Update 3/23/20: In case you missed it, the IRS has also extended the deadline to file. You now have until July 15, 2020 to file and pay 2019 taxes. This applies to all individual returns, trusts, and corporations and is automatic and also includes estimated tax payments for tax year 2020 that were due on April 15, 2020. Penalties and interest begin to accrue on July 16, 2020. Keep in mind that this does not affect your state tax due dates. Be sure to check to see if your state of residence has extended the deadline — even those which have extended vary as to the extension date.
The IRS has extended the payment deadline for 2019 taxes for most Americans by 90 days.
You still need to file by 4/15/20. Payment of 2019 taxes can be deferred until 7/14/20 (up to $1,000,000 in tax payments for individuals or $10,000,000 for businesses) with any penalties/interest that would ordinarily be incurred during that time being waived.
This could be beneficial even for those with cash on hand to pay their taxes as it may give you the opportunity to take advantage of bank account bonuses or a high-yield account if you have one still offering a favorable rate. Some folks may alternatively prefer to front-load retirement accounts while stock prices are low and this would give you the opportunity to do that now and use the cash that would have later been earmarked for that purpose to pay taxes instead.
To my knowledge, there has been no word yet on what this means for estimated payments (first quarter estimated taxes would be due April 15th). Note that Q1 2020 estimated tax payments (ordinarily due on April 15th) will now also be due on July 15th. I assume you’ll still only be able to make 2 payments per quarter per processor, so I don’t expect we’ll be able to make more payments for 2019 than normal. See our guide to Pay taxes via credit card 2020 edition for more on paying taxes by credit card to earn rewards.
H/T: Doctor of Credit