Deadline pushed back to file your taxes; should you wait until July?

Deadline pushed back to file your taxes; should you wait until July?
Tax Day has been pushed back from April 15 to July 15. (Source: Associated Press)

LOUISVILLE, Ky. (WAVE) - Tax Day is typically April 15.

For many last-minute filers, it’s the most stressful day of the year.

It’s a stressful day for Brad Smith, too. He’s a managing partner at MCM CPAs & Advisors. It’s the biggest firm in the Ohio Valley region, and during busy season, his team of 400 usually works 60 hours a week to help people file their taxes.

But since the Trump administration announced it was pushing Tax Day back to July 15, Smith and his team are breathing a little easier.

“(It’s) relief," Smith said. "It took some pressure off our team, not knowing what the new world was going to look like from a work flow.”

The extension gives all Americans an extra three months to file their taxes. It also extends the deadline for contributions to Health Savings Accounts and Individual Retirement Accounts.

But, should people wait to the last minute?

Probably not.

Smith said if people are expecting a tax refund, they should file as quickly as possible to claim their money as quickly as possible. With thousands out of work thanks to the coronavirus, it’s a few extra dollars many Americans need.

“Clearly, if you’re going to get a refund, we would say, get 'em filed no different than you would in any given year," Smith said. "So you can get in line to get the cash back that the government is holding for you.”

If you owe money, Smith said you should still get everything in order, even if you wait to press send until July.

“That’s a timing issue at that point, but it gets the work out of the way for us and them," Smith said.

Here’s the other catch.

Thanks to the U.S. Senate’s unanimous vote to pass the Trump administration’s stimulus bill, the government is one step closer to cutting most Americans a personal check.

People who’ve already filed their taxes are likely to get that money faster, since the Internal Revenue Service likely has its direct deposit information.

It’s another reason why Smith is asking people not to procrastinate.

“We think that’s good for them and good for the economy overall," Smith said.

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