Most states have followed the federal government’s lead and extended their tax deadlines. What about my state, are there tax extensions? Typically, nine out of 10 refunds are issued within 21 days or less if you participate in e-filing or direct deposit. The IRS says they are planning to process tax refunds as normal for everyone who files. Released statistics from the IRS show that close to 72% of taxpayers received a refund close to $3,000 last tax season, which could be helpful for many business owners or employees who are experiencing less revenue or work during the pandemic. What if I’m expecting a refund?Īlthough the deadline was extended to July 15, the IRS is encouraging taxpayers to file their taxes now to get the money they are owed. However, you may accrue penalty and interest fees if you file after July 15, so if for any reason you want to file after the later deadline, you’ll need to fill out those forms. The extension is “automatic,” which means you don’t have to use a Form 4868 or Form 7004 to get an extra 90 days. No, you don’t need to do anything in order to qualify for the later deadline. Business and individual is covered under the tax relief.
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