Not The Typical Tax Day

kelly-sikkema-tQQ4BwN_UFs-unsplash

Breathe easy if you haven’t finished filing your 2019 taxes yet. On March 21, 2020 the IRS announced that the federal tax filling due date has been extended to July 15, 2020 due to the coronavirus pandemic.

New Deadline

The IRS pushed back the normal April 15 due date to help taxpayers struggling with the coronavirus crisis. Not only has the deadline for federal tax filing been extended, but taxpayers may also defer federal income tax payments to July 15, 2020 without penalties or interest. This deferral pertains to all taxpayers including trusts, estates, corporations, as well as those who are self-employed. No additional forms or qualifying factors are needed for this automatic tax filing and payment relief, unless additional time is needed beyond the new deadline.

Tax Refunds

For those who have yet to file their 2019 taxes, the IRS is encouraging that they do so as soon as possible. Although most tax refunds are being issues within 21 days, filing electronically with direct deposit is the quickest way to get refunds. Having the tax returns direct deposited could also speed up the delivery of the economic stimulus check.