Didn't File a Tax Return in 2020? Here's Why You Should
When the coronavirus crisis erupted back in March, it quickly became clear that Americans would need more time to do their taxes. After all, once the pandemic hit, the public was consumed with layoffs, health concerns, and fears over not being able to stock up on essentials, like canned food and toilet paper. Taxes were the furthest thing on anyone's mind.
It's for this reason that the IRS decided to give filers more time to get their returns completed. Normally, the tax-filing deadline is April 15, and prior to the pandemic, that's when 2019 taxes were due. But in March, that deadline was pushed back to July 15, and many filers took advantage of that extra time -- especially since it meant not having to pay their tax bills prior to mid-July.
Of course, at this point, the July 15 filing deadline has long passed, yet some people still haven't filed their taxes. Now one thing you should know is that if you don't owe the IRS money from 2019, you won't be penalized for not submitting a return, and if your income is low enough, you actually aren't obligated to submit one at all. But here's why it pays to file a return anyway.
Source Fool.com
