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
Will the federal government extend the extra COVID-19 unemployment benefits?
It’s still unclear. Congress and President Donald Trump are deciding whether to extend the extra $600 a week in unemployment benefits workers are getting because of the pandemic. Labor Secretary Eugene Scalia believes the program should not be extended, and White House economic adviser Larry Kudlow said the additional money is disincentivizing some workers from returning to their jobs. Democrats want to keep providing the money until January.
As states lift restrictions, are people going back to stores and restaurants?
States have relaxed their restrictions, and many of us have relaxed, too. Some people have started to make exceptions for visiting restaurants, if only for outdoor dining. Some are only going to places they trust are being extra cautious. But no one we’ve talked to has really gone back to normal. People just aren’t quite there yet.
Will surges in COVID-19 cases mean a return to lockdowns?
In many areas where businesses are reopening, cases of COVID-19 are trending upwards, causing some to ask if the lockdowns were lifted too soon, and if residents and businesses might have to go through it all again. So, how likely is another lockdown, of some sort? The answer depends on who you ask. Many local officials are now bullish about keeping businesses open to salvage their economies. Health experts, though, are concerned.
You can find answers to more questions here.
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