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You'll gain real-world insights into how economics impacts your daily life with this easy-to-follow online course. This crash course is based on the acclaimed textbook Economy, Society, and Public Policy by CORE Econ, tailored to help you grasp key concepts without feeling overwhelmed.

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Mar 23, 2020

Tax Day is July 15. Here’s what you need to know

COVID-19by Marielle Segarra
This only applies to federal tax returns. Whether you still have to file your state and local taxes by April 15 depends on where you live.
This only applies to federal tax returns. Whether you still have to file your state and local taxes by April 15 depends on where you live.
Zach Gibson/Getty Images

Treasury Secretary Steven Mnuchin announced on Friday that Tax Day, April 15, has been moved to July 15.

What does that mean for taxpayers?

Here’s how this will work:

  • You can file your federal taxes anytime between now and July 15.

  • If you are getting a tax refund, which more than 70% of Americans do, you can still file your taxes now and get your money. And the Treasury Secretary is actually encouraging that.

  • If you owe the government money, you’ll have until mid-July to pay it. The thinking here is that this will keep money in people’s pockets for longer.

A few caveats:

  • This only applies to federal tax returns. Whether you still have to file your state and local taxes by April 15 depends on where you live.

  • The clinics where you can go to get your taxes done for free are closed now, because of social distancing guidelines. People who rely on those clinics are often eligible to use free online software to file instead. But not everyone is able to do that.

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