Ordinarily, taxpayers have until April 15 to file their tax return and pay any tax due. But these are not ordinary times.
The IRS has announced that businesses and individuals will have until July 15, 2020, to file and pay their 2019 taxes. The deferral is part of broad plans by the Trump administration to provide financial relief to Americans during the coronavirus pandemic. (For other actions and proposals to boost the economy, see 11 Coronavirus Stimulus Measures That Could Help You in 2020.)
The administration initially wanted to maintain the April 15 filing date but allow individuals and businesses to postpone payments until mid-July. However, tax professionals and some lawmakers urged the IRS to postpone the filing date as well, arguing that many tax preparers have been unable to meet with clients because of the risk of contracting the coronavirus.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"The reality is that it will be impossible for every taxpayer and their CPA to prepare and file their taxes in the current environment," Tom Hood, executive director of the Maryland Association for Certified Public Accountants, said in a statement.
We expect most states to follow the IRS and push back their filing and payment deadlines as well. However, you should check with your state's tax agency to confirm and to get additional details specific to your state.
If you're expecting a refund—and typically about 70% of taxpayers get one—you should still file as soon as possible. Through mid-March, the average refund was slightly under $3,000. The Trump administration is also encouraging Americans to file their tax returns as quickly as possible so that more people get refunds sooner, which means more cash available for taxpayers who may be facing financial hardship.
-
What Are Passive Income Strategies and How Can I Use Them in 2025?An extended period of rising prices has everyone looking for a little more cash to make ends meet.
-
Will You Owe Taxes on Your Recently Forgiven Student Loan?Loan Forgiveness If you received student debt forgiveness last year, know these key points when filing taxes. Plus — what can you expect from a new president?
-
Will You Owe Taxes on Your Recently Forgiven Student Loan?
Loan Forgiveness If you received student debt forgiveness last year, know these key points when filing taxes. Plus — what can you expect from a new president?
-
Homeowners Rush to Install Solar Panels Before Trump Cuts Tax CreditsTax Credits With a new incoming presidential administration, is the solar energy tax credit in the hot seat?
-
Gov. Hochul Vows to Deliver $1 Billion in Tax Relief to New YorkersState Tax The proposed tax cuts would benefit New York middle-class families.
-
More Taxes Could Slam New Yorkers Over MTA Budget ShortfallState Taxes Lawmakers warn that New Yorkers may need to brace for more taxes.
-
IRS Free File Is Now Open for 2025: Are Your Taxes Eligible?Tax Filing Official tax season doesn't begin until late January, but taxpayers can start filing free online returns now.
-
California Fires: How to Recover Tax Records and Other Important DocumentsDisaster Recovery Having your tax records and other vital documents is important for claiming casualty loss deductions that can help with recovery.
-
Child and Dependent Care Credit: How Much Is It?CDCTC The non-refundable tax break can help working families afford quality care for their child or qualifying dependent.
-
Gov. Hochul Wants to Triple the New York Child Tax CreditState Tax Millions of New York families could get a larger state child tax credit check over the next two years under a new proposal.
