It is that time of year for many Americans to gather their W2’s and their paperwork in preparation to file taxes. Historically, individual income taxpayers must submit tax returns and pay the owed amount by April 15th. With the recent shakeup of our world and economy due to the coronavirus, the federal government is working hard to create proactive solutions for Americans and small businesses that are likely financially impacted.
The Internal Revenue Service (IRS) has extended tax payment deadlines for 90 days. Taxpayers can delay paying federal taxes on as much as $1 million owed for up to 90’s days. During this 3-months, the IRS will not charge any interest or penalties. While the federal government is allowing a grace period for taxpayers, it is still in your best interest to check in on your local government’s guideline for tax filing and payment deadlines. The Treasury Secretary is still encouraging the Americans who can file their taxes before or on April 15th to continue to do so.
You don’t have to wait on your tax refund to get cash. You can refinance today and take money out of your home’s equity! Contact one of our mortgage experts today!
