Income tax deferred

[BowSlayer]

I was watching the President a few minutes ago and they said if you owe income tax you can defer up to 90 days without penalty or interest. Does anyone know how that's done? Do I have to file a form or just not file anything until the 90 days is up? I'm a fan of holding my money as long as possible.

[Saltyag15]

The way I interpreted was that your 2019 tax liability, normally due on 4/15/2020, can now be paid up to 90 days late penalty & interest free. I don't believe this is an automatic filing extension. Not yet at least. Hoping this turns out to be the case!

[BowSlayer]

The way I interpreted was that your 2019 tax liability, normally due on 4/15/2020, can now be paid up to 90 days late penalty & interest free. I don't believe this is an automatic filing extension. Not yet at least. Hoping this turns out to be the case!

Thanks, that’s what I thought also.

[DesertDug]

Just cause he say's it, does not make it law. Nothing has been passed yet

[BowSlayer]

Just cause he say's it, does not make it law. Nothing has been passed yet

True but it will be well before April 15.

[DesertDug]

they are also talking about giving every one money and not taking it at this time as well. Lets see what happens.

[Thumper]

i've already paid my taxes, how do I get the refund?

[BowSlayer]

i've already paid my taxes, how do I get the refund?

Don’t pay early. Lol

[Rush2Judge]

Who says procrastination is for losers? Why do today what you can do tomorrow? That's my motto and I am sticking to it.

I haven't looked but, if that is true, that's awesome! I always hate writing that check. I will still do my taxes (eventually) but hold back on the payment.

[HuntForHorns]

The filing deadline hasn't changed. They still want everyone to file by April 15th but if you owe then the payment wont be due for an extra 90 days from April 15th.

[BowSlayer]

The filing deadline hasn't changed. They still want everyone to file by April 15th but if you owe then the payment wont be due for an extra 90 days from April 15th.

Ok thanks

[rtp]

I guess I'll file my normal extension and then send in the money I owe 90 days later. One good thing from this mess. Ive been bleeding red ink like nobody's business. All those profits from 2019, Im paying taxes on have evaporated. I might have to harvest some loses here soon just so I can carry them forward.

[Take Dead Aim]

I guess I'll file my normal extension and then send in the money I owe 90 days later. One good thing from this mess. Ive been bleeding red ink like nobody's business. All those profits from 2019, Im paying taxes on have evaporated. I might have to harvest some loses here soon just so I can carry them forward.

Does this really help much? I just dont see 90 days helping much. I know it doesnt hurt anything but I think there are better avenues to take that offer a solution. Saying you still owe just get 90 days longer to pay. Hope I'm wrong.

[BowSlayer]

Does this really help much? I just dont see 90 days helping much. I know it doesnt hurt anything but I think there are better avenues to take that offer a solution. Saying you still owe just get 90 days longer to pay. Hope I'm wrong.

It will help me to hang on to my cash to get through this down-turn in business I hope. By the time I actually have to pay hopefully this will all be over and business will be back to normal.

[BTLowry]

Probably be a bunch of people that have to spend that tax money to get by and won't be able to pay the bill in 90 days either.

Wonder how that will end up?