CPA Daniel Geltrude joined FOX Business' "Mornings with Maria" Wednesday to explain what you need to do to get your tax refund as quickly as possible amid the IRS extending the 2020 federal tax filing deadline to May 17.
Daniel Geltrude: The biggest question, Maria, that people have been asking me, "Do I file on April 15th or do I wait until May 17th? Isn't it great I get this extra time?" Well, it depends. So if you are due a refund, you want to file your tax return as quickly as possible. So if you haven't filed yet, file today. However, if you're going to owe with your tax return, then you want to hold off and take that extra time because they're giving you a month, take advantage of that.
The other big question is, people are saying, "Well, where's my refund?" Well, the best advice here is to make sure that you file your tax return electronically and with that refund, make sure it's going by direct deposit. The IRS is short on resources. You want to help them streamline the process to get your money as quickly as possible.