The government announced recently that, because of the coronavirus pandemic, the tax deadline has been moved from April 15 to July 15. In a tweet, Treasury Secretary Steven Mnuchin explained, “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” Here’s what this extended deadline means for you.
Don’t Procrastinate if you Don’t Need to
If the coronavirus has impacted your life making it difficult to get your taxes in order soon, by all means, take advantage of the moved deadline. However, if you’re able to file in a timely fashion, that’s always the best route. Especially if you’re expecting a nice refund. As always, the earlier you file, the faster you’ll get your money. If you’ve already written a check and would like to hold onto your cash now that the deadline is extended, contact the IRS and they’ll work with you.
Your Refund is Fine (Phew)
Speaking of refunds, have no fear. The delayed tax deadline will not impact your check. Money reports that the average refund check is about $2,900. Sounds good right now doesn’t it? Refunds are still being issued, the IRS says, within 21 days of filing. Another reason to file on time or even early.
Check Your State
This delayed deadline applies to federal taxes, but some states have extended their deadlines as well. You can check what your state is doing by checking the American Institute of Certified Public Accountants site. For any other questions about how the coronavirus is impacting tax season, go to the IRS’s site. You’ll find heaps of helpful information.