Taxes Don’t Have To Be Paid Till July 15th
Every year most kids get gifts in December, every year a lot of adults get gifts in April unless of course you have to pay taxes. I know people that plan vacations based on their expected tax returns. I've had friends that have used their returns to finished car restorations and furnish homes.
According to the Associated Press, as of Feb. 21, the IRS had issued more than 37.4 million refunds averaging $3,125.
I've also had friends who didn't spend a dime from January till April 15th in order to save enough money to pay uncle Sam on Tax day. Add the Coronavirus effect and what happened today is a win win, people who typically get money back can still file their taxes and get their return like always. ktvb stated that:
Taxpayers will still have to file their tax returns by the April 15 deadline. But they won’t have to pay their tax bill for 90 additional days. During that time, individuals and corporations will not be subject to interest or penalty payments.
Treasury Secretary Steven Mnuchin said individuals will be able to delay paying up to $1 million in payments while corporations will be able to defer payment on up to $10 million.
No matter which side of the coin you're on, today is a good day for law biding Americans. Go ahead and put a down payment on that new car with your return or take a deep breath of relief because now you have an extra 90 days to raise tax money.