Updated: May 29
Ben Jay from Grow spoke with Lazetta about the new tax deadline.
You’ll now have an extra 90 days, until July 15, to file and pay your federal income taxes.
You are still allowed to file for an extension until October 15, just as you can during any other year. To do that, you have to file the extension form by April 15.
The changes have rolled out over the course of the week. The White House first announced changes on Tuesday. Then Treasury Secretary Steven Mnuchin said on CNBC Wednesday that the IRS would not be extending the April 15 filing deadline but would allow filers extra time to pay. Finally, Mnuchin announced via Twitter on Friday that the deadline to both file and pay taxes will be July 15.
He added, in a subsequent tweet, “I encourage all taxpayers who may have tax refunds to file now to get your money.”
The delay is a rare but not unprecedented move by the IRS. Some regions affected by a 2007 nor’easter were allowed to pay their taxes as late as June of that year.
Mnuchin estimates the delay will free up $300 billion to help individuals and businesses that might otherwise have trouble with cash flow issues brought about by the economic impact of the coronavirus.
Here’s what to keep in mind as you figure out how and when you should file your taxes.