Tax Day has come and gone, but the coronavirus pandemic has pushed all filing and payment deadlines to July 15. With additional time to file, you may have some new questions this tax season. Here are five things to keep in mind before filing your taxes July 15.

Refunds are still being processed

Despite the IRS distributing stimulus checks in addition to regular functions, refunds are still being processed and paid out on schedule. If you anticipate receiving a refund, you should file your taxes as soon as possible. If you choose to have the refund deposited directly into your account it will arrive faster than the mail, but it’s always important to be cautious when sharing your bank account information.

Two estimated tax payments are due

Tom Wheelwright is a CPA and CEO of WealthAbility.

Estimated tax is used to pay tax on income that is not subject to withholding including earnings from self-employment, interest, dividends, rents and alimony. The delay in payments means the payments for the first and second quarter are due at the same time. Be sure to plan accordingly to make both payments by the new deadline or work with the IRS to create a payment plan.

The CARES Act offers a variety of tax relief

There are several important tax provisions in the CARES Act for entrepreneurs. Look back at your 2018 and 2019 tax returns to see if you have a net operating loss that could carry back for a refund. In addition, if you rented an office space in the past few years look at amending your returns to take bonus depreciation on leasehold improvements. There are other incentives abound in this new law, so be sure to review them with your CPA.

You can reduce your taxes

The extension to July 15 gives you the opportunity to reduce your taxes. Now is the time to work directly with your CPA to maximize deductions and incentives and put money back in your pocket. If you own a business or are self-employed, there are many opportunities to advantage of. From deducting your home office to your car, the tax law is written as series of incentives for entrepreneurs and your CPA can help you reap the benefits.

It’s not too late to file an extension

If you can’t file your taxes by July 15, file for an extension as soon as possible otherwise you’ll be facing a penalty. You’ll be charged a fee on your unpaid taxes every 30 days until it’s been paid. Even if you’re only a few weeks past deadline, you’ll be charged the full month penalty.

By taking your time to prepare for the new tax deadline and leaning on your CPA to guide you, you’re setting yourself up for a stress-free tax filing.


Tom Wheelwright is a CPA, CEO of WealthAbility, Best-Selling Author of Tax-Free Wealth (Rich Dad Advisors Series), Speaker, Entrepreneur and Host of 2 popular podcasts: The WealthAbility® Show with Tom Wheelwright CPA and The WealthAbility® for CPAs Show.