We are one month away from the extended deadline for 1040 filings. Here are answers to many of the frequently asked questions we receive this time of year.
When is the filing deadline?
The extended filing deadline for the 2019 1040 return is October 15th.
Can I get an extension past October 15th?
No, the IRS will not extend your 2019 return filing deadline any further than October 15th, 2020.
If I file by October 15th, will I avoid penalties?
If you file by October 15th and you had an extension in place, you can avoid late filing penalties. However, an extension to file is not an extension to pay. Even if you file by the extended deadline, you could receive late payment penalties if your taxes weren’t paid in full by April 15th, or late deposit penalties if you failed to make estimated payments throughout 2019 and just paid in a lump sum.
I’m still missing a document, should I wait to send in my organizer?
If the document arrives on October 14th, we may not have time available to prepare the return and file it. Our schedules fill up fast. Instead of waiting for the document to send your organizer and information in, you should send your information as soon as possible; that way we can prepare everything except the missing piece of information and have your return ready to go.
I can’t afford to pay my return, should I still file?
Absolutely. Even if you can’t pay, you should still file your return. Filing the return limits additional late filing penalties. If you can’t afford to pay, IRS also offers the ability to pay over time in an installment agreement.
Clergy Financial Resources is ready to prepare your 2019 1040 return, but spots fill up quickly! For more information, visit our website at https://www.clergyfinancial.com/services/clergy-tax-preparation/
Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
For more information or if you need additional assistance, please use the contact information below.
Clergy Financial Resources
11214 86th Avenue N.
Maple Grove, MN 55369
Tel: (888) 421-0101
Fax: (888) 876-5101