In recent weeks, life has changed across the country. It is hard to find any one unaffected by recent events, including here in Massachusetts. Trying to keep up with the changes may seem like an uphill battle. For instance, IRS deadlines that most taxpayers used to rely on have changed dramatically recently.
For instance, just days ago, it was announced that individuals still needed to file their federal income tax returns by April 15 but could delay payments due for 90 days. The deadlines have now changed once again. Now, taxpayers have through July 15 to file their federal income tax returns and to make payment of any monies owed. This makes it easier for everyone since there was already enough confusion regarding what was and was not postponed.
Even though the date has been moved, anyone anticipating a refund can still file as soon as possible. Most people, including many here in Massachusetts, rely on those dollars to help improve their financial situations. This would be advantageous at any time but may be now more than ever.
It is important to note that only the federal deadline for filing with the IRS is confirmed as changed. States retain the right to keep their original filing deadlines in place. Individuals with complex tax situations may want to make sure they do not miss any deadlines. Anyone anticipating owing for the 2019 tax year needs the time to review all possible options for reducing tax liability as much as possible. Taxpayers may be able to obtain an extension if needed, but that needs to be ascertained as quickly as possible.