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Month: July 2020

The Shape of Economic Recovery

The Shape of Economic Recovery Most economists believe that GDP will turn upward in the third quarter, but it will take sustained growth to return the economy to its pre-recession level. On June 8, 2020, the National Bureau of Economic Research (NBER), which has official responsibility for determining U.S. business cycles, announced that February 2020 … Read more

July 15 Due Date Approaches for Federal Income Tax Returns and Payments

Tax Planning at Ballast Advisors

Tax deadline for most individuals:
• Wednesday, July 15, 2020

The due date for federal income tax returns and payments is Wednesday, July 15, 2020. Due to the coronavirus pandemic, the original due date for filing federal income tax returns and making tax payments was postponed by the IRS from April 15, 2020, to July 15, 2020. No interest, penalties, or additions to tax are incurred by taxpayers during this 90-day relief period for any return or payment postponed under this relief provision.

The relief applied automatically to all taxpayers, who did not need to file any additional forms to qualify for the relief. The relief applied to federal income tax payments (for taxable year 2019) due on April 15, 2020, and estimated tax payments (for taxable year 2020) due on April 15, 2020, and June 15, 2020, including payments of tax on self-employment income. There is no limit on the amount of tax that could be deferred.

Need more time?

If you’re not able to file your federal income tax return by July 15, you can file for an extension by the July due date using IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual IncomeTax Return. Filing this extension gives you an additional three months (until October 15, 2020) to file your federal income tax return. You can also file for an automatic three-month extension electronically (details on how to do so can be found in the Form 4868 instructions).

Tax season with wooden alphabet blocks, calculator, pencil on 1040 tax form background

Pay what you owe

One of the biggest mistakes you can make is not filing your return because you owe money. If the bottom line on your return shows that you owe tax, file and pay the amount due in full by the due date if at all possible. If you absolutely cannot pay what you owe, file the return and pay as much as you can afford. You’ll owe interest and possibly penalties on the unpaid tax, but you will limit the penalties assessed by filing your return on time, and you may be able to work with the IRS to pay the unpaid balance (options available may include the ability to enter into an installment agreement). It’s important to understand that filing for an automatic extension to file your return does not provide any additional time to pay your tax. When you file for an extension, you have to estimate the amount of tax you will owe; you should pay this amount by the July due date. If you don’t, you will owe interest, and you may owe penalties as well. If the IRS believes that your estimate of taxes was not reasonable, it may void your extension.

Tax refunds

The IRS encourages taxpayers seeking a tax refund to file their tax return as soon as possible. Apparently, most tax refunds are still being issued within 21 days of the IRS receiving a tax return. However, the IRS is experiencing delays in processing paper tax returns due to limited staffing.

 

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2020
IMPORTANT DISCLOSURES
The opinions expressed herein are those of Ballast Advisors, LLC and are subject to change without notice. The third-party material presented is derived from sources Ballast Advisors consider to be reliable, but the accuracy and completeness cannot be guaranteed. Past performance is not indicative of future results. Nothing contained herein is an offer to purchase or sell any product. This material is for informational purposes only and should not be considered investment advice. Ballast Advisors reserve the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Ballast Advisors, LLC is a registered investment advisor under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about the firm, including its services, strategies, and fees can be found in our ADV Part 2, which is available without charge upon request.

Ballast Advisors Sponsors First Tee Fundraiser

8th Annual First Tee Golf Event is August 7th

If you are interested in helping a great cause, join us in this fantastic event to raise funds for The First Tee of the Twin Cities at Eagle Valley. The First Tee program has grown significantly over the past several years, with more than 300 participants taking lessons this summer at Eagle Valley. The committee has raised enough funds to place the National School Program in seven local elementary schools and start a DRIVE program at the Southeast Area YMCA. All the proceeds from the event will be used to reach more kids by adding additional schools throughout our community.

Eagle Valley Golf Course in partnership with The First Tee of the Twin Cities at Eagle Valley will host the charity golf event on Friday, August 7th.

“A special thanks needs to go out to Paul Parnell with Ballast Advisors as our Eagle Sponsor and Dan Korbel with CorTrust Bank as our Birdie Sponsor, ” says Dan Moris – Program Director. “Again these two sponsors have stepped up to ensure our event will be a success in raising funds for the program. Their continued support of The First Tee Golf Event has given us the opportunity to introduce many local kids to the great game of golf and its inherent values.”

“Kids can play too! Help us get more kids involved in this event,” says Morris. “I took the opportunity to play with my son last year and we had a tremendous time. If you know someone between the ages of 10-17, ask them to be a part of your group. We will have separate contests for groups that include kids of that age range.”

Visit The Eagle Valley online store to learn more – REGISTER NOW

$125 registration fee includes the following:

 

  • Noon shotgun start
  • 18 hole green fee with golf car rental
  • Range balls prior to your round
  • Lunch provided 
  • Hole-in-one prizes
  • Separate on-course events and contests for adults and kids are available
  • Based on social distancing guidelines, no banquet / dinner following the event
  • In lieu of dinner, $10 per player will be donated to the Christian Cupboard
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Don’t play golf? Volunteer!

We are looking for individuals that would like to get involved in this event in any way. We have volunteer opportunities both on the day of the event and leading up to August 7th. If you are looking for more information or interested in helping, please contact Dan Moris at [email protected]

If you are looking to stay connected with The First Tee of the Twin Cities at Eagle Valley, check us out on Facebook.

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