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2019 Tax filing deadline is July 15

The Covid extended tax filing date is coming up on July 15.  Good news for those that are expecting a tax refund this year and are just now filing – you can also expect to receive interest on your tax return filed between April 15 and July 15.  

The Internal Revenue Service announced that it will be paying interest from April 15 until the date of the refund.  The interest rate for the second quarter, which ended June 30, is 5% and compounded daily.  Interest rates for the third quarter, starting July 1, are 3%. The average refund is around $2,700, which would give a taxpayer about $30 in interest, depending when taxes were filed.

Taxpayers who owe should pay by July 15 to avoid penalties and interest.  Those needing a filing extension can request one using form 4868.  Keep in mind the filing extension does not extend when your tax payment is due.

Posted in: Covid19, Tax

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