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Tax Day
American Middle Class

APRIL 15 (TAX DAY) DELAYED

The Trump Administration announced last week that it would move Tax Day from April 15 to July 15.  However, if you are the few Americans who might tax refunds, you should not wait until July 15 to file your taxes.

Tax Day is a stressful day for American taxpayers. Coronavirus, unresolved trade wards, the tension between Russia and OPEC are amongst severe threats facing the global economy. So, the U.S. government is doing what it can to alleviate hardship and suffering.

Delay Tax Bills

Individuals and businesses can delay paying their 2019 tax bills for 90 days without interest or penalties. If you expect tax refunds, you don’t want to wait until July 15 to file your taxes.  You need to file and get your money and pay down debt or build your emergency fund or both.

State Income Tax Return

If you are not a resident of the great state of Florida or the other seven states that don’t have a state income tax, you are still required to file your state income tax return on or before April 15.  You need to check with your state’s Department of Taxation and Finance for any kind delay on their tax policies.

What to Do with Your Tax Refunds?

Treasury Secretary Steven Mnuchin doesn’t want you to wait until July 15 to file your taxes if you expect a refund. He wants you to get your money as soon as possible so you can spend it as fast as you can.  The economy needs that speeding. Before you go on a spending spree, you need to build your emergency fund because the Covid-19 might keep you out of work for a long time.

Corporations can delay payment on up to $10 million, but businesses don’t want to wait until then to file their taxes or request an extension.

 

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