Burlington, VT Accounting Firm | Do It Yourself Extension Kit/ Coronavirus version Page | Montgomery & Merrill PC

Extensions

In response to the Coronavirus National Emergency, the April 15th tax return filing deadline has been moved to July 15, 2020 for all tax returns that would have been due 4/15 under the regular rules.  For this year only, tax payments that would have been due 4/15/20 are due 7/15/20.  There will be no penalties or interest for these delayed payments. 

If that does not seem like enough time, you can file for an extension of additional time (to 10/15/20)  to complete your tax return.  We believe that such requests will also be due 7/15/20.  

Federal extension

The IRS provides several ways to file and pay tax due for an Extension of Time to File Your Tax Return.  If you simply want to mail a check with a paper form 4868, you can find it on line at: https://www.irs.gov/pub/irs-pdf/f4868.pdf

Vermont extension

The Vermont individual tax extensions can be filed on line or with a paper form.  You can find links for both of these options at:  Request an Extension

Estimated taxes 

If you have income that does not have taxes withheld or not enough withheld, you may need to pay quarterly estimated taxes. How do I know if I have to File Quarterly estimated tax payments?

The first installment for 2020 is normally due on April 15, 2020 but for this year only the due date has been extended to July 15, 2020.  (Helpful hint:  if you expect that you will be due a refund from 2019, you will be able to apply that overpayment toward your 2020 estimated taxes to reduce the amount you need to send to IRS or VT at 7/15/20).

            Calculating Estimated tax

You can base your 2020 estimated taxes on your 2019 tax or on what you expect your 2020 tax to be.

            Federal estimated tax

Quarterly federal estimated taxes are paid with voucher 1040 ES.  IRS provides an Estimated Tax For Individuals package to assist you in calculating and paying your estimated taxes for 2020.

Vermont estimated tax

Quarterly Vermont estimated taxes can be paid using the  myVTax online tool or with paper voucher IN 114.  Whichever way you choose, the instructions and helpful worksheets are available on line also.

 

Vermont Homestead Declaration/Property Tax Adjustment/Renter Rebate

 

It is necessary to file your homestead declaration every year.  The due date is July15, 2020. The rules are a little complicated so it is worth your while to read the Instructions for HS-122 and HI-144  There are penalties for not filing

If your 2019 Household Income was less than $138,250 you may qualify for a Property Tax Adjustment.  July 15, 2020  is the due date for Property Tax Adjustment claims this year.  No extension is available. A $15 penalty is charged for late filed Property Tax Adjustment claims filed between April 15 and October 15.  October 15, 2020 is the final deadline.  If you file a claim based on estimated income figures, we can amend the claim when your tax return is complete.  There is no penalty for amending, although it will mean that your property tax bill will be revised by the town and your property tax payments will be increased or decreased accordingly.

 

            Vermont Homestead Declaration - Form HS-122

Form HS-122 can be filed on line at www.myVTax.vermont.gov

See below to obtain a paper form for filing by US Mail.

2020 Vermont Property Tax Adjustment

To claim a property tax adjustment, you must provide information about your Vermont Household Income using Form HI-144, in addition to your Vermont Homestead Declaration Form HS-122. This is a calculation similar to your Adjusted Gross income but with several important differences, so read the instructions with care.

Both HS-122 and HI-144 can be filed on line using myVTax

 

Forms HS122 and HI-144 can also be filed on a paper form that you can download from the VT Department of Taxes website:  HS 122/HI 144

RENTER REBATE

If you lived in Vermont for the entire year 2019, you rented a home for all twelve months, you are not someone else’s dependent, no one else in your household made a renter rebate claim and your household income is under $47,000, you may qualify for a rebate of some of the rent you paid. The application for a rebate is due July 15, 2020.

You can file for the rebate in myVTax or you can mail a paper copy of the Form PR-141 Renter Rebate Claim and Schedule HI-144 Household Income.  The rules can be unexpected, so we encourage you to read the Instructions for  PR-141 and HI-144 before completing the claim.

 

   

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