What Does This Mean For You?
Americans who choose to push back their payments with not be penalized, nor will they be charged interest on late payments.
If you’re likely to receive a refund and are able to submit your return on time, don’t wait to file. The funds that you receive could be useful in the coming weeks and months, especially if COVID-19 has impacted your financial well-being.
>>Tip: To make the process fast and safe as possible, the IRS advises taxpayers to utilize e-filings and select direct deposit as their preferred method for receiving refunds.
Why You Shouldn’t Wait to File Your Taxes
Unless you owe a lot of money, it’s inadvisable to wait as you will have to pay them eventually.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15, 2020.
What If You Can’t File by July 15, 2020?
For those who can't file by the July 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request an extension to file their return (October 15, 2020).
This October extension is not new. It’s available to tax filers every year, but it doesn’t extend the deadline for tax payments.