It’s time to do your taxes. No more delays. As the coronavirus took hold this spring, the federal government postponed the traditional April 15th filing deadline until July 15th.
The move provided some economical and logistical relief for taxpayers dealing with the disruptions and uncertainty brought on by the pandemic. But now that new tax deadline is here.
Taxpayers must file or seek an extension by the new deadline or face a penalty. The I.R.S. is expecting about 150 million returns from individuals.
Taxpayers who need more time can request an extension on the I.R.S. website. That will give them until October 15th to file. However, an extension to file does not mean added time to pay. So those planning on filing later should estimate what they owe and make that payment by July 15th.
Go ahead and file your taxes even if you cannot pay. The I.R.S. is willing to set up payment plans or make other arrangements with taxpayers who cannot pay in full. Many of those can be set up online.
The I.R.S. is still processing and issuing refunds, most within 21 days. Those getting refunds will be paid interest, dating back to April 15th, if they file on time.
You can file or pay your taxes online. The I.R.S. urges taxpayers to use electronic options to support social distancing and speed the processing of returns, refunds, or payments.
There are other tax deadlines linked to July 15th. Check the I.R.S. website or reach out to a tax professional for assistance.