Tax Deadline in NJ is Fast Approaching, Here’s What You Should Know
The 2019 tax deadline is fast approaching since the extension from April 15th's deadline due to Covid-19.
So, the extension for the 2019 tax returns are fast approaching and if you're anything like me, I almost forgot with everything going on. Here are a couple of helpful hints as we get ready for the deadline on July 15th, 2020, thanks to the patch.com. When filing in New Jersey:
You can still get an extension - CLICK here for more information. You "might" be able to get an extension until October 15th.
According to the IRS if you owe money to the IRS, and you've been affected by the coronavirus, payment options are available to tax payers. There's an initiative that the IRS put together called "The People First Initiative," which the federal agency is offering a variety of relief options to taxpayers experiencing hardships related to the COVID-19 crisis. Options include postponing payments, click here for "The People First Initiative."
Statistics are showing that less and less people are preparing their 2019 taxes in 2020. Those statistics show this because of the extension date. As more and more people are preparing their taxes in just a couple of weeks, those statistics will go up.
Right before the pandemic hit, we were at H & R Block doing our taxes, and we always have to pay, it was a relief knowing we were getting an extension.
There is a penalty for not filing your taxes. The penalty is 5 percent of the unpaid tax you owe, tallied for each month you're late for up to five months. CLICK here for more information.