Here's What To Know About Filing Taxes During The Coronavirus Crisis
As the April 15 tax deadline looms, you might be wondering if you still have to file your taxes during the coronavirus crisis. The United States Internal Revenue Service (IRS) is working with the Trump administration to make the process a little less painful during this uncertain time. Here’s everything you need to know about filing your 2019 tax return.
On Friday, March 20, U.S. Treasury Secretary Steven Mnuchin announced everyone in the United States is receiving a three-month extension to file their taxes and make tax payments. Due to the coronavirus crisis, the new deadline for filing your 2019 federal tax return is Wednesday, July 15, 2020. Mnuchin shared the news on Twitter, and he explained: “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
However, if you haven’t filed yet and expect to receive a tax refund, it’s recommended you file as soon as possible to get your refund in a timely manner. As Mnuchin put it in a tweet: “File now to get your money.”
Mnuchin’s announcement makes clear the IRS will not penalize anyone who chooses to take advantage of this 90-day tax extension, but regular late penalties will apply as of Thursday, July 16, 2020. The limit for tax payment extension is up to $1 million owed per person and includes all individual returns, self-employed individuals, and other filing statuses like trusts and estates. All taxpayers will automatically receive this extension.
While the federal deadline has been pushed back, state income tax filing requirements will vary. You can check your local state tax website to stay updated on the filing deadlines. CNBC reported the IRS’ move will put pressure on all 50 states to apply the same July 15 deadline for state income taxes
If you think you’re showing symptoms of coronavirus, which include fever, shortness of breath, and cough, call your doctor before going to get tested. If you’re anxious about the virus’s spread in your community, visit the CDC for up-to-date information and resources, or seek out mental health support. You can find all Elite Daily's coverage of coronavirus here.