WASHINGTON — Thousands of Utahns will be filing their taxes on July 15th this year. The federal CARES Act had extended the filing deadline because of COVID-19.
But the later filing deadline is not the only difference to which taxpayers will need to pay attention.
Personal income taxes, business taxes, as well as many gift and estate taxes, that are normally filed on April 15th can now be filed on July 15th.
People will still have to pay their taxes on July 15th, even if they are asking for an extension. The Internal Revenue Service (IRS) has not extended the payment deadline. Taxpayers are being encouraged to estimate the amount of tax they will pay and send that amount in by midnight on Wednesday.
People who do not pay what they owe on their returns could get hit with a “failure-to-pay” penalty of 0.5% a month, while the government will also charge 3% interest on the shortfall.
The COVID-19 pandemic forced many people to go on unemployment. Those wages are taxable.
While many of those Americans are paying to withhold already, those who have not will need to fill out a W4-V form along with their taxes.
Taxpayers do have the option to wait until next year to pay their taxes on unemployment–but they will be hit with fines and penalties. The W4-V form is a way to avoid those extra charges.
Some businesses will also have to file the first two quarters on July 15th. They are encouraged to consult with a tax professional to make sure they are paying the right taxes on time.
The IRS is also asking people who run into a jam to call them up if necessary and explain what is going on, so they can work out those problems with individual taxpayers.
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