CNBC Television President Donald Trump on coronavirus economic response: We’re moving tax filing day to July 15
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President Donald Trump speaks during a press briefing on the White House’s economic response to the coronavirus outbreak.
You now have until July 15 to file your taxes.
However, if you’re expecting a refund, finish up your 2019 tax return now.
The announcement places the due date for 2019′s income tax returns on the same day as the recently extended deadline for tax payments.
While accountants and tax preparers are celebrating the extra time they get to file returns for their clients, one thing remains clear: If you’re expecting a tax refund, get your tax return out the door immediately.
Even Mnuchin emphasized this point on Friday in another tweet.
Indeed, the IRS has received 76.2 million individual income tax returns as of March 13. Of these, 59.2 million filers received refunds, with the taxman sending an average check of $2,973.
“Everyone still wants their return,” said Dan Herron, CPA and principal of Elemental Wealth Advisors in San Luis Obispo, California. “People need money. We’re still cranking 11 to 12 hours a day to get it done.”
Taxpayers often depend on that money to pay down credit card balances and to shore up their savings accounts.
That check from Uncle Sam is even more important now, as individuals and businesses are reeling from the economic impact of coronavirus.
Congress is still hashing out the details of a cash infusion, as workers brace themselves for the prospect of layoffs and furloughs amid recession worries.
Getting a refund of your overpayment in taxes from last year might go a long way in uncertain times.
“I would think the person who makes $30,000 a year and needs the refund probably needs it faster than those who don’t solely rely on the refund,” Herron said.
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