With the extended 2019 tax filing deadline fast approaching, we at Asurea think it’s a good idea to look at the changes COVID19 triggered. The IRS, Treasury and Federal Government have responded to the Pandemic with a number of significant changes effective July 15, 2020. Let’s review them.
July 15, 2020 Deadlines
- Federal tax filings extension due
- Federal tax payments extension due
- 2019 IRA contributions extension due
- Most states have aligned their tax deadlines to match federal deadlines.
If You’re Expecting a Refund…
In 2019, 73.2% of Americans received tax refunds, with an average return of $2,869.
If you’re fortunate enough to be expecting a refund for last year’s taxes, there’s no advantage to delaying filing your 2019 tax returns. Experts advise you to file as soon as possible so that you can collect that money. While the extension delays the stress of tax preparation, if you fall into this category, the longer you postpone filing, the longer your money remains in the government’s pockets rather than your own. In these extraordinary times, that money is crucial to many households. The IRS reports that the average tax refunds are being processed in 21 days. To collect your refund as fast as possible, use e-file and direct deposit.
What About State Tax Returns?
The majority of states aligned their tax filing deadlines with the IRS’s. But some made their own. TurboTax compiled a comprehensive guide to each state’s COVID19 related tax changes. To check on your specific state’s tax updates, click here.
How to Get Future Stimulus Payments as Quickly as Possible
As Congress debates a second round of stimulus payments, you can take 2 steps to collect yours faster, should it be approved. First, file your 2019 taxes now. Second, list your most updated banking information to facilitate accurate direct deposit.
Asurea understands the multitude of critical situations affecting our economy at large, and your household in particular. In these uncertain times, we stand ready to provide you and your family with the stability you deserve.
Reach out to us at Asurea. You don’t have to go through this alone.