INDIANAPOLIS — The filing deadline for tax returns is Wednesday, July 15. This comes after the IRS pushed back the deadline in the wake of COVID-19.
The IRS extended the tax payment 90 days from April 15, which means tomorrow is the deadline to make those payments if you do owe.
John Amatulli, of Amatulli and Associates Financial Services, says if you are still unable to pay when it's due, because of the pandemic or any other reason, the IRS can assist you with a payment plan. However, that's not what he recommends because the IRS will charge you.
Amatulli says while it's easy to think about right now, it's also important to think about next year's tax season.
"I recommend folks to work with a financial professional, a CPA, or advisor to look at some tax-exempt investments or tax-deferred investments because, as I mentioned earlier, we do feel that tax rates in the future will go up and if you have those vehicles that can save you some tax dollars down the road," Amatulli said.
Amatulli says if you are able, consider boosting your retirement contributions. You may be eligible for certain tax credits that could help reduce your tax bill on a dollar for dollar basis.