Given the COVID-19 coronavirus outbreak in the U.S., the IRS has extended the filing and payment deadline for the 2019 filing year to July 15. Truckers are encouraged to file as soon as they can, however, so you can have extra time to drum up cash if you owe or to receive a refund sooner.The Internal Revenue Service has extended by 90 days — to July 15 — the deadline for filing and paying taxes amid the COVID-19 pandemic. However, experts recommend owner-operators still try to meet the original April 15 deadline if they can afford to, with the consensus being that you should file as soon as possible and use the extension to get your payment together, if you owe.
Michael Schneider, tax manager with ATBS, says the business services provider is encouraging owner-operators to file ASAP, especially if you expect to receive a refund. IRS is still issuing most refunds within 21 days, according to the agency.
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Kevin Rutherford, former small fleet owner and current radio host and owner of Let’s Truck, offers similar advice. If you don’t need the extra time, don’t use it. “But if you’re really busy or out on the road, great – that’s why we’re doing this,” he says. “If you don’t absolutely have to [the extension] – if you can get your tax return done – I would still get it done. Hold off the 90 days to pay them if you want.”
For operators who typically use their annual tax return to pay their January quarterly estimated taxes, Rutherford encourages them to pay the January quarterly estimate and file their annual tax returns as soon as possible.
“If you didn’t make that Jan. 15 payment – and a lot of people don’t – go back and pay it now unless you’re going to finish [your annual tax return] and file it,” he says. “If you’re going to use this 90-day window, just make sure that you’ve got your quarterlies in, and get your tax return done as soon as possible so you know your numbers.”
The first quarterly estimated tax payment due April 15 was included in the 90-day delay to July 15. Also, the tax extension deadline remains unchanged and is still Sept. 15 for so-called pass-through entities like S-Corporations, partnerships, sole proprietorships and LLCs — which encompasses nearly all owner-operator and small fleet business structures.
