How Will the COVID-19 Pandemic Affect My Taxes?

Bedford, NH Resident Seeks Clarification

The COVID-19 pandemic has pushed back the tax filing deadline to July 15^th.  This will offer individuals and businesses more time to make payments, without risk of interest or penalties.  This delay is applicable to individuals owing $1 million or less and corporations owing less than $10 million.

A Bedford resident was anxious about all of the changes surrounding the tax deadline as a result of the COVID-19 crisis.  Looking for advice, he contacted the experts at Merrimack Tax Associates.

State and Federal Tax Filing Dates Extended

The federal date has been moved giving taxpayers an additional three months to file.  Not all states are choosing to follow suit.  New Hampshire, an income tax free state, has also changed the date to July 15^th, allowing residents additional time given the current situation. 

If you need an extension beyond July 15^th, you can still file for this.  The extension date to file is October 15^th.  However, even if you file an extension if you owe a tax bill the money is due by the July 15^th deadline.

Filing Earlier, Will Get Your Refund Sooner

Even given the tax date extension, it may be beneficial to get your return done earlier.  This will not only get one more thing off of your plate, particularly during a time when there is a lot going on, but it will also mean you get your tax refund sooner.  It is never a good idea to wait until the last minute to file your taxes.  While the extension offers more time, it is important to not put off the inevitable.

The Bedford resident was pleased to hear that he had more time to file his taxes.  He made an appointment with Merrimack Tax Associates and will have his 2019 paperwork submitted well before the July 15^th deadline.