The global spread of COVID-19 has changed the way we live our daily lives from where we work to when we file taxes. Whether you utilize professional tax return services or file your own every year, it’s important to understand the new extension established due to the pandemic. Make sure you take advantage of your tax return service at the right time by understanding what this new deadline means.

What Is the Tax Extension?

The tax extension was announced on March 20, 2020, amidst the outbreak of the coronavirus in the United States. The extension offers an extra three months to file your federal taxes. Rather than having to complete and file your taxes on April 15, you now have until July 15. It’s important to note that while some states also extended their tax filing period to match the federal requirements, Washington assigned a deadline of June 15 for state taxes.

What Are the Reasons for the Deadline? 

One of the prime reasons for extending the filing deadline is to provide more time for individuals, families, and businesses who rely on professional tax return services or other groups that offer in-person support. Because the pandemic has limited public operations like libraries and recreation centers, as well as many accounting offices, this extension can give taxpayers more time to make special arrangements. The additional time is also designed to help people who file their own taxes gather their paperwork and find access to a computer with a reliable internet connection.

Who Does It Help?

COVID-19 has caused a financial strain on families and businesses everywhere, leaving many individuals without a steady income over the last few months. For individuals or businesses that owe the IRS money after filing, this extension provides a much-needed cushion that allows them more time to gather the funds.

If you are looking for a reliable tax return service to help you figure out how the extension can benefit you, talk to the professionals at Linda M. Shiraiwa CPA, PS Inc. in Gig Harbor, WA. The firm’s team provides you the guidance and knowledge on filing your taxes to get the most out of your return. Learn more about their services by visiting them online or calling (253) 858-6030.