MacFarland have a passion for animals and founded Animals for Armed Forces, a non-profit organization that has helped to place over 1,800 shelter pets with forever homes.

Press
Her cutting-edge tax strategies have been featured in prominent publications, including Money Magazine, Realtor.com, and AllBusiness.com. Amanda was a speaker at “Talks at Google” that features influential thinkers and creators. Amanda has also appeared in CNBC’s Smart Money Talk Radio, as well as BiggerPockets podcasts.

She is a 40 under 40 honoree by CPA Practice Advisor, showcased amongst the best and brightest talent in the accounting profession. Her firm Keystone CPA, Inc. was awarded a two-time winner of the Top CPA of Orange County Award by OC Metro Magazine.

Accreditations
She is certified by the CA State Board of Accountancy and is a member of the prestigious American Institute of Certified Public Accountants (AICPA) with clients across the nation.

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As a result of the fight against coronavirus, the IRS announced this week that individuals and business taxpayers can automatically delay the filing and payment of 2019 income and self-employment taxes from April 15th to July 15th.

All U.S. individual and business taxpayers automatically qualify for both the filing and payment deferral.

So, what does this mean?

  • If your taxes weren’t going to be done by 4/15/20, you no longer have to file the Federal extension form or make payments by 4/15/20.
  • If your taxes will be done soon and you expect a refund, consider filing soon to get your refund as soon as possible.
  • If your taxes will be done sometime before 7/15/20 and you end up owing taxes, you have until 7/15/20 to file your returns and make the payment.
  • If your taxes will not be done before 7/15/20, an extension form and payment should be filed by that date.
  • 2020 estimated taxes due by 4/15/20 can be delayed until 7/15/20.

There is no need to rush through your taxes. Take the time now to work with your tax advisor to make sure you are capturing all of your legitimate tax deductions.

Related: How to Avoid the #1 Most Common and Costly Tax Mistake as a Real Estate Investor

We expect many states to offer the same or similar tax deferral benefits. The American Institute of CPAs has put together a state-by-state list on Changing State Tax Deadlines that can be found here.

letters taxes on wooden blocks with calculator and pen

As you know, things are constantly evolving in this unprecedented time, so do keep in close contact with your tax advisor.

Unlike the coronavirus, stock market, or toilet paper supplies, which are mostly outside your control, your taxes are something you have some control over.  2020 is just beginning, and there are lots of things you can do now to minimize your taxes for this year.

In fact, if you are stuck at home practicing social distancing, put that time to good use by organizing your tax info from 2019. Spend some time to get your tax savings plan set up for 2020. Maybe read up on a good book on how to invest or how to save on taxes.

Related: The Big Tax Benefits of Being a Real Estate Professional (& Exactly How to Qualify)

I know taxes are not the most exciting topic to learn about. However, if you can take a little bit of time to learn the rules, you could keep a lot more of your hard-earned money every single year.

Happy investing!

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