Tax Day: July 15th

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A midsummer tax day is something we never would have guessed back in January but here we are! Tax day is coming in one week! Tax day this year falls on July 15th! Whether you filed your taxes already, or have decided to wait, tax day has an effect on all of us. Here are a few things to keep in mind in case you have put off your taxes until midsummer.

Gather Documents.

All your papers that were mailed, were mailed out 6-7 months ago. Do you know where they are? If not, most forms today can be found online, but it would be smart to start putting together all your sources of income, types of deductions, and information for your dependents and spouse.

Are you ready?

Are you scrambling to find all your forms? Can’t find your W-2, 1040-ES, 1099-R, or 1099-OID? Don’t worry. Even with the added time, you can still extend tax day until October 15th. One thing to note, if you have any owed taxes, those are still due July 15th. If you are unable to pay your 2019 taxes, contact  the IRS. They will work on a payment plan with you. If you owe taxes, the worst thing you can do is not pay them, the IRS will tack on a 5% penalty each month on any unpaid taxes, and cap it at 25%. That is a huge penalty and a huge hit to your pocket book.

This year is different. Filing your taxes on time isn’t. You still have to do your taxes this year, you just have more time to get them submitted. The IRS still says the best way to file your taxes is electronically and you can do that for free, if you meet the criteria, through the IRS. If you file electronically, you should be able to receive your in roughly 21 business days.

Don’t forget to file those state taxes too! In Minnesota taxes are also due on July 15th!