IRS to Delay April 15 Tax Deadline for 90 Days, Are You Eligible?

Did you know you can actually delay paying your taxes for 90 days this year?

Treasury Secretary Steven Mnuchin announced in a Tuesday press conference that most Americans can get a three-month reprieve to pay their income taxes for 2019.

But who gets qualified for this reprieve?

According to a recent article, the Internal Revenue Service (IRS) will postpone the April 15 tax deadline by 90 days for millions of individuals who owe $1 million or less and corporations that owe $10 million or less.

Mnuchin explained, Americans still have to meet the April 15 deadline if they expect a refund or request a six-month extension, but they can defer payment for up to 90 days beyond that.

"We encourage those Americans who can file their taxes to continue to file their taxes on April 15 because for many Americans, you will get tax refunds and we don't want you to lose out on those tax refunds," Mnuchin said. "We want you to make sure you get them."

"All you have to do is file your taxes," Mnuchin stressed. "You'll automatically not get charged interest and penalties."

Meanwhile, as you file your income tax returns, make sure not to commit the most common errors that filers make during tax season.

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"Taxes are complex and everybody makes mistakes," says Dina Pyron, financial services partner and global TaxChat leader at Ernst & Young. "The basics can be easily overlooked, and that, unfortunately, results in delays in processing your return."

Experts say that some of the most common errors that filers make during tax season include having the filer's name changed or having wrong address, incorrect bank account numbers and failing to report your updated income, credits or deductions, math mistakes, and unsigned forms

To those expecting a refund but their basic personal information doesn't match, it could take a minimum of four to six weeks receive an email from IRS notifying the filer that they need to respond and correct the mistake. And depending on the severity of the mistake, it could still take a few months or even up to a year to process the income tax return, Pyron cautions.

Americans who are working in another country or is applying for a citizenship in another country is also not exempted to pay their taxes, such as the case of Meghan Markle.

According to an article by Latin Post, Meghan is still a U.S. citizen even though she espoused into the royals. The Duchess of Sussex is applying for U.K. citizenship and is still a U.S. citizen, thus, government still obliges her to file tax returns no matter where she resides in the world.

IRS would also require her to pay higher taxes whenever her income increases, regardless of her job and company.

"These types of common errors can have significant delays in getting back any type of payment that you might be receiving on your taxes," Pyron says.