What’s Important?
/As COVID-19 continues to affect local communities and global economies, you may be wondering how recently passed legislation impacts you. A high-level summary of a few key provisions impacting individuals pertaining to the 2019 tax filing and 2020 tax year are as follows:
• The IRS provided relief by delaying the 2019 filing and payment deadlines to July 15.
• Estimated tax payments normally due on April 15 and June 15 can wait until July 15 to be made without penalty.
• Each state has its own tax relief guidelines. You can find information on state tax filing guidance at aicpa.org/covid19tax, or check your state’s website.
• Indiana is mirroring the IRS provisions, including the April and June estimates due date of July 15.
• Stimulus payments received are not taxable income.
• Unemployment benefits remain taxable, as usual.
Personally, I’ve learned in this unpredictable and challenging time that it is more important than ever to stay connected, be it through telephone; email; snail mail (I’ve sent several notes); video chat girls-night-out-at-home; picnic with extended family while sitting in the back of SUVs and trucks in a park eating carry-out; or hanging out on your driveway, in chairs circling a fire pit table while six-feet apart, chatting with your neighbors. We would love to hear how and what you are doing. Please let us know! info@wefinancialadvisors.com
Our thoughts go out to all that have been impacted by this unprecedented situation.
- Pam Smitson, CPA, CGMA, Smitson Erhart-Graves Financial Advisors
