Mark J. Kohler and Matt Sorenson break down IRS deadline extensions due to the pandemic. Individual tax filing moves from April 15 to July 15 with no penalties, while IRA and HSA contributions get a 90-day extension. Sole proprietors need a 2019 Schedule C to qualify for PPP forgiveness.
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Hey, everybody. Mark Kohler here and my amazing co host, Matt Sorenson.
Hi, guys. Happy April 15th.
Yeah, that's right. Now, if any of you are watching this, it is because it's not April 15th. You're wondering, should have I filed? Should have I paid some money? Am I screwed? Am I going to be in trouble with the irs? We won't explain all that. We're going to break it down. So Matt, tell us, tell people real quick who we are so they don't understand how good this info is.
Well, we're just two heck of a good guys. Also happen to be tax lawyers. Mark's a cpa, so, you know, he's extra nerdy. But we're here to let you know about April 15th and that the deadlines were extended on many things. So don't stress. We've heard a lot of the news about it. We're going to break down each of the things that's been extended.
Okay? So number one, let's do it. April 15th for our basic 1040 has been extended the first time in history to July 15th. So you have 90 days to file and there's no penalty or interest if you owe. So that's okay. But it doesn't mean you shouldn't file, right? I mean, Matt, what's your take on that?
Yeah, if you're going to get a refund file, go get your money. Right. There's stimulus checks coming, too. So those of you that never filed a return, maybe you've been under the deduction, the standard deduction, go file, get in the system. There's lots of strategies on how to get your stimulus check right now also. But business owners, I'll say too, you may have had a return due on March 15, which you could have filed an extension to as well. So keep in mind, for business owners, you got to pay extra attention to your business return deadlines.
Yeah, this was an April 15th extension situation for you business owners out there with a 1065 or an 1120s, you're still on the regular plan. September 15th is when you're going to want to get those returns filed. And I like what Matt just said on the stimulus checks. Some of our clients have gotten their direct deposit right into their bank account already. Great. That's not everybody. So filing your 2019 return is going to help you get your stimulus check faster because I want you to update your address and your banking information when you file your return.
Absolutely. Because that's what they use to deposit your money. All right, now there's some other cool Deadlines you want to know about that have changed as well. Your IRA contribution deadline. So generally that's April 15th for traditional IRAs, Roth IRAs. Also your HSA Health Savings Account, well you've got 90 more days also to make that for 2019 contributions. All of those that do the backdoor Roth IRA strategy that we love. Also you're getting until July 15th for 2019 contributions. Yeah.
And what Matt's saying is some of you like, what do you mean backdoor Roth? I can't do a Roth, I make too much money. Little do you know, get over to the main search window there on YouTube and type Kohler Backdoor Roth and you're going to love it. Don't type in Kohler Backdoor something else. We're not going to be liable for that video. But type in Kohler Backdoor Roth and get over there because you can play in the party of the Roth game, which is pretty amazing. And that goes for seps too, right Matt? You can. If you're a small business owner, you just bought time. Yeah.
If you were a sole proprietor, of course that would have filed on April 15, small business owner, for your SEP. That deadline got extended as well. Now let's say you were an S corp though and you were supposed to file March 15th. Well, did your company file the extension deadline? If so, then you're also bought yourself time for the SEP IRA as well. I like it.
Now if we jump over to the PPP program, payroll protection program, which many of you are still fighting that battle, you're a sole proprietor, you have to have your 2019 tax return with the schedule C to walk into the bank and get that ppp. Now we've got other videos on how to get the payroll protection program,
forgive all loan.
I mean there's so many cool, cool bonus, whatever you want to call it. We got other videos on that. But this deadline, don't take this. 90 days is carte blanche to just stick your head in the sand. If you want the ppp, you got to get filing too.
Yeah, yeah, be quick on that. Act fast. There's a lot of sole proprietors out there who are going to be moving right now and lots of resources we put out on that topic. Obviously really important for any of you self employed, even just independent contractors, self employed with no other employees but yourself, you can still qualify for it.
Yeah. Now down in the description below, we've made a specific list of all the tax forms or deadlines that have been extended and to when because some haven't and some have. And I know there's going to be people that are going to listen to this and go, I thought you meant this. Or I thought everything was extended or whatever and you're going to end up in a penalty or problem. So look down below and we listed everything that's been exactly extended and that's going to help you out in a big way too.
Yeah. So make sure you're paying attention to those deadlines. Remember, you bought time to file in many situations, got time to put more money into your retirement account. Also, you bought yourself time to pay without having to pay penalty and interest to the irs. So it's a good thing. We know it's tough out there right now. Some of these relax rules are giving some benefits and a little bit of breathing room to everyone out there.
And finally, I'll say this for everybody out there, whether you're a small business owner, have a little gig side gig going, or you're part of the side hustle, economy and all that, one in three Americans now have income on the side. Some way they're making money even with a little rental property. You're our tribe. You are our clients. We love you. We've been doing a weekly newsletter for over 10 years, a weekly podcast for over 10 years. And you may be going, these guys are pretty dorky. Why or no wonder. I've avoided them or missed them. Now you want us. This is when we will shine for you. So please get over to our website, the links down below and you can sign up for our newsletter. And every week we give you updates on little things. Open it up, geek out a little bit. You're the captain of your ship, so stay in touch. We want to be there for you. Any final words, Matt?
No. Thanks everyone.
See you around.
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