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Tips and pitfalls for filing your taxes at the last minute

Jul 15, 2020, 7:40 AM | Updated: May 17, 2021, 9:37 am
filing your taxes...
FILE - In this Feb. 5, 2020, file photo, a W-4 form is viewed in New York. As the coronavirus pandemic took hold this spring, the federal government postponed the traditional April 15 filing deadline until July 15. The move provided some economic and logistic relief for taxpayers dealing with the disruptions and uncertainty brought on by lockdowns, school closures and shuttered businesses. But now that new deadline is rapidly approaching. (AP Photo/Patrick Sison, File)
(AP Photo/Patrick Sison, File)

WASHINGTON — Wednesday is Tax Day. The new deadline for filing your taxes has been extended to July 15th due to the COVID-19 pandemic, but even people who waited until today could squeeze in at least one last-minute deduction. 

Personal Finance Expert Farnoosh Torabi told ABC News that now is the time to beef up those retirement accounts like 401(k)s and IRAs.

“Normally, we have until April 15th to contribute the max to our 401(k) and our IRAs, but now you have until July 15th,” Torabi said. 

Taxpayers are also encouraged to look at starting an IRA for a relative, which could possibly give them more tax deductions.

Another benefit of filing your taxes late is that the Internal Revenue Service (IRS) will pay interest on those refunds.


No more delays: What to know about the July 15 tax deadline


According to the IRS website, “By law, the interest rate on both overpayment and underpayment of tax is adjusted quarterly. The interest rate for the second quarter, ending on June 30, 2020, is 5% per year, compounded daily. The interest rate for the third quarter, ending September 30, 2020, is 3% per year, compounded daily.”   

However, taxpayers are being reminded that any interest they get will be taxed next year. 

Another pitfall experts are warning about is scammers who are trying to steal taxpayers’ returns or stimulus checks. 

The IRS sasy it only contacts people by official mail, so taxpayers are being urged to ignore texts, phone calls, or emails from anyone claiming to be from the IRS. 

Anyone with questions can also go to IRS.gov/coronavirus

 

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Tips and pitfalls for filing your taxes at the last minute