Finance tips

Tax Filing Deadline & Tax Payments Deferred for 90 Days Amid Coronavirus

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The IRS is now providing an extension on the time for file 2019 as well as the time to make tax payments due to the Coronavirus.  Here are the details to ease your mind, in case you haven’t done your US taxes and will need extra time to complete them or if you believe you will owe taxes for 2019.

The US Government has  announced that the U.S. Treasury and IRS will extend both the April 15th tax filing deadline and any tax payments by 90 days to July 15th this year on up to $1 million in income. In reaction, Keith Hall, the president and CEO of the National Association for the Self-Employed (NASE), a  leading advocate and resource for the self-employed and micro-businesses, welcomed the relief, but also encouraged the small business community to aim to “complete and file your 2019 tax returns by the original April 15th deadline, if possible, but know more time is available if you need it or are impacted by COVID-19.”  NASE has developed a COVID-19 resource page for small businesses impacted by the virus.

Tax Extension Deadline for US 2019 Taxes

Tax Extension Deadline (Image courtesy of The Street)

“The COVID-19 pandemic is affecting every sector of our economy, especially those in our small business community,”said Keith Hall,  CEO of the National Association for the Self-Employed (NASE.) “We applaud all continuing efforts in working on a host of financial support ideas for those impacted by the current situation. We encourage small business owners and entrepreneurs to complete and file their 2019 tax returns by the original April 15th deadline, if possible. Timely filing of all tax documents will allow business owners to receive any expected refunds which can be very helpful in this time of crisis.  But, you now can have more time to meet those tax obligations.

“Given the public health emergency, it is good to know that the IRS will now allow for the delay in filing and making tax payments without interest and penalty for so many who have been negatively impacted.  However, the July 15th deadline only impacts federal returns and small businesses should check individual states and municipalities for guidance on filing and payment options.”

 The extension includes a deferment in both the 2019 tax filing deadline and tax payments to July 15th. For more information, please visit NASE’s COVID-19 resource page.

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Since 2008, Mary Hall has been the author of The Recessionista Blog, which is read by thousands of regular readers in over 160 countries. An internationally recognized expert on the art of the living the good life for less, she has been a commentator on local, national, and international radio and TV shows. Her advice has been featured in over 2,000 media outlets, including The New York Times, Reuters, Life & Style magazine, ABC News, NBC News and now The Huffington Post, among many others.

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