Normally, taxpayers who request an extension get an extra six months to get their returns in to the IRS. This year, that same six-month period applies, only it dates back to the original filing deadline of April 15, not the July 15 deadline. As such, you only get three months from July 15 to complete your return, which is Oct. 15.
One big misconception about tax extensions is that they're a good way to postpone payments you owe the IRS. Not so. The only thing a tax extension will do is give you more time to submit a return; it won't give you more time to pay your tax bill. Therefore, if you owe the IRS money from 2019 and you don't pay it in full by July 15, you'll be subject to a late payment penalty equal to 0.5% of your unpaid taxes for each month or partial month you're late, up to a total of 25%.
In case you are keeping track:
Less than half of Lancaster County school districts raised taxes in 2020-21; here's who did
More than half of Lancaster County school districts decided not to raise property taxes this year despite unpredictability surrounding the coronavirus pandemic.
With projected revenue losses in the tens of millions of dollars, according to one statewide agency, local school boards appear to have prioritized homeowners, many of whom are also reeling financially, in their 2020-21 budgets.
"We have a lot of people who have lost their jobs, a lot of people who can't open their businesses, and they're struggling, plain and simple," Penn Manor school board President Carlton Rintz said.
It's Time for Mexico to Tax the Rich
"Austerity and the fight against corruption will allow us to free up sufficient funds, more than we can imagine . . . to stimulate the development of Mexico," said President Andrés Manuel López Obrador (AMLO) in his inaugural address on December 1, 2018. "With this simple formula of ending corruption and putting republican austerity into practice, there will be no need to raise taxes in real terms, and this is a commitment I am making."
3 Ways to Decrease Capital Gains Tax | Personal Finance | statesville.com
The easiest way to cut down your annual taxes on investments is to hold them for more than a year. Short-term capital gains taxes are taxed as ordinary income. Long-term capital gains tax creates an incentive for long-term investors. To qualify for these lower rates, you must hold your investment for over a year.
Whatever income bracket you fall under, you're still getting a tax advantage by holding investments for more than a year.
Other things to check out:
Some Americans say it's OK to cheat on taxes | Fox Business
Republican Strategist Joseph Pinion, Fox News contributor Professor Brian Brenberg and Michael Lee of Michael Lee Strategy discuss nationwide tax hikes including Nashville's 34 percent increase in property taxes to cover coronavirus lockdown expenses.
As the extended tax deadline approaches, the IRS will be responsible for processing hundreds of millions of tax returns – and not everyone thinks fudging the numbers a little bit is such a bad thing.
Were Your 2019 Taxes a Mess? Track Your 2020 Expenses Seamlessly with This Handy App.
Tom Yamachika: Damn The Tax Clearances, Full Speed Ahead!
Gov. David Ige's emergency proclamations on COVID-19 suspended laws relating to state and federal taxes.
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Several articles in this space have been about features in Gov. David Ige's emergency proclamations. We are now on the 10th one and counting , which makes us wonder about the 60-day limit written into the emergency powers statutes (see HRS section 127A-14(d) ), but that issue may be sorted out in lawsuits that were recently filed.
Call it the ‘boss tax:’ Seattle finally finds a potent way to tax the rich | The
After years of trying to mine the wealthy around here, and instead hitting themselves in the face, the Seattle City Council has finally fixed on a potent way to tax the rich.
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Call it a CEO tax — or more accurately, a management or boss tax. Oh and throw in the millionaire pro athletes, too.
We've spent a decade flogging ourselves for having an upside-down tax system that hits the poor and middle classes the hardest, but we never do much about it. This would shift the balance back a smidgen.
Happening on Twitter
Is it that Republican enablers are suddenly more uncomfortable with Trump's overt racism or that they're realizing… https://t.co/8phZXODn3B Susan_Hennessey (from Washington, DC) Sat Jul 04 17:09:40 +0000 2020
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