By Nathan Ham
For those of you that have not filed your 2019 taxes yet, the time is ticking for you to get that done without requesting an extension or facing a penalty from the Internal Revenue Service.
With COVID-19 causing so many problems across the country, the deadline to file taxes was pushed back from its usual April 15 date to Wednesday, July 15.
For those who can’t file by the July 15 deadline, the IRS reminds individual taxpayers that everyone is eligible to request an extension to file their return. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15. Individual taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension by filing Form 4868 through their tax professional, tax software, or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.
If you are planning on filing a last-minute paper return instead of filing online, the IRS says you should expect a delay in processing your refund. According to the IRS, they stopped processing paper returns in March as employees were forced to deal with stay-at-home guidelines and social distancing rules.
If you have health insurance through the Affordable Care Act Marketplace and received financial help with your premium costs, you must file a 2019 return and report any financial help you used to lower your premiums, as reported on the Form 1095-A that was sent to you through the mail. You can also find Form 1095-A at HealthCare.gov by logging in, selecting your 2019 application, then selecting “Tax forms.”