Taking Advantage of the Federal Tax Filing Extension

The pandemic-stricken American public had reason to emit a deep sigh of relief this spring after the U.S. Treasury Department announced a timely — and in many cases urgently needed — postponement of the deadline for filing 2019 federal income tax returns.

As part of the CARES ACT enacted in late March to provide individuals, families and businesses with emergency financial relief, the U.S. government postponed the 2019 federal income tax filing and payment deadline from April 15 to July 15, 2020. As welcome as the extension is for taxpayers, particularly those experiencing a high level of financial strain as a result of the COVID-19 crisis, there’s more to it than meets the eye — and, perhaps, more benefits to be reaped by people who understand some of the steps they can make to take full advantage of it.
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