The COVID-19 pandemic has extended the deadline for filing 2019 federal tax returns and payments. Learn how this impacts you and what action you should take now.
We've collected important information and key updates. We'll update this page as more news arrives and the IRS provides relative guidance.
This is an automatic extension, there is no need to file additional forms or contact the IRS to qualify. However, if you need additional time - beyond July 15 - to complete your tax return, you can request a filing extension.
State tax return deadlines may vary. Click here for an excellent resource to all state and key city tax agencies.
Any income tax payments due on April 15 can now be deferred until July 15, 2020, without penalties and interest. The IRS has made clear, this extension for filing and payment apples to all taxpayers, regardless of amount owed. Estimated payments normally due April 15 can also be deferred until July 15, 2020 without penalty or interest.
Do you expect a tax refund for 2019? If so, you should consider completing and filing your tax return as soon as possible. Refunds are still being paid. The IRS recommends filing electronically since their operations have been impacted by shut-downs. Electronic filing is the fastest way to receive your refund.
The IRS does not yet have information on stimulus payment checks. However, it appears the legislation will base stimulus payments on your 2018 or 2019 tax return. Therefore, taxpayers who haven't filed 2018 returns are encouraged to do so now. And if you're one of the more than 1 million people who haven't filed your 2016 tax return, and are owed a refund: current law still requires you to file that return by April 15, 2020 in order to receive your refund.
Many traders have found that TradeLog reduces taxable liability versus using broker-provided 1099-B reporting. Why the difference? TradeLog takes advantage of IRS rules allowing for wash sale adjustments 30 days before a loss, many brokers only move wash sale adjustments forward. As a result, your broker may defer more losses to the next tax year. TradeLog will seek every possible opportunity to keep your losses in the tax year when wash sales occur, and this prevents you from paying more taxes than you should have to!
Trader taxes are often some of the most complicated reports to prepare. TradeLog makes it easier, and is designed to comply with IRS requirements for taxpayers while also benefiting you as a trader. Not sure if you owe taxes or get a refund? Use TradeLog now to determine your gains or losses from trading and investment. Then determine when you want to file. TradeLog also works with popular e-file solutions.
Need to complete past year tax returns with optimal tax results? TradeLog can be used for previous tax years (depending on trade history availability from your broker).
Take advantage of tax day extensions and start using TradeLog today!
Please note: This information is provided only as a general guide and is not to be taken as official IRS instructions. Cogenta Computing, Inc. does not make investment recommendations nor provide financial, tax or legal advice. You are solely responsible for your investment and tax reporting decisions. Please consult your tax advisor or accountant to discuss your specific situation.