Most Americans can get a three-month reprieve to pay their income taxes for 2019, Treasury Secretary Steven Mnuchin said Tuesday in a press conference.
The IRS will postpone the April 15 tax deadline by 90 days for millions of individuals who owe $1 million or less and corporations that owe $10 million or less, he said.
To be sure, Americans still have to meet the April 15 deadline if they are expecting a refund or are requesting a six-month extension, but they can defer payment for up to 90 days beyond that.
While you're here, how about this:
SCDOR extends deadline to file, pay taxes in SC to June 1 | News | foxcarolina.com
How those coronavirus-fueled investment losses help cut your taxes
Your portfolio may be in the red, but your tax planning just might be in the green – if you know how to work those losses.
Anxiety around the spread of coronavirus, along with recession fears, have sent major stock indexes into a tailspin. The Dow Jones Industrial Average declined by nearly 3,000 points on Monday , despite the Federal Reserve's attempts to provide liquidity and protect the economy.
It's a strategy known as "tax-loss harvesting," in which you incur losses in a taxable account and prune holdings that have fallen in value. Use these losses to offset capital gains from other appreciated assets that you may have sold.
How to find your own personal retirement tax haven - MarketWatch
Don't make the mistake of judging states (or foreign countries) by income tax alone. Some states with low income or property taxes will have higher sales taxes, for example, and vice versa. Striking a balance is necessary.
For example, one of the least taxing states is New Hampshire. It has no sales tax whatsoever and the second-lowest income tax of those states that have an income tax (only about $18 on every $10,000 in income). What's more, it does not tax retirement income.
And here's another article:
Oregon faces coronavirus recession; businesses want taxes suspended and new taxes postponed -
Oregon's largest business associations called on the state to enact broad, temporary tax cuts to help employers manage the coronavirus fallout, which already has triggered hundreds of restaurant closures and threatens scores of other businesses.
State economists issued an update to Oregon's quarterly revenue forecast Tuesday , warning they now expect a recession – an event that seemed extremely unlikely just a few weeks ago.
With Gov. Kate Brown's order Monday that restaurants and bars must close, except for takeout and delivery service, the number of layoffs statewide is surely already in the tens of thousands . Unemployment filings overwhelmed the Oregon Employment Department's website for parts of Monday and Tuesday.
Pandemic Prompts Call To Suspend Or Repeal Bag Bans & Taxes
A worker packs groceries of a customer in her reusable bag as she goes shopping at a local ... [+] supermarket on March 1, 2020 in New York City. New York State recently banned the distribution of plastic bags. (Photo by Eduardo Munoz Alvarez/Getty Images)
Grocery store employees are on the front lines in the fight against the spread of the coronavirus. They will play an important role in helping millions of people get through the unprecedented weeks and months ahead in America and across the globe. These critical and vulnerable workers shouldn't be forced to handle reusable shopping bags that scientific researchers have found can act as Petri dishes for bacteria and carriers of harmful pathogens.
You can defer taxes amid coronavirus — but you still have to file on time - Vox
The Trump administration just announced $300 billion in tax deferrals as part of its coronavirus response.
Treasury Secretary Steven Mnuchin announced Tuesday that if you owe taxes to the federal government this year, you won't be charged any interest or penalties if you defer your payment for up to 90 days after the April 15 filing deadline.
You're still required to file your taxes by April 15. But if you owe money to the federal government, you'll have longer to pay it without penalty.
Bloomberg - Are you a robot?
Happening on Twitter
IRS gives Americans 3-month break to file taxes https://t.co/7pTSW0BFiR https://t.co/YzzowEKQ5D nypost (from New York, NY) Tue Mar 17 18:42:15 +0000 2020
Treasury Secretary Steven Mnuchin announced that Americans who owe taxes can defer their payment for 90 days, inter… https://t.co/0hL81y8IR8 businessinsider (from New York, NY) Tue Mar 17 17:22:15 +0000 2020
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