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|March 31, 2020|
Virus brings temporary tax relief
SACRAMENTO – (INT) - Californians won’t have to worry about the tax man, at least for now.
Treasury Secretary Steven Mnuchin announced Tuesday that taxpayers will get a three-month extension until July 15th for filing and paying their 2019 federal taxes.
Meanwhile, individual taxpayers in California will have until June 15th to file their state tax returns and pay any taxes owed. Partnerships and LLCs also will have until June 15th to file their returns and pay any taxes owed.
While the tax filing deadlines have been extended, those who don't owe the IRS money would be wise to complete their returns by the original April 15 deadline, if not earlier. The reason? That way, they can collect their refunds (if owed them) sooner. This especially holds true for filers who are already seeing their earnings impacted as COVID-19 batters the economy.
The IRS typically issues refunds for electronically filed tax returns within three weeks. For returns filed on paper, that timeline doubles. But the sooner those in need of money get their returns in, the better.
Along these lines, signing up for direct deposit will help taxpayers get their refunds more quickly; refund checks can more easily get delayed or lost in the mail.
Story Date: March 18, 2020