Kelly Bullis: Happy Independence Day – except for taxes
I saw a funny post on Facebook recently. It said, “I think on July 4, I’m gonna throw some candy out the front door, cook a turkey, put the Christmas tree up and Sing Auld Lang Syne. I’m done with 2020!”
Half the year is now behind us, and for those who are going to stick it out using the normal calendar, hopefully it will get better. I mean, how bad can it get? Is an alien invasion next? Maybe the Rapture?
One good thing that happened this year was the U.S. government got soft hearted and pretended April 15 didn’t happen until July 15. Now so far, that has been great. But now, the panic in America that usually happens on April 14 will be happening on July 14, as folks wake up and realize that they have to get their tax return and tax payments done the next day.
Usually, July is filled with relaxed family outings, vacations, visits to the local swimming pool, baseball, apple pie, and taking the Chevy to the levee. (Maybe the aliens or God will be kind and wait until August?)
Here are some things you need to be thinking of regarding July 15 which is only 11 days away:
• All 2020 Estimated Tax Payments originally due on April 15 and June 15 are due on July 15;
• All Tax owed for 2019 must be 90% paid in by July 15 with the balance to be paid no later than Oct. 15 (assuming you got an extension, if you actually file your tax return by July 15, 100% of the tax is due);
• All 2019 Tax Returns (Individual, Corporate, and Trusts) must be filed by July 15 or an extension must be requested. (To file an extension, go to IRS.gov and look up extension forms. Form 4868 for Individuals and Form 7004 for all else).
To make matters worse, if you also need to file a state tax return, that original due date of April 15, may not have been extended. Louisiana did not, New Hampshire only extended to June 15, New Jersey extended to June 30, and Virginia did not, the rest of the states did extend to July 15.
Happy Independence Day. I plan on watching the movie “Independence Day” while sitting in the bunker of our remote office in Ely… to prepare for the upcoming possible alien invasion, just in case the Rapture doesn’t happen first.
Did you hear? 2 Chronicles 24:10 says, “And all the princes and all the people rejoiced and brought their tax and dropped it into the chest until they had finished.”
Kelly Bullis is a Certified Public Accountant in Carson City. Contact him at 882-4459. On the web at BullisAndCo.com Also on Facebook.