Breaking: Tax filing deadline extended

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Update:

Last year, we saw the tax filing deadline moved from April 15 to July 15 due to all of the madness of the pandemic.

And this year, the IRS is planning to push back the tax filing deadline one month to May 15. (May 15 actually falls on a Saturday so reportedly the final deadline will be the following Monday.)

Keep in mind that if you are located in Texas, your tax filing deadline was likely pushed to June 15 based on the declaration of a disaster area by FEMA.

H/T

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We previously saw the tax deadline for paying your taxes moved out 90 days from the filing date of April 15 to July 15. This was meant to provide financial relief for many Americans out there who will have to pay taxes and perhaps had the intention of stimulating the economy by keeping money in the pockets of consumers.

Well, if you have not filed your taxes yet there is even more good news because the filing deadline now has been moved out to July 15, 2020.

Secretary Steven Mnuchin stated “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
They did make a special note to those expecting to receive a tax refund, however. If you believe that you will receive a refund, they want you to file your taxes as soon as possible. Again, this is presumably to help stimulate the economy. The average recent tax return is about $2,500 to $3,000 depending on the year.

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