The tax payment due date has changed

Things are changing rapidly for the freelance community, and this includes tax payment deadlines. While the IRS is working on comprehensive tax relief to address the enormous impact of the novel coronavirus, here are the immediate changes all freelancers need to be aware of:

1.     The IRS has extended the payment deadline for federal taxes until July 15th without penalty or interest. Tax returns are still due by April 15 but as usual an extension can still be filed. The extension is merely for payment.

2.     The filing deadlines for individual states may change are dependent on each state's own actions. Be sure to check your state’s status to avoid late filing penalties.

This situation is rapidly evolving, so watch for additional updates. However, as of now, you should proceed with getting your taxes ready to be filed by April 15. This is true regardless of whether you will have a liability or refund. If you do have a liability it is best to know how much you owe as soon as possible so you can be strategic in your handling of the new payment deadline of July 15. If you are owed a refund, filing now will expedite getting the money back in your pocket.

Jonathan Medows is a New York City based CPA who specializes in taxes and business issues for freelancers and self-employed individuals across the country. He offers a free consultation to members of Freelancer’s Union* and a monthly email newsletter covering tax, accounting and business issues to freelancers on his website, http://www.cpaforfreelancers.com— which also features a new blog, how-to articles, and a comprehensive freelance tax guide.

*Jonathan is happy to provide an initial consultation to freelancers. To qualify for a free consultation you must be a member of the Freelancers Union and mention this article upon contacting him. Please note that this offer is not available March 1 through April 18 and covers a general conversation about tax responsibilities of a freelancer and potential deductions. These meetings do not include review of self-prepared documents, review of self-prepared tax returns, or the review of the work of other preparers. The free meeting does not include the preparation or review of quantitative calculations of any sort. He is happy to provide such services but would need to charge an hourly rate for his time.

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from Freelancers Union Blog https://blog.freelancersunion.org/2020/03/19/the-tax-payment-due-date-has-changed/