There's a lot going on right now and much to balance, so many people need a little breathing room on getting their information together to file taxes.

You are being given one break as the IRS has announced that they are extending the federal tax filing deadline a month, from April 15 to May 17, giving you a period where no penalties or interest will accrue on your behalf.

It's also a reprieve for tax accountants as well, giving them more time to field filing requests from clients.

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The IRS said they will provide some more guidance soon but in the meantime, they've laid out what you need to know.

"This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities," IRS Commissioner Chuck Rettig said in a statement. "Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to."

You can certainly file at any time, but the deadline to file your federal returns, not your state tax returns, has been extended for any individual taxpayer including those who pay self-employment tax.

The clock begins ticking on May 17 though and any penalties, interest and additions to the tax will start adding up at that point.

If you do in fact need more time beyond May 17, you can request a filing extension until October 15, as is normal in any year, by filing Form 4868 which gives you until October 15 to file the 2020 tax return but does not grant an extension of time to pay taxes due.

If you want a refund, it's best to file sooner than later, because until you file, no refund.

As for your state tax returns, the IRS just extended the federal tax filing deadline, not the state deadline.

You still have to file your state tax returns by April 15, unless you file an extension prior to that date.

As of right now, the New Jersey Division of Taxation has not extended the state filing deadline.

You can follow Vin Ebenau on Twitter and Instagram and email news tips to vin.ebenau@townsquaremedia.com.

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