The final deadline for 2019 tax returns

Thursday (Oct. 15) is the last deadline for 2019 income tax returns. It really only affects those who asked to delay filing earlier.

For those taxpayers, here’s your reminder. If you applied for an automatic extension to file with the IRS around Tax Day – which, you’ll remember, was moved from April 15 to July 15 because of the coronavirus epidemic – your time is almost up. The 2019 return is due to the Internal Revenue Service by 11:59 p.m. on Thursday.

Most likely, you estimated and paid an amount of income tax back then. Now is the time to add in the rest of the actual amount.  You’ll avoid penalties if you already have paid at least 90% of the total tax due for 2019. There may be exceptions to the deadline for taxpayers who live overseas or who are serving in the military.

One note for Minnesota taxpayers. The state Department of Revenue has said it will consider abating penalties or interest due if any part of taxes were unpaid due to situations involving COVID-19. That includes job losses or layoffs because of the epidemic.

Of course, EricJohn Ltd. can help taxpayers meet federal or state tax deadlines, as well as advise on wise tax moves