The New IRS Tax Deadline is July 15th. So Here’s What You Should Know
Given the coronavirus chaos, the Treasury Department decided to give tax-payers some extra time to file this year – an extra 3 months to be exact. So instead of the usual April 15th tax day, federal taxes are due on July 15th. Here are a few things to consider.
If you’re expecting a refund, you don’t need to wait
Just because you now can file three months later doesn’t mean you need to (some of you have probably filed already in fact). So if you’re expecting a tax refund, there’s no reason to wait. And the sooner you file the sooner you’ll get your money.
If you haven’t filed yet, tax preparation software can make the whole process a lot easier. TurboTax is typically considered the all around best offering, but there are other options. We recently did a post on how tax software works. It’s easy to use and fairly inexpensive (and maybe even free depending on your tax return).
If you’re going to owe taxes, you have some breathing room, but use it wisely
Given everything that’s going on, the extra time might feel like a huge help, and it is. But that still doesn’t mean you should put off filing until the very last minute. You’ll want to give yourself plenty of time to get them done.
So keep pulling together your filing info and make sure you set aside some time. Again, tax software can help, or if you need to you can work with a professional. Just remember it might be a little extra challenging to connect with a professional this year as many businesses are on hold at the moment.
Keep in mind, you may still have to file your state/local taxes by April 15th
So far we’ve just been talking about the federal tax deadline.
You’ll need to check on your state and local tax deadline. Some states have already pushed their deadlines to match with the Federal and some haven’t. So be sure to check with what your state has done.
And above all, stay calm
Tax time is usually stressful enough. Throw in all that’s been happening with COVID-19 and you have the perfect storm for extreme financial anxiety. So take a deep breath (or several) and remind yourself you got this. Hang in there and be healthy.