Coronavirus has been putting a strain not just on the health of Americans, but also our wallets. Because of this, the federal government is extending the tax deadline by 90 days, meaning everyone has until July 15th to pay their taxes.
Does this mean you can put off filing your taxes until July 15th?
Yes, on March 20th, Secretary Steven Mnuchin announced that the filing deadline has also been moved to July 15th. Taxpayers and businesses have until then to file and pay their taxes without accruing any additional interest and penalties.
Does this benefit apply to everyone?
No. This will not apply to you if you owe $1 million or more on your taxes or if you’re a business owner and owe more than $10 million on your taxes. In this case you will still need to pay your taxes by April 15th.
What about your state taxes?
Each state is different. So far, Maryland has followed suit with federal payment deadlines; you will be able to pay your state taxes by July 15th. Maryland has not yet announced whether they will be following suit with the filing deadline.
As always, we’re here for you. If you have any other questions, please feel free to send us a note below or call us at (410) 363-7211.
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