2020 Income Taxes

Thursday, May 28, 2020

Amid all of the whirlwind changes that have taken place over the past couple of months, the federal government has extended the federal income tax filing deadline from April 15 to July 15.  One point that hasn’t been given as much of the spotlight is the difference in state-level income tax filing, which varies from state to state.  Fortunately for Colorado, the state-level filing date is the same as the federal level: July 15, 2020.  If you don’t live in Colorado you should check the deadline for your particular state so that it doesn’t sneak up on you.  

It is generally recommended that individuals, businesses, and all other entities file as soon as they can rather than putting it off.  With the economy taking such a hit, it is encouraged to file as soon as possible so that the tax refund process moves quicker and taxpayers receive their money in a timely manner.  It is also worth mentioning that the filing extension is automatic; you do not need to fill out any forms or do anything other than file your tax forms by the deadline.  

At Geyer & Associates, we are still taking appointments by phone and are committed to our clients’ needs throughout this difficult time.  In-person consultations are being put on hold, but please reach out to us via phone or email with any questions or service requests you may have.    Using this extra time with the extended filing deadline helps to ensure that the process is done correctly and that costly mistakes are avoided along the way.  A professional CPA service will be up to date on current codes and requirements established by the IRS — requirements that may have changed or been amended over the past year.  Having a professional overseeing the tax filing process brings peace of mind in knowing that everything will be in order.  Call us today with any questions or service needs you may have!