The government has granted everyone an extra three months to file — and pay — their 2019 federal income taxes because of the coronavirus turmoil. But just because you have more time, should you take it?
If you are owed a significant tax refund, for instance, get your return completed and filed quickly so you can get your money.
"If you're due a refund, you might as well file as quickly as you can," said Cindy Hockenberry, director of tax research and government relations with the National Association of Tax Professionals, a trade group.
You should also consider whether you expect to qualify for a piece of a $2 trillion relief package that will send payments in the coming weeks to most Americans, based on their income.
People with income up to $75,000 qualify for $1,200. Married couples filing jointly, with income up to $150,000, will get $2,400. (People with higher incomes get less or may get nothing.) Parents also get $500 for each child 16 or younger.
The government is basing the checks on information from 2019 tax returns or, if you haven't filed yet, on your 2018 return, Hockenberry said.
If you have not filed your 2019 return yet, it may make sense to do a quick calculation to see which year's return (2019 or 2018) will yield the larger payment.
Another stimulus-related twist: Some people who don't usually file tax returns, like those with low incomes, will need to file a "simple" return with basic information to receive the stimulus payment, the government has said.