Earlier this week, the government pushed the payment deadline to July 15 as a way to provide some financial relief to individuals and businesses hit by the coronavirus outbreak. Anyone who owed up to $1 million in taxes could hold on to their money, keeping an estimated $300 billion in the economy to help ward off a recession.

The filing deadline was initially planned to stay April 15, but now both dates have been synched up.

Should you put off filing your taxes?

1040 income tax return form 2019 with calculator
JJ11 / Shutterstock

Depending on your situation, though, it may not be in your best interest to dawdle.

“I encourage all taxpayers who may have tax refunds to file now to get your money,” Mnuchin wrote Friday.

The White House, which declared a state of emergency one week ago, has been eager to get more cash into the hands of people suffering from lost business and layoffs. Plans are in motion to send checks directly to Americans, though dates and details have yet to be worked out.

"Americans need cash now, and the president wants to get cash now," Mnuchin said during a news conference Tuesday. "And I mean now in the next two weeks."

Today’s easy-to-use tax software makes it simple for most people to file and find out whether they qualify for a much-needed refund.

Remember that the new July 15 deadline only applies to federal taxes, though an increasing number of states are also pushing their dates back.

About the Author

Kevin Hamilton

Kevin Hamilton

Associate Editor

Kevin Hamilton is an associate editor at MoneyWise. An award-winning graduate of Ryerson University’s school of journalism, Kevin has made his mark at a number of publications including Metro, the Toronto Star, the Huffington Post, Toronto Life and the National Observer.

You May Also Like

Take a Break From Your Debt This Month

Let debt consolidation give you a break.

What Is the Debt Avalanche Method?

This debt-freedom strategy demands patience, but you'll save more money by the end.

Mortgage Rates Remain Near Record Lows as New Fee Looms

Experts warn that rates will rise as lenders pass the fee along to consumers.

These Are the Big Brands Behind Your Favorite Trader Joe's Snacks

While stores often leak their suppliers, TJ's takes the term "private label" seriously.