Up to $1200 per tax payer and an additional $500 more per child will be distributed to tax payers upon President Trumps approval of the Senate Stimulus Package.....It looks like for those lucky enough to have filed already with direct deposit, these funds could be directly deposited into your bank account, so keep a eye open. I'm disappointed about the wage ceiling. No matter your income, if you've been work furloughed in this crisis, you are hurting financially. More affluent folks have bigger mortgages and car loans....and they pay more taxes into the system. More importantly, and yes stupidly, more affluent folks, are just as bad as saving as regular folks. Please, I beseech you, conscientiously change your spending patterns so you are not living on "max". Create financial margin in your life. Pay yourself (direct deposit an amount into your savings account every pay period) first. Get to a point where you have 3 - 6 months of emergency funds in an account that you do not see often and are not tempted to spend--no this is not vacation money or down payment money (if you buy a house you'll need an emergency fund even more)....There is always a 9/11, sub prime melt down and Coronavirus lurking around the next corner.
The IRS has extended the Federal tax dealing to July 15th for both filing (without an extension) as well as paying without interest or penalties accumulated. This is good for persons up to $1,000,000 and corporations for up to $10,000,000.
Why file NOW anyway...Get your refund as soon as possible. Consider it in your strategy to get through these tough times. Have the funds in hand when you need them.
Why file NOW if you owe...Find out what you owe. Consider the amount you owe in your long terms strategy to get back on your feet when this is over. Don't wait to July to develop your "get out alive" strategy for Covid-19 interruptions.