You now have three extra months to file your federal taxes. On Friday, Treasury Secretary Steve Mnuchin said the US was moving tax filing day from April 15 to July 15.
“All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” he said in a tweet.
The change only applies to federal taxes, not state taxes. So you should check with your local tax filing department to see if they’ve extended their own deadline. Some states such as California and Maryland have extended the date to July 15. However, New York, for now, is still sticking with the April 15 deadline.
The Treasury Secretary is also recommending the public file their taxes as soon as possible so they can receive their refunds, if applicable. The ongoing coronavirus outbreak is shutting down numerous businesses, and putting many people out of work. “For many Americans, you will get tax refunds and we don’t want you to lose out on those tax refunds,” Mnuchin said in a press conference on Tuesday.
Still, if necessary, you can wait until July 15, and individual taxpayers can defer up to $1 million. If you need more time beyond the July deadline, you can also file for an extension.
The news will give people more time to pick out the right tax filing software, which can help you obtain a larger refund. However, the extended deadline also presents an opportunity for scammers to continue their fraud schemes for another three months. So be on guard against any phone calls, emails, or texts that claim to come from the IRS. The agency prefers to use the US Post Office when communicating. You can find out more on what the IRS does and doesn’t do on this agency webpage.