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Everything you need to file your taxes during coronavirus downtime - Business Insider

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Cross taxes off the list

To ease some of the financial strain, the IRS is giving Americans an additional 90 days to file and pay their taxes.on Friday, Treasury Secretary Steven Mnuchin wrote: "At @realDonaldTrump's direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."

Mnuchin had previously announced that individuals and businesses would be able to defer any tax payment they owe, up to $1 million and $10 million, respectively, until July 15. There will be no penalty for deferring payments and no interest will accrue. As employers nationwide are ordering employees to work from home, if their job allows it, many states and cities are urging residents to stay indoors as events are canceled en masse and restaurants and bars close their doors indefinitely. Needless to say, millions of us may suddenly have a lot of extra time on our hands.

While Americans now have more time to pay their taxes, anyone who isn't sick or directly impacted by the coronavirus should use a few hours of their newfound free time to

 

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