Page 26 - AreaNewsletters "May 2020" issue

F I NA NCE & B US I NE S S
Tax Tips
Even though April 15th has come and gone you still have until July 15th to le and pay the taxes due if any without penalty or interest. If you think you might have a refund you should get your return done and led sooner rather than later.
If you pay estimated tax installments the ones that are normally due on April 15th and June 15th are now due on July 15th. Also, most states are following IRS guidelines on when estimates are due but check your states website just to con rm.
Yes, some stimulus checks have gone out and yes I have heard reports that the amount sent out could be wrong and not including your dependents. According to what I am seeing there will be a letter from the IRS going out to con rm the amount you received and if you feel the
A few updates for everyone!
By Janell Ball, RTRP, Pro Accounting & Tax Services, llc
amount is not correct you will be able to call them and let them know. However, rest assured when you go to do your 2020 tax return in 2021 that amount will be picked up on that tax return and you will get that tax credit on your 2020 return.
If you are certain you should be getting a stimulus check and have not received it yet there could be two things happening: 1. You have not led your 2019 return yet.... 2. Your income is in the higher bracket. I have determined they are sending out payments to taxpayers that have already led their 2019 tax return and are in the lower income tax bracket rst and then they will be working their way up from there. ey have released stimulus money to some social security recipients and should be working on the SSI and VA recipients currently. You can track your stimulus check at www. irs.gov/getmypayment you will need information o of your 2019 return.
If you are a Schedule C ler and your business is not out of your home and you have been impacted by the “Stay at Home” order issued by the Governor you are eligible for the 600.00 unemployment relief. You can apply for that relief on the Colorado Unemployment website here is thelink:colorado.gov/paci c/cdle/covid-19/pua. You will need to upload one form of identi cation as well as your 2019 form 1040 and Schedule C to complete the application. e funds are retroactive so you will need to use the date that your business was shut down due to the “Stay at Home” order.
If you are unsure or need additional information please pick up the phone and reach out to your tax preparer as you want to be able to utilize the funds that are being o ered.
If you need help with tax preparation or just have questions, give me a call at 303-324-8617 to discuss your tax needs.
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May 2020 • Castle Rock “AreaNewsletters” 26