Small-business owners face a "Triple Tax Punch" from IRS deadline changes during COVID-19: April and June estimated-tax payments both moved to July 15, then September 15 comes 60 days later. Three installments in two months means you need cash on hand now, especially if 2019 estimates were low.
This is the most important information. It's a warning that I need to share with small businesses. I call it the Triple Tax Punch. I prepared a document. You can go to recessionresponse.com and download this. There's no signups or anything and it details it out. Here's what it is. The April 15 installments for US based small business has been delayed till July 15. The June 15 estimates also delayed till July 15. That means two tax estimates will will be due on July 15 and on September 15 we return to the normal period. That means within 60 days three tax installments are due. I am fearful because businesses see this postponement as a gift. It is not. Those taxes are due, so reserve those taxes. And if your estimates were estimated low, especially after a booming period like we experienced in 2019, you may have additional money owed. So be very careful. This is a warning. Please, please be prepared for what's coming on July 15th and also again on September 15th. Hope this helps you. I'm wishing you tremendous success.
