Clark & DeaKyne CPAs

As of March 19, 2020, The Indiana Department of Revenue extended both the filing and payment deadline for individual and corporate taxes and returns originally due April 15, 2020. The deadline is extended to July 15, 2020 to align with the Federal extension. This extension includes first quarter estimated tax payments that were originally due April 15, 2020.
Additionally, penalties will be waived for 60 days for Indiana property tax paid after May 11.

The announcement made on Monday about deferring tax payments due April 15th was unclear. Today we have more information.
If you owe tax on April 15th you now have until July 15th to make that payment without penalty or interest.
This would apply to those taxpayers who owe a balance on their 2019 taxes. It would also apply to taxpayers who make quarterly estimated tax payments and have an estimated payment for the first quarter of 2020 due April 15th.
The IRS has not, as of March 18th, changed the filing deadline. We still recommend either filing your taxes or an extension by April 15th even if you are unable to pay the tax due at this time.
For those filing Indiana tax returns the Indiana Department of Revenue, as of March 18th, has not made any changes to filing dates or tax payment dates. The July 15th extension on applies to Federal Income Tax due April 15th.

We wrapped up our third tax season with yet another successful season. Thanks to our clients for their continued trust in our abilities to serve their tax and accounting needs. Thanks to our new clients who came on board this year. We also have to mention the support of our families who deal with the long, tiring days and pick up our slack. Normal life resumes again.

Reminder that those taxpayers making quarterly estimated tax payments, your 4th quarter estimated payments are due by January 15, 2018.

Kind of a long post but hopefully a good summary of the impact of tax reform on individual taxpayers. Also check out the last few paragraphs for tax planning items to consider yet in 2017.

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Here is another tax planning strategy.

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