The new tax deadline is Wednesday, July 15, and tax professionals have been busy.
"All the professional tax preparation services are extremely busy right now," said Bruce MacKinnon with Jackson Hewitt Tax Service. "So if you'd like your taxes professionally prepared, it's a good idea to make an appointment."
With the new pandemic protocols in place, filing in person may be more of an effort this year, but it hasn't had much of an effect on the 2019 tax year. The big issues will likely come up next year. Things like the Paycheck Protection Program and stimulus payments are tax free. But unemployment is taxable income.
"In Nevada, you have to request they take withholding out of the payments if you desire," MacKinnon said. "Withholding acts as a prepayment of your taxes due and we recommend that people do take some withholding; otherwise they're left with perhaps a big surprise when they file their return next year."
There's always the option to file an extension, that would push the deadline to file to October.
"If you do that, you have to be mindful of the fact that does not extend the due date for payment," MacKinnon said. "The IRS expects you to pay what you expect to owe on July 15 and if you don't, you may subject yourself to failure to pay penalties, which can be substantial."
You can make contributions to your retirement account up until Wednesday, a way to reduce taxable income.
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