Treasury Secretary Steven Mnuchin announced on Friday that Tax Day, April 15, has been moved to July 15.
What does that mean for taxpayers?
Here’s how this will work:
- You can file your federal taxes anytime between now and July 15.
- If you are getting a tax refund, which more than 70% of Americans do, you can still file your taxes now and get your money. And the Treasury Secretary is actually encouraging that.
- If you owe the government money, you’ll have until mid-July to pay it. The thinking here is that this will keep money in people’s pockets for longer.
A few caveats:
- This only applies to federal tax returns. Whether you still have to file your state and local taxes by April 15 depends on where you live.
- The clinics where you can go to get your taxes done for free are closed now, because of social distancing guidelines. People who rely on those clinics are often eligible to use free online software to file instead. But not everyone is able to do that.
COVID-19 Economy FAQs
Are states ready to roll out COVID-19 vaccines?
Claire Hannan, executive director of the nonprofit Association of Immunization Managers, which represents state health officials, said states have been making good progress in their preparations. And we could have several vaccines pretty soon. But states still need more funding, she said. Hannan doesn’t think a lack of additional funding would hold up distribution initially, but it could cause problems down the road. “It’s really worrisome that Congress may not pass funding or that there’s information circulating saying that states don’t need additional funding,” she said.
How is the service industry dealing with the return of coronavirus restrictions?
Without another round of something like the Paycheck Protection Program, which kept a lot of businesses afloat during the pandemic’s early stages, the outlook is bleak for places like restaurants. Some in the San Francisco Bay Area, for example, only got one week of indoor dining back before cases rose and restrictions went back into effect. Restaurant owners are revamping their business models in an effort to survive while waiting to see if they’ll be able to get more aid.
How are hospitals handling the nationwide surge in COVID-19 cases?
As the pandemic surges and more medical professionals themselves are coming down with COVID, nearly 1 in 5 hospitals in the country report having a critical shortage of staff, according to data from the Department of Health and Human Services. One of the knock-on effects of staff shortages is that people who have other medical needs are being asked to wait.
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