Earlier this year, many breathed a sigh of relief when the IRS announced that they moved the 2020 Tax Day from April 15 to July 15. Although the past few months have brought many ups and downs, the weeks and months have gone by fast, and now the July 15 deadline is right around the corner.
We want everyone to be well-prepared to stick to the extended deadline. To assist, our team has provided a few tax filing tips below.
- Although the deadline is July 15, you can file prior to this date. If you have everything ready, we encourage you to file as soon as possible, without unnecessary delay and when you’re able and safe to do so.
- Decide how you want to file. There are three main ways: Fill out IRS Form 1040 or Form 1040-SR by hand and mail it; Use tax software and file taxes online; Hire a firm or tax preparer to do the work for you.
- Utilize direct deposit. If you’re owed a refund, you could receive your funds quicker by using direct deposit as compared to receiving a check. Direct deposit is easy and convenient and is available whether the return is filed electronically or by mail.
- After you file, stay informed using “Where’s My Refund?”. Taxpayers can check the status of refunds by visiting the “Where’s My Refund?” link.
- If you feel you cannot meet the July 15 deadline, taxpayers requiring more time can submit a filing extension by visiting the Louisiana Department of Revenue site. Note that the extension provides only extra time to file, not to pay. Taxpayer balances must be paid by the original due date to avoid interest and penalties.
The team at PPL CPA is here to help if you need further assistance. Please reach out and connect with our trained experts today.