Sen. Kamala HarrisKamala HarrisOvernight Defense: Top military officers quarantine after positive COVID case | Distracted pilot, tech issues led to F-35 crash It matters: Kamala Harris and the VP debate CDC director says it’s safe for Pence to take part in debate MORE (D-Calif.) raised the issue of President TrumpDonald John TrumpTrump and Biden’s plans would both add to the debt, analysis finds Trump says he will back specific relief measures hours after halting talks Trump lashes out at FDA over vaccine guidelines MORE‘s tax returns during Wednesday’s vice presidential debate, in an effort to contrast Democratic presidential nominee Joe BidenJoe BidenTrump and Biden’s plans would both add to the debt, analysis finds Trump says he will back specific relief measures hours after halting talks Chance the Rapper, Demi Lovato to play digital concert to encourage voting MORE with Trump on the issue of transparency.
Maurie Backman, The Motley Fool
Published 5:00 a.m. CT Oct. 3, 2020 | Updated 9:01 a.m. CT Oct. 3, 2020
Many Americans were thrown for a financial loop this year when the coronavirus pandemic hit back in March. Thankfully, the IRS recognized the need to give filers more time to submit their taxes, and so the agency pushed back the normal April 15 filing deadline to July 15, giving taxpayers an extra three months to get their returns in.
If you didn’t manage to complete your tax return by July 15, you may have requested an extension. Normally, a tax extension gives you six months from the filing deadline to submit your return, during which time you’ll still incur interest and late payment penalties on any unpaid tax debt you have from the previous year, but you’ll avoid the costly failure-to-file penalty that applies if you miss the deadline without
new video loaded: Trump Is Asked About Taxes in Debate
Trump Is Asked About Taxes in Debate
In the presidential debate, Joseph R. Biden Jr. asked President Trump about his tax returns after a recent report revealed that he had paid only $750 in federal income taxes in 2016 and 2017.
“Is it true that you paid $750 in federal income taxes each of those two years?” “I’ve paid millions of dollars in taxes, millions of dollars of income tax. And let me just tell you, there was a story in one of the papers, I paid —” “Show us your tax returns.” “I paid $38 million one year. I paid $27 million —” “Show us your tax returns.” “The tax code that made him, that put him in a position that he pays less tax than a schoolteacher, on the money a schoolteacher makes, is because