In taxes, TAXES AND PAY

The Department of Revenue and the Internal Revenue Service (IRS) will start processing tax returns Monday, January 27, 2020.  

Taxpayers can start processing returns electronically online.

Make certain to understand the different tax due dates

Keep in mind, depending on your tax filing requirements, the tax due dates may differ.  Here is a listing of tax filings: 

Tax Forms Due Dates  Extension Due Dates
Personal Tax Returns April 15, 2020 October 15, 2020
Partnership/S Corporation Tax Returns March 15, 2020

15th day of the third month*

September 15, 2020
Corporation Tax Returns April 15, 2020

15th day of the fourth month*

October 15, 2020
Exempt organization  May 15, 2020

15th day of the fifth month*

November 15, 2020
Information tax returns

(W2s and 1099s) 

Due January 31  30-day extension if available

 

The Louisiana state filing deadline differs from the state

Keep in mind the processing of the state tax returns are due May 15th.  If a person requests an extension for the federal tax filings, an extension request must also be made for the State of Louisiana.  An extension will provide an additional six months, thus extending the due date to November 15th.  

File an extension if needed

If you will be unable to meet the tax deadline, you can file an extension.  Filing an extension prevents the failure to file penalty from being assessed.  But keep in mind, it does not prevent the failure to pay penalty. For this reason, it is a good idea to submit payment (even if it is a partial payment) if you expect to owe for the tax year. 

Ways to file/Tax Checklist

You can file your taxes online at IRS.gov if you meet certain income requirements.  In addition, if you can afford tax preparation services, the IRS offers free VITA programs throughout the area for help with tax filings.

Check out my checklist at my company’s website, washcpallc.com!!  Simply click on the tax organizer to help you with your filing!!!

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