Why You Should Get Moving on Your 2019 Taxes
Getting your refund sooner can help with the financial burdens that are sure to come because of COVID-19.
There is so much uncertainty that surrounds COVID-19 and is changing the ways that many Americans are living their lives. Since so much focus is on what is going to happen next, it can be easy to forget about your taxes. Luckily, the deadline for tax payments is delayed by 90 days, but do not let that give you a reason to keep pushing it aside.
Taxpayers will get a three-month reprieve to file their 2019 income tax returns, Treasury Secretary Steven Mnuchin says https://t.co/mTr5xbqBnL
— NBCWashington (@nbcwashington) March 17, 2020
COVID-19 is impacting people financially in so many different ways. Since there is such an increased demand for goods because of panic-buying, the cost of goods is also beginning to increase. As schools and places of work keep closing, more parents have to take time off, or cannot work at all if remote work is not possible. Small businesses are feeling a financial loss as they receive fewer customers day after day.
If you are owed money from the IRS, the sooner you file your 2019 tax return, the sooner you will get it. That money could be a tremendous help in the upcoming weeks as an emergency fund. The IRS is also operating with fewer hours and fewer employees so it may take longer than normal to process the refund. If you file it sooner, you will not have to wait as long for money that you may end up desperately needing. The extra funds will also ease some stress and make you feel more comfortable about your financial situation.
According to @IntuitTurbo a good tip to practice when it comes to #taxes is to file and pay on time. If you file and pay late, the #IRS can slap you with a late-filing penalty of 4.5% per month of the tax owed and a late-payment penalty of 0.5% a month of the tax due. Yikes pic.twitter.com/5pPO47yOAn
— AirSend (@airsendio) March 18, 2020
File your tax returns by April 15 to help you more financially during this COVID-19 pandemic.