The Treasury Department and IRS have announced an extension of the tax filing deadline for the 2019 tax year. The deadline has been moved from April 15, 2020, to July 15, 2020.

“Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax,” according to an IRS news release.^*

This extension has several benefits. It gives you some extra time to get your ducks in a row to file and pay your taxes, if you owe an amount to the IRS. Also, the extension allows us to keep liquidity in the economy over those additional months.

The IRS is still encouraging everyone to file as soon as possible for a quicker turnaround time on your tax refund. Tax refunds typically take about three to four weeks to be processed, so if you are owed a refund, file soon to get your money more quickly. For the fastest turnaround time, you can provide your bank account information when you file to receive the money via direct deposit, rather than paper check. Check out some additional Tips for Tax Season.

^*March 21, 2020 IRS News Release.

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