Tips For Traders: Preparing 2020 Tax Returns, Extensions, And 475 Elections
- Wednesday, March 3, 2021, 7:14
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Traders should focus on the big picture of filing a 2020 automatic extension by the April 15, 2021 deadline. With or without sufficient payment of taxes, filing the extension avoids the late-filing penalty of 5% per month, assessed on the tax balance due. Consider a Section 475 election, too.
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