GOVERNMENT

July 15th is the deadline to file your taxes. It’s not the only unique thing about this year.

Jul 13, 2020, 8:18 AM | Updated: 12:12 pm
a tax form, 1040, is often used to file taxes...
A hypothetical family, the Beehives, is used to show what the tax burden a typical family in Utah would pay. Photo credit: Getty Images.

WASHINGTON — Thousands of Utahns will be filing their taxes on July 15th this year. The federal CARES Act had extended the filing deadline because of COVID-19. 

But the later filing deadline is not the only difference to which taxpayers will need to pay attention. 

Personal income taxes, business taxes, as well as many gift and estate taxes, that are normally filed on April 15th can now be filed on July 15th. 

People will still have to pay their taxes on July 15th, even if they are asking for an extension. The Internal Revenue Service (IRS) has not extended the payment deadline. Taxpayers are being encouraged to estimate the amount of tax they will pay and send that amount in by midnight on Wednesday. 

People who do not pay what they owe on their returns could get hit with a “failure-to-pay” penalty of 0.5% a month, while the government will also charge 3% interest on the shortfall. 

The COVID-19 pandemic forced many people to go on unemployment. Those wages are taxable. 

While many of those Americans are paying to withhold already, those who have not will need to fill out a W4-V form along with their taxes. 

Taxpayers do have the option to wait until next year to pay their taxes on unemployment–but they will be hit with fines and penalties. The W4-V form is a way to avoid those extra charges. 

Some businesses will also have to file the first two quarters on July 15th. They are encouraged to consult with a tax professional to make sure they are paying the right taxes on time. 

The IRS is also asking people who run into a jam to call them up if necessary and explain what is going on, so they can work out those problems with individual taxpayers. 

 

Today’s Top Stories

Government

Herbert Cox statement Reyes election lawsuit...
Mark Jones

State of Utah files lawsuit against pharmaceutical retailers

Three pharmaceutical retailers are facing a lawsuit from the State of Utah. The lawsuit was filed the week of July 1.
6 days ago
This June 20, 2017, photo provided by Chris Wonderly shows Hovenweep Castle at Hovenweep National M...
Curt Gresseth

Supreme Court widens state power over tribes. What does it mean for Utah?

The director of the Utah Division of Indian Affairs discusses the recent US Supreme Court ruling and what it means for tribes in Utah.
7 days ago
Ketanji Brown Jackson takes the oath for the Supreme Court....
MARK SHERMAN Associated Press

Jackson sworn in, becomes 1st Black woman on Supreme Court

Judge Ketanji Brown Jackson, 51, will be sworn as the court's 116th justice Thursday, just as the man she is replacing, Justice Stephen Breyer, retires.
7 days ago
Immigration activists rally outside the US Supreme Court in Washington, DC on April 26. Photo credi...
Tierney Sneed and Priscilla Alvarez, CNN

Supreme Court says Biden can end Trump-era ‘Remain in Mexico’ immigration policy

The Supreme Court on Thursday gave President Joe Biden the green light to end the controversial "Remain in Mexico" immigration policy.
7 days ago
The Supreme Court is pictured. The court just limited the EPA...
MARK SHERMAN Associated Press

Supreme Court limits EPA in curbing power plant emissions

The Supreme Court on Thursday limited how the nation's main anti-air pollution law can be used to reduce carbon dioxide emissions from power plants.
7 days ago
President Joe Biden speaks during a news conference on the final day of the NATO summit in Madrid, ...
DARLENE SUPERVILLE and ZEKE MILLER Associated Press

Biden says transatlantic alliance has adapted to new threats

Biden's comments came at a press conference in Madrid at the conclusion of the annual meeting of NATO leaders and after he attended a summit with the Group of Seven advanced democratic economies in the Bavarian Alps.
7 days ago

Sponsored Articles

Tax Harassment...
Jordan Wilcox

The best strategies for dealing with IRS tax harassment | You have options!

Learn how to deal with IRS tax harassment. This guide will teach you how to stop IRS phone calls and letters, and how to handle an IRS audit.
spend a day at Bear Lake...
Bear Lake Convention and Visitors Bureau

You’ll love spending the day at Bear Lake | How to spend a day at Bear Lake

Bear Lake is a place that needs to be experienced. Spend a day at Bear Lake.
Curb Appeal...
Price's Guaranteed Doors

How to have the best of both worlds for your house | Home security and curb appeal

Protect your home and improve its curb appeal with the latest security solutions like beautiful garage doors and increased security systems.
Prescription opioids can be disposed of during National Prescription Take Back Day...
Know Your Script

Prescription opioid misuse | How to protect your family from the opioid epidemic

Studies have shown that prescription opioid misuse has increased since COVID-19. So what do you need to know about these opioids?
national heart month...
Intermountain Healthcare

National Heart Month: 5 Lifestyle Changes to Make Today to Keep You Heart Healthy

Heart disease is the leading cause of death for both men and women. One person dies every 36 seconds in the United States from cardiovascular disease
Joseph Smith Memorial Building...
Temple Square

The Joseph Smith Memorial Building is an icon of Salt Lake City | Why hosting an event at this beautiful location will make you a hero this year

Here's why hosting an event at the iconic Joseph Smith Memorial Building in downtown Salt Lake City will make you a hero this year.
July 15th is the deadline to file your taxes. It’s not the only unique thing about this year.