As of now, the IRS will continue to process tax returns and pay out refunds as usual. If you've been looking forward to getting a check from the government, you'll need to file your return to get it.
The IRS recommends e-filing and choosing direct deposit to get your refund as soon as possible. Nine in 10 taxpayers who use this method and are owed a refund typically get theirs within 21 weeks of submitting their return.. If your job doesn't support remote work or you're on unpaid leave during the coronavirus outbreak, you'll probably want the extra cash.
The financial markets are in bad shape right now and it's trickling down to our wallets, but there's no telling how bad it could get. If you have the money to pay your balance, you might as well get it over with. There is an exception, though, Mike Savage, a CPA and CEO of3. If you don't file now, you'll have to do it later
A postponement of the tax deadline just means that you'll have to file taxes at some point in the future. This is appealing for the procrastinator in all of us, but if your tax situation is simple enough to prepare and file online in a couple of hours, it's probably a good idea to get it over with. What else were you going to do with all that free time in self-quarantine?
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Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »