There is no denying that our lives have been turned upside down a lot lately.
However, there has been some hope for us.
For instance, today, April 15, would have been the cut off for filing taxes. But thanks to the chaos that has ensued because of the coronavirus we have been granted some leniency. Now the new Tax Day is July 15, 2020.
In addition to being able to fil taxes later this year, we can also defer federal income tax payments until this new July date. Thank you, coronavirus!
While this extension is a great thing for many, the IRS still urges taxpayers to file as soon as possible. Especially those of us who are owed a refund this year. Furthermore, if you still need to file taxes, you should be sure to file them electronically with a direct deposit option. This route ensures the quickest reception of a refund.
Keep in mind however, there is a penalty if you file after July 15, 2020.
With all that being said, don’t hesitate to get your taxes paid on time. Even more so if you have money you are owed from your taxes!
Don’t sweat and don’t stress. You will get it done on time!
Stay safe and healthy, the Morrissey & Associates Team!