GREENSBORO, N.C. — Your three-month tax day extension is up and it is time to file. The United State's Treasury Department and the Internal Revenue Service extended the original April 15 tax filing deadline to July 15 in response to the COVID-19 Outbreak.
Money expert Ja'net Adams talked about the deadline and offered three reasons why you should get your taxes filed by July 15.
"Tax day is here! It is usually in April, but thanks to the global pandemic tax day was pushed back to July 15, 2020. So, if you have not filed your taxes yet and you need some financial advice, follow these tips to make sure this tax day goes off the best way that it can," said Adams, who wrote the books, Debt Sucks: Everyone's Guide to Winning With Money So They Can Live Their Dreams and The Money Attractor.
Adams says, the first thing you want to do is file!
"If you have not filed your taxes make sure you do it today. The reason is because if you owe money you will be charged a failure to file penalty. If you are worrying about the amount of money that you may owe and that is the reason you haven’t filed your taxes, still file your taxes. You will be able to defer payment with the IRS or even set up a payment plan," said Adams.
If you have already filed your 2019 taxes, you want to make sure that your money works for you.
"If you’ve already filed your taxes and you are getting a refund, then this is the time to use extra money to your advantage. Use the money in three areas, either to pay off debt, save the money, or invest it for the future. This is money that is yours now and you can use it to actually build wealth," said Adams.
Lastly, don't forget, what you do this year, will impact you next year.
"You have less than a year to the next tax day, which is going to be, as far as we know, April 15. You need to be preparing now to get everything in place for your taxes in 2021. Do not wait until the last minute next year to get your taxes done. It is always better to get your taxes done earlier than later!"