Tax Deadline Delayed Until July 15th

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

Treasury Secretary Steve Mnuchin has announced that the tax deadline has been delayed from April 15th to July 15th. This decision is a part of the stimulus package being put in place to help people cope with the economic strain caused by the spreading coronavirus.

Who does this deadline apply to?

The announcement, which was made via Twitter on Friday, said, “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.” This extension applies to those who would owe less than $1 million in taxes. For companies, the cutoff is $10 million or less.

The Economic Basis for This Change

Mnuchin says that this change will leave $300 billion, which would otherwise have been paid to the government, in circulation in the economy temporarily. The recent economic downturn has made an increase in personal spending imperative and this money will hopefully be used within communities to help keep businesses alive as well as to help with medical expenses.

If You’re Owed a Return

If you are part of majority of Americans owed a tax refund from the government, it is best to file taxes as soon as possible. Already during this tax season, the Internal Revenue Service has issued refunds to 77.7% of those who filed their taxes by March 13th. So far, the average size of the tax refund per person is $2.973. Given the U.S. is in a national emergency, people are encouraged to file quickly to get their refund quickly, just to have a better safety net.

More Stories

Health & Lifestyle

The Benefits of Meditation

You may have turned up your nose at meditation, but aside from its association with various types of exotic religions,

Business & Politics

Tax Deadline Delayed Until July 15th

Treasury Secretary Steve Mnuchin has announced that the tax deadline has been delayed from April 15th to July 15th. This


Social Distancing The Right Way

Social distancing is the new norm. Here are some tips on how to do it right. Remember, just because you’re

Health & Lifestyle

5 of the Best Health Benefits of Yoga

Yoga may seem like a soft sport, something that women-who-brunch do on a lazy Sunday afternoon at a high-end gym.

Health & Lifestyle

Top 5 Immune System Boosting Foods

In these days of pandemics, building one’s immune system seems like a good thing to be doing. One way to


Covid-19 Relief Package is Law

Yesterday, the first of what is likely to be several covid-19 related relief packages, was passed by the Senate and

Health & Lifestyle

5 Best At-Home Cardio Exercises

If you’re stuck at home because you are under quarantine, isolation, or city-wide curfew, you’ll probably start to get cabin

Business & Politics

Airlines Request Government Aid

On Monday, many of the world’s airlines put into effect cost-cutting measures. These tough decisions come amid the COVID-19 pandemic,

Music & Entertainment

NBC to Release Theatrical Movies

Thanks to the ban on large gatherings in many cities, movie theaters are empty. What will happen to all those


Three Killed in Iraqi Protests of Iran

Many Iraqis have expressed frustration with growing poverty and too much political influence from Iran. They believe that the country’s

Technology & Science

ISIS Used TikTok to Spread Propaganda

TikTok, a popular Chinese social media app used by many teenagers, was found to be distributing ISIS propaganda. The revelation


Patrick Mahomes Knee Injury Update

Kansas City Chiefs quarterback Patrick Mahomes came into Thursday Nights game with an ankle injury, and left the game in