Updated March 20, 2020: Today, Treasury Secretary Steven Mnuchin Tweeted: “At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties”. Like so many other things in our world right now, resources are changing rapidly. Original information, now outdated, is below.
Yesterday, CVEP launched an initiative to keep Greater Palm Springs residents and businesses informed on how to take full advantage of any stimulus actions passed by the United States Government. Today’s topic is how an individual can defer any tax payments due to the IRS to July 15, 2020.
The first and easiest step to take in order to defer federal tax payment is to complete the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. The form you will need is IRS Form 4868 (IRS Form 4868 (SP) for Spanish). You can go to the IRS website and type in Form 4868 in the search area at the top right corner of the page. When the search results come back, click on the description labeled Form 4868 or Form 4868 (SP). When you have done that, the form will pop up in pdf form. You can fill in the form online and then print it out for mailing.
The address to which your Form 4868 should be mailed if you are not sending a check with the form is:
Department of the Treasury
Internal Revenue Service Center
Fresno, CA 93888-0045
The only information you need to file is your name, the name of your spouse if applicable, your Social Security number(s), your address, your estimated tax liability for 2019 and your federal tax withheld. Mailing this form guarantees you the permission to defer filing until October 15th but YOU HAVE TO PAY YOUR TAXES BY JULY 15TH.
The easiest and best way to take advantage of this opportunity is to file Form 4868 now. Then, file your personal income tax form on or before July 15, 2020 with your payment, as you normally would by April 15th.
Stay strong, stay safe, and stay tuned for more information from CVEP on how to navigate these difficult times.