In normal times we would have just passed the tax filing deadlines. But these are not normal times. We are in the midst of a new daily life, with social distancing, stay-at-home requests, healthcare concerns and disruptions to all kinds of businesses and organizations.

As a result of the coronavirus pandemic we are collectively working to overcome, the April 15 tax filing deadline has been moved to July 15. The IRS Coronavirus Tax Relief applies to:

• Individuals filing Form 1040 
• Corporations filing Form 1120
• Trusts and estates filing Form 1041
• Other entities with normal due dates on April 15, 2020 
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Though the filing date has changed, everything else related to tax deadlines stays the same. If you need more time to file, you must file the appropriate form to request an extension. If approved, your deadline would move to October 15, 2020. However, if you owe taxes, you will need to pay what you owe by July 15 or incur the usual late payment penalties.

Requirements, features and deduction opportunities also stay the same as they were as of December 2019. Here are some key items to consider as you prepare your 2019 documents:

• If you qualify, be sure to take advantage of the Qualified Business Income Deduction. 
• If your practice is an S-Corporation, you can use several strategies to lower your tax liability. 
• Be sure to deduct your work-related expenses like uniforms, association dues and travel for work purposes other than your commute to/from your practice location(s).
• If you, your spouse or a dependent took college classes last year you can claim a 20 percent credit on tuition expenses. This credit has a $2,000 maximum and applies to the the first $10,000.
• If you have a dedicated space at home for taking care of planning and practice management, you may be able to take a home office deduction.

These are a few of the potential tax savings you may be able to achieve under current IRS regulations. Check with your tax advisor to see if any or all of these apply, and if there are other opportunities for savings for you and your practice.