July 15th Is Key for Tax and Cash Flow Planning
Plan Now
Delayed Deadlines

Planning for 2020 Taxes
Estimated Payments
If you are expecting a refund with your July 15th filing for 2019 taxes, consider applying it towards your 1st and 2nd quarterly estimated payments for 2020. This action could increase your cash flow, so you would not need to pay until the third and fourth quarter estimates are due.
Plan Now
Delayed Deadlines
- Federal income tax normally due on April 15, 2020, is now due July 15, 2020.
- Connecticut, New Jersey, and New York state income tax, normally due on April 15, 2020, is now due July 15, 2020.
- Federal 1st quarter estimated payments, normally due on April 15, 2020, have been moved to July 15, 2020. Additionally, the 2nd quarter estimate has recently been changed from being due June 15, 2020, to July 15, 2020.
- Connecticut 1st and 2nd quarter estimates, normally due April 15, 2020, and June 15, 2020, respectively, have both been moved to July 15, 2020.
- New Jersey 1st quarter estimate, normally due April 15, 2020, has been moved to July 15, 2020.
- New Jersey 2nd quarter estimate due June 15, 2020, has remained unchanged.
- New York 1st quarter estimate, normally due April 15, 2020, has been changed to June 15, 2020.
- New York 2nd quarter estimate, normally due June 15, 2020, is now due July 15, 2020.
- Contributions made to IRAs and HSAs (health savings accounts) by July 15, 2020 can be counted for 2019 tax year purposes.
Managing Retirement Accounts
Strategies for Volatile Markets
- Roth conversions – If your investment portfolio has suffered losses, you may want to consider converting a retirement account to a Roth IRA. That would mean paying tax today on the reduced assets, which could then grow tax-free, with no subsequent RMDs and no tax liability upon withdrawal.
- Tax loss harvesting – Given the recent poor market performance, you may want to evaluate selling securities at a loss to offset capital gains.
- Lifetime gifting – Gift taxes are assessed based on worth as of the date of the gift, so there may be benefits to giving away assets that have recently lost value. Gifting throughout life reduces estate tax at time of death.
- Westchester Office:
Hart Vida & Partners
400 Columbus Avenue
Suite 170E
Valhalla, NY 10595
Fax: 914-666-2549
New York City Office:
295 Madison Avenue
3rd Floor
New York, NY 10017
Connecticut Office:
4 Landmark Square
Stamford, CT 06901