On this #TalkingTuesday, we have some big news:
Part 1
President Instructs IRS to Extend April 15 Tax Deadline Due to Coronavirus
President Donald Trump has instructed the Treasury Department and IRS to extend the April 15, 2020 deadline for filing federal income tax returns for those affected by Coronavirus. The change is only for this year (Story from: CPA Tax Advisor).
Part 2
Treasury Secretary Steven Mnuchin just announced that taxpayers are getting a three-month extension for paying their 2019 taxes. ... Filers who can't complete their taxes by April 15 can request an extension, which buys them an additional six months to submit their returns without facing a failure-to-file penalty. (Story from: The Motley Fool)
Those are the two hot headlines tonight and here is what I need you to know about this:
1st Make sure that if you are going to utilize this three month reprieve, you make sure that you file an extension by April 15th to cover yourself. Normally an extension is for the tax return only and your payment must be received by April 15th. However, this extension allows you to pay your taxes due by July 15th without being charged any penalties and interest also provided that you do not owe more than $1 million dollars.
2nd Just because the IRS has extended the time to file does not mean your individual state has. That being said, all states are different so you must confirm with your state if they too have extended the April 15th tax due date.
3rd If you do not owe money, file your taxes as soon as possible so that you can receive your refund. If you electronically file you will receive your refund within three weeks and if you paper file you can expect your refund in twice that time so electronically filing is quicker, preferred and more advantageous.
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