The deadline to file federal and New York State taxes has been extended to July 15, 2020. This includes individual returns, trusts, and corporations for both state and federal, as well as estimated tax payments for tax year 2020 that would otherwise be due on April 15, 2020. The decision for states to extend state filings is up to each state, and New York is one such state that has issued the automatic extension. This extension is automatic, meaning you do not need to file for an extension, or call the IRS to qualify, according to the IRS federal website, and New York State Department of Taxation and Finance. Excellent. One less thing to apply for.

But should you wait to file your taxes? If you have been paying your taxes throughout the year, either as an employee taxed in the W2 classification, or as a business owner who pays taxes in payroll, or has been making estimates, if you’re all caught up, should you keep pressing along and file your taxes?

Both the state and federal taxation websites say yes, file now: “The IRS urges taxpayers who are owed a refund to file as quickly as possible,” says the federal site. At the New York State level, the language is the same: “Taxpayers who are due a refund are urged to file as soon as possible.”

A local accountant agrees. A Little Beacon Blog checked in with Arthur DeDominicis, CPA for his guidance. Here is what he had to say: “We are still encouraging people to file especially if they have refunds coming. I’m sure they can use this refund money for their immediate needs. Self-employed taxpayers may not know if they are getting a refund or owe unless they actually do the return. Just another reason to get it done.”

In a slightly morbid direction, should anything happen to you, or to your spouse if filing jointly, you may want to have this task complete. If you are taken sick in a month or during the apex, this portion of your life could be done. Estate-planning is not fun to think about, but sometimes, during times of stress, preparation can bring focus and calm. That you are doing everything you can to put things into place around you; taking care of the things that you do have control over.