The Coronavirus Got You An 3 Extra Months To File Your Taxes
I guess there's one upside to this freakin' virus. The April tax deadline has been pushed back 3 months.
The coronavirus has had some devastating effects on businesses, shopping, schools ... well ... life in general. Even tax time. April 15th is typically the deadline to file your annual, federal tax return. The new deadline for federal tax returns is July 15th. (IRS.gov) If you have a refund coming this year, you can ... and probably should ... file now.
Note that this applies to FEDERAL tax returns. If you owe state or municipal taxes, you will have to check with them to see what their deadline is as they set their own guidelines.
According to irs.gov, payment deadlines have been extended as well:
- Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due.
- Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.
- This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
Good news for some, just "ehh" news for others but, if dealing with this pandemic has thrown your life into a tizzy, at least you don't have to deal with this yearly hassle. Yet. For more info, click here.