id=”article-body” class=”row” section=”article-body”> Federal tax payments will be deferred until July 15 without penalty.
Getty Images For the most up-to-date news and information about the coronavirus pandemic, visit the WHO website. Normally, April 15 each year is a mad dash to file your taxes before the federal and state deadline, but this year is different. Because of the coronavirus the US Treasury is giving you three more months to file and pay your federal taxes without a penalty — and many states are following suit. With the extension, you now have until July 15 to file your tax returns, but there are still benefits to filing earlier rather than later.
Along with sending coronavirus stimulus checks, pushing back Tax Day is a way to help those struggling with the effects of the pandemic.
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Here’s what we know about the new federal tax cut-off, and how to find out if your state also has a new deadline to file returns. You can also learn everything you need to know about coronavirus and unemployment, some resources to help you if you’ve lost your job and more information on credit card and banking relief.
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Now playing: Watch this: How to file a tax extension during the COVID-19 pandemic 1:37 What are the new federal tax deadlines?
You now have till July 15 to pay your federal taxes. The three-month extension is automatically available to any federal taxpayer, without a limit on amount owed, including individuals, trusts and estates, corporations, noncorporations and those who pay self-employment tax.
Why you might want to file now
Waiting is one strategy, but keep in mind that the quicker you file, the quicker you’ll get your refund, if one is owed to you. Most tax refunds are issued within three weeks. Your tax refund does not affect your coronavirus stimulus payment, if you’re eligible. Right now, the IRS is open and processing tax returns, but it has closed its Taxpayer Assistance Centers, where you could get help in person with tax questions.
Tax day is pushed back.
Angela Lang/CNET Is there a penalty for paying after July 15?
To avoid a penalty for filing after July 15, you’ll need to request an extension and pay your estimated taxes by the cutoff date. See below for details on how to request an extension.
How do I get the federal tax extension as an individual taxpayer?
According to the IRS, you don’t have to do anything to qualify for the automatic July 15 extension, such as filing a form or calling the IRS. If, however, you need to request an extension beyond July 15, head to the IRS free-file service and file Form 4868. According to the IRS, with Form 4868, you still have to pay your estimated taxes by July 15 to avoid penalties but have till Oct. 15 to file your tax return. The Department of the Treasury did not respond to a request for comment.
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