Hey everybody Mark Kohler here and my amazing co-host
Mat 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 15
You're wondering should I buy file should have I paid some money. Am I screwed? Am I gonna be in trouble with the IRS?
We won't explain all that and we're gonna break it down. So
Matt tell us tell people real quick who we are so that you don't understand how good this is, but well
We're just two heck of good guys
Also happened 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 gonna break down each 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 15, so you have 90 days to file and
there's no penalty or
interest if you owe
So that's okay. All right, but it doesn't mean you shouldn't file right? I mean Matt, what's your take on that?
Yeah, if you're gonna get a refund file go get your money right there stimulus checks coming, too
So those either never file a return maybe you've been under the deduction the standard deduction and 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 to
You may have had a return due on March 15th, which you could have filed an extension to as well
So keep in mind for business owners, you gotta pay extra attention to your business return deadlines. Yeah. This was a April 15th
extension
Situation for you business owners out there with a 1065 or an 11 20s
You're still on the regular plan?
September 15th is when you're gonna want to get those returns filed and I'm 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
bank information when you file your return
Absolutely, because that's what they used to deposit your money. All right
Now there's some other cool deadlines you want to know about that. It's 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 IRAs strategy that we love also you're getting until July 15th for 2019
Contributions. Yeah, and what Matt's saying is something you're like, what do you mean backdoor rough?
I can't do a Roth I make too much money
noodle, do you know get over to the main search window of their on YouTube and type Koller backdoor Roth and
You're gonna love it. Don't type in choler backdoor something else
We're not gonna be liable for that video
But type in color 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't you if you're a small business owner
You just bought ty yeah
Yeah, if you were a sole proprietor, of course, that would have filed on April 15 small business owner for your SEP
That dead only got extended as well
Now, let's say you were an S corp though, and you were supposed to file on 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 if 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
we've
All known, I mean there's so many cool cool bonus
Whatever you wanna cut 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 - yeah. Yeah be quick on that act fast. There's a lot of sole proprietors out
They're gonna be moving right now and lots of resources
We've 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 you 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 have it and
some have and I know there's going to be people that are gonna listen to this and go I thought you meant this or I
Thought everything was extended or whatever and you're getting end up in a penalty or problem
so look down below and we've listed everything that's been exactly extended and that's gonna help you out in a big way -
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 what I'm going to pay penalty in interest to the IRS
So it's a good thing. We know it's tough out there right now. Some of these relaxed 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 get 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 ten years a weekly podcast for over ten years
And you may be going these guys are pretty dorky why or no wonder I've avoided a more mister
But 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 every week
We give you updates some little things open it up geek out a little bit. You're the captain your ship. So
Stay in touch. We want to be there for you. Any final words, man. Oh
Thanks everyone
see you around
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