Taxes: A (2020) payment calendar will help

"The hardest thing in the world to understand is the income tax." -- Albert Einstein,  theoretical physicist, (1879-1955)
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BY JULIA ANDERSON
Federal and state agencies are doing their best to keep the economy going as we move through the virus crisis. A key element is leaving money in our pockets, longer.
 
On the tax front here’s what’s happening, so far:

    The federal deadline for paying 2019 personal income tax has been extended
from April 15 to July 15.  

• Retired folks and those self-employed or otherwise making quarterly federal income tax payments, also have until July 15 to make the first quarter 2019 income tax payments as well as the first quarter 2020 estimated tax payment.

 

• Second quarter 2020 estimated income tax payments are due and remain unchanged with a June 15 deadline.

 

• Oregon has also extended the state 2019 income tax deadline from April 15 to July 15. However, estimated quarterly 2020 income tax (both personal and corporate) is still DUE APRIL 15.

 

• Meanwhile, King County (Washington) is extending the deadline for the county’s spring property tax payment from April 30 to June 1. It seems likely that other counties might follow suit, so check with your local county treasurer for possible deadline extensions.

 
The purpose of these moves is to leave more money in our checking accounts short-term to help us pay for immediate expenses (food, rent) as we sit home in quarantine.  

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