It’s important to remember that Tax Day has been moved and now the deadline to file and pay your federal taxes is July 15. Therefore, any tax payment originally planned for April 15 can be made before July 15 without interests or penalties, regardless of the amount.
This extension has been automatically applied to all taxpayers, so you don’t have to contact the Internal Revenue Service (IRS), file additional forms or take any further action in order to take advantage of it.
Benefits of Filing Electronically
If you are due a tax refund, then you should file your taxes electronically. This option is easy, accurate and safe, since all information is protected with modern encryption technology.
When you file electronically you get your refund faster. Most taxpayers who file electronically get their refund within 21 days. On the other hand, those who mail a paper tax return must wait six weeks or more. If you owe taxes, make sure to pay before July to 15 to reduce interests and avoid fines.
Keep in Mind State Taxes
Finally, keep in mind that this extension applies only to federal income returns and tax payments. For state taxes, the IRS encourages taxpayers to check with their state tax agency in order to verify payment and filing dates.
The Tax Day was moved to July 15 in response to the impact of the coronavirus outbreak. The IRS has implemented other measures to offer financial relief to the taxpayers who have been affected by the pandemic. Follow our blog to keep up with the latest news about extensions, tax credits, Economic Impact Payments and all other topics related to the covid-19 outbreak.
It’s important to know this and other initiatives to navigate the current circumstances. Our knowledgeable experts at Meadville Tax Service will help you so you can take advantage of all the relief initiatives you are eligible for.
We have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes easily, with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.