In This Issue
2019 tax payment due dates are delayed - but BEWARE
Is this the year to take capital gains?
Other 2020 tax considerations
The Payroll Tax Credit may be right for your business
New provisions for business
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Reminders
Reminder   

July 15 
* Individuals - Deadline to file and pay 2019 taxes plus estimated taxes that were deferred from April 15 and June 15

July 15
* Businesses - If you maintain an employee benefit plan and use a calendar fiscal-year, file form 5500 or 5500-EZ for tax year 2019

> Other important dates
May 2020
 

With the 2019 tax filing deadline deferred to July 15, many people aren't thinking about 2020 taxes. But if you wait until July 15 to start 2020 tax planning, you'll have less than six months to take advantage of recent tax law changes. 

With that in mind, this month we highlight a few financial moves you can make, and we answer some questions brought up by the new tax laws.

As always, we're available to discuss how the new laws will affect your specific situation. We only ask that you call or email us to set up a time to talk by phone, by video, or in person when emergency orders are loosened or lifted.
Individuals
2019 tax payment due dates are delayed - but BEWARE!

While deadlines for filing and paying many taxes have been deferred to July 15, the minimum late-payment penalty for payments made after that date has more than doubled. And July 15 may find some taxpayers facing a huge tax liability.  > Here's why

Is this the year to take capital gains?

Capital gains tax rates haven't changed (as of today), but the minimum income that dictates when capital gains kick in has increased slightly. Taxpayers whose income has fallen due to COVID-19 issues may find benefits in restructuring investments and taking capital gains in 2020 if overall income is expected to rise next year.
> Your rate could be zero. 

Other 2020 tax considerations 

Can I borrow from my retirement plan? Will I have to pay taxes on my COVID-19 stimulus check? Is there any tax benefit to going back to school while I'm not working? 
> Get answers to these and other questions.

Businesses
Didn't participate in the Paycheck Protection Program? The Payroll Tax Credit might be for you.

Like the PPP, the Payroll Tax Credit aims to help businesses keep employees on the payroll. Eligible businesses that have been impacted by COVID-19 between March 12, 2020 and January 1, 2021, can take a credit on their Form 941 when they report payroll taxes. > What you need to know.

New provisions for businesses: Social Security wage base, mileage rate and more

The 2020 standard mileage rate for business automobile use has decreased to 57.5 cents per mile but the key dollar threshold on the 20 percent deduction for business income was increased.    > A few increases and decreases.

Need clarity about the provisions of the CARES Act? Call our office at 505-984-0646  to schedule a video or phone appointment.