This tax season already looks different than ever before as a result of COVID. The latest updates directly affect essentially ALL wedding vendors, solopreneurs and small businesses. As for this upcoming tax season, here’s the important information you need to know.
Deadline Extended for 2019 Taxes
The deadline for filing and making any payment of 2019 federal taxes (if they are owed) has been extended to July 15, 2020.
Quarterly Estimated Tax Deadline Extended
For small businesses that make quarterly estimated payments, you get some serious relief during this season. The deadline for the first quarterly estimated tax payments has been extended to July 15, 2020. However, to be noted is that as of March 30, 2020, no determination has been made on whether quarterly estimated tax payments due on Jun 15, 2020, will be extended. Expect to hear more guidance on this in the weeks ahead.
Stimulus Checks
If you are eligible to receive an income based stimulus check, you will not owe any taxes on that money. Hooray! To learn more about whether you are eligible for a stimulus direct payment, you can watch our Webinar on this topic plus many others, including the Paycheck Protection Program (PPP Loans) and Economic Injury Disaster Loan Program.
To take full advantage of all relief available to wedding vendors, you’ll want to make sure to stop by our COVID-19 Resources page complete with applications for Payroll Protection, Disaster Relief Loans (yes, solopreneurs can apply!), How to apply for unemployment as a self-employed individual, Facebook and Google grant programs, among many other incentives.
