The federal government is providing tax relief due to the COVID-19 pandeminc. Read on to learn more about the tax extension and how the new tax laws could benefit you. Then, download our 2020 Tax Cheat Sheet for even more information.
About the Emergency Government Tax Extension
The coronavirus (COVID-19) pandemic is effecting more than people’s health. It’s putting many Coloradans in a financial bind. In an effort to help taxpayers, the IRS is giving Americans more time to file and pay their taxes by implementing a tax extension. Colorado Governor Jared Polis also instituted a tax delay.
The IRS and the state of Colorado has extended filing and payment deadlines by 90 days.
In a normal tax year, your tax bill would be due April 15. However, these are extraordinary times in which we’re living. You now have until July 15 to file and pay your federal and state taxes.
- Do you really know which deduction works best for you or your household? There are pros and cons to both standard and itemized deductions. One comes with less paperwork and has no income limits. The other may save you more money.
- Did you know older Americans can increase their standard deduction? It’s true for people 65 and older!
- Is your kid in college or seeking a skilled trade certification? You might be eligible for a tax credit if your child chose to continue their education beyond high school.
Learn about these tax tips and more when you sign up to get our free 2020 Tax Cheat Sheet. We’ll send you a copy to your inbox. (Be sure to check your spam and junk folders if you don’t see it right away!)