A quick note regarding taxes and upcoming tax payment deadlines. These details could come under the category of “Captain Obvious” but are worth mentioning all the same.
The April 15th filing deadline for 2019 taxes was extended to July 15th. There have been rumors of the deadline being extended even further to September or October. This looks ABSOLUTELY NOT to be the case.* The 2019 Tax Filing deadline remains July 15th . See here: IRS.GOV
For 2020 Quarterly Estimated Tax payments, the quarterly deadlines were previously adjusted to:
- 1st Q 2020, originally due April 15th was extended to July 15th
- 2nd Q 2020, originally due June 15th was extended to July 15th
- 3rd Q 2020, originally due Sept 15th is still in place for September 15th
- 4th Q 2020, originally due January 15th 2021 is still in place.
Part of the reason I spell out these deadlines is to emphasize that A LOT of cash – perhaps far more cash than originally budgeted for this time frame – will be spent in the months of July through September of this year on tax payments.
In general, based on the amount of economic stimulus that was pumped into the US economy and US households so far this year (with possible additional amounts of stimulus to come) tax rates will go nowhere but up in future years.
The statement, “Taxes are part of every successful investment strategy” still holds true. Taxes are here to stay. Budget accordingly.
*See IRS.GOV for clarification on tax payment deadlines.
Thank you for reading, God bless America & Happy 4th of July!