Covid-19 Tax Resources
Covid-19 is a widespread pandemic that has created economic hardship for many people throughout the U.S. as well as globally. Many employees have been laid off or furloughed from their jobs as businesses temporarily shut down, and there have been school closures as well as interruptions in the operation of many business offices and accounting firms. As a result, people are finding it difficult to file their taxes on time and to pay what is owed. However, many local accountants as well as the IRS itself are offering a number of resources to help you get through the tax season.
Filing Your Taxes Virtually
While filing taxes virtually may seem like an intimidating prospect for those who have not worked with computers, those who have access to a computer, scanner, or fax machine can gather all their financial documents and file them virtually either with an accountant or directly with the IRS. If your annual income is $69,000 or less, you can take advantage of IRS Free File, which is free tax filing software available from the IRS. For those who simply need to file a personal tax return with no business income, there is also MyFreeTaxes, which has no income limit. Some states also offer various free software for filing taxes, and many local accountants have drop-off curb service as well.
Covid-19 Tax Breaks
Because of the challenges created by the Covid-19 pandemic, the U.S. government has created a number of tax breaks. For example, the 2019 federal tax filing deadline has been extended to July 15th, and you can also file for a six-month extension. Also, those who were making installment payments to the IRS for the period between April 1 and July 15, 2019 have had payments suspended. Other tax laws that cover issues like the seizure of property have also been loosened temporarily. In addition, many people are eligible for an economic impact payment as stipulated in the Coronavirus Aid Relief and Economic Security, or CARES, Act that was passed by Congress.
Call to Schedule a Free Consultation With an Oregon Certified Public Accountant Today
If you are having difficulty filing or paying your taxes as a result of the widespread Covid-19 pandemic, call to schedule a free consultation with an Oregon certified public accountant today. The compassionate professionals at the digital accounting firm Perpetual CPA will evaluate your unique financial situation and help you find ways to deal with both federal and state tax requirements. Visit our web site at perpetualcpa.com or give us a call at (503) 217-4114 and speak with our friendly staff to set up your consultation. We can help you get through these very challenging times.