Due to the ongoing COVID-19 crisis, the government has postponed the tax deadline to July 15. You may be wondering what this means for your business, and what you may need to do to prepare. 

The normal tax deadline would have been scheduled for April 15. There are a few items you’ll need to be aware of due to this change: 

If you’re self-employed, your business likely has its tax payments split throughout the year, rather than only one day. These are called estimated tax payments. These payments were originally scheduled for April 15, June 17, September 16, and January 15 (2021). Because of the tax deadline extension, the April 15 payment has been pushed to July 15, while the other payment dates haven’t been modified yet. 

The tax deadline extension is available to any federal taxpayer, including individuals, trusts and estates, corporations, noncorporations, and people who pay self-employment tax. 

There are penalties if you pay late (after July 15). To avoid this, you will need to request an extension, or simply file your taxes on-time. 

Do you have questions about the tax deadline and how it relates to your business? Primary Payroll can help you understand this extension and will help you use it to your advantage. Contact us today to learn how we can help.