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, a reprieve that would cover many pass-through entities and small businesses, he said.
“We encourage those Americans who can file their taxes to continue to file their taxes on April 15 because for many Americans, you will get tax refunds and we don’t want you to lose out on those tax refunds,” Mnuchin said. “We want you to make sure you get them.”
If you owe a payment to the IRS, you can defer up to $1 million as an individual and $10 million to corporations interest free and penalty free for 90 days.
“All you have to do is file your taxes,” Mnuchin said. “You’ll automatically not get charged interest and penalties.”
How long should I keep my tax returns?: Answer: It depends
What will my tax refund be?:What will my tax refund be? So far, they’re smaller by an average of $18