(KCAU) – The coronavirus pandemic has changed many things, including Tax Day.
The deadline for federal taxes is July 15, after the U.S. Treasury decided to give Americans more time to file during the pandemic.
More than 136 million Americans have already filed, but more than 144 million people, including those who received an extension, filed by this time last year.
An extension is still an option for people struggling to complete the paperwork, which would push their deadline to October 15.
“Generally there are not penalties associated with filing a late return if you’re due a refund, but if you’re someone in a situation where you’re not sure or you think you’re going to have a balance due and you’re waiting to file just because you don’t have the money to pay, the penalty for failing to file on time can be ten times as high as the penalty for just failing to pay,” said Andy Phillips, of The Tax Institue at H&R Block.
With IRS offices opening back up just a few weeks ago, an e-filing will generally take around three weeks to process but mail-in files will have to wait potentially months.
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