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Recently announced IRS changes.

 

In response to the pandemic, the IRS moved the federal income tax filing deadline back three months from April 15 to July 15. The July 15 deadline applies to:

  • Filing income tax returns
  • Payment of income taxes due
  • Payment of estimated taxes due for the first quarter of 2020
  • Funding retirement account contributions for 2019
  • Funding Health Savings Account contributions for 2019
  • In addition, this 3-month period will be disregarded for calculating interest, penalties, and additional taxes for failure to file returns or pay taxes.

The new deadline applies to individuals, trusts, estates, partnerships, associations, and companies and corporations.

For California residents, the Franchise Tax Board also extended tax deadlines to July 15. You can delay filing and payment of taxes (including second and first quarter estimated payments), LLC taxes and fees, and non-wage withholding payments. California is also waiving interest and penalties for individuals and businesses.

Taxpayers that are entitled to a refund.

You are encouraged to file as soon as possible in order to get your refund more quickly.

Dream. Plan. Do.

Platt Wealth Management offers financial plans to answer your important financial questions. Where are you? Where do you want to be? How can you get there? Our four-step financial planning process is designed to be a road map to get you where you want to go while providing flexibility to adapt to changes along the route. We offer stand alone plans or full wealth management plans that include our investment management services. Give us a call today to set up a complimentary review. 619-255-9554.

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