They say that “two things are certain in life,” and while being concerned about COVID-19, it can be easy to forget that one of them is taxes. Here’s the latest info from the IRS at this time.
– Extension on filing taxes and tax payments
“Americans will have an additional three months to file their taxes amid the coronavirus pandemic, the US treasury secretary said on Friday. ‘We are moving Tax Day from April 15 to July 15,’ Secretary Steven Mnuchin wrote on Twitter. ‘All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.'”
– Need your refund faster than normal? Turn to the IRS Taxpayer Advocate Service
If you are waiting for an IRS tax refund, but are facing a financial hardship (eviction, utilities shut off, etc.), remember that the FREE Tax Advocate Service may be able to help. Advocates are not beholden to the IRS, working outside it to do all sorts of things to help taxpayers in need. For example, they have been able to issue full tax refunds in days, rather than waiting for weeks due to Form 8379 or “Injured Spouse” allocations, which can add 14 weeks to processing and return a smaller refund.
– Find Out If Your Kids Qualify for Tax Credits
IRS interactive questionnaire to help figure out what child-related tax credits your family should apply for: www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-for-other-dependents