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The Income Tax Deadline was Been Pushed Back Significantly - Money Saving Answers

The Income Tax Deadline was Been Pushed Back Significantly

Treasury Secretary Steven Mnuchin announced today via Twitter that the traditional April 15 tax deadline will not apply this year. Instead, Tax Day has been extended to July 15, providing an additional 90 days for everyone, including businesses, to file their taxes.

This extension automatically applies to all taxpayers, eliminating the need for individuals or businesses to request the 90-day extension separately. Previously, Mnuchin had announced a 90-day extension for tax payments, but at that time, the April 15 filing deadline remained unchanged. Now, both the filing and payment deadlines have been extended to July 15.

The extended Tax Day deadline also encompasses estimated taxes for the first quarter of 2020. This is particularly beneficial for small businesses and self-employed individuals who are facing challenges in estimating and paying taxes due to current financial uncertainties and reduced income levels.

It’s important to note that this extension applies specifically to federal taxes. Individual states are expected to adopt similar extensions, although it’s advisable to confirm your state’s specific tax requirements to ensure compliance.