Taxpayers can take some extra time to pay the taxes they owe to the Internal Revenue Service as the nation copes with the spreading coronavirus.

Treasury Secretary Steven Mnuchin said during the administration’s daily coronavirus briefing that taxpayers can defer paying any taxes they would owe on April 15 by 90 days interest-free and penalty-free.

Mnuchin said taxpayers should try to make the April 15 deadline, but they could take the extra time and avoid penalties and interest charges for any money they owe.

“We encourage those Americans who can file their taxes to continue to file their taxes on April 15,” Mnuchin said. “Because for many Americans, you will get tax refunds.”

The deferment covers all individual taxpayers who may owe up to $1 million in taxes. Mnuchin said the $1 million figure was so high because it covers small businesses that operate as passthrough entities, such as Limited Liability Companies (LLCs).

It also covers corporations for up to $10 million in taxes owed.

The IRS is ready to pay people their tax refunds, he said.

New Jersey is expected to mirror the federal government’s decision.

But now that you have extra time, should you take it? See why it might be smart to file your taxes by April 15.

Tell us your coronavirus stories, whether it’s a news tip, a topic you want us to cover, or a personal story you want to share.

Sign up for text message alerts from NJ.com on coronavirus in New Jersey:





Have you been Bamboozled? Reach Karin Price Mueller at Bamboozled@NJAdvanceMedia.com. Follow her on Twitter @KPMueller. Find Bamboozled on Facebook. Mueller is also the founder of NJMoneyHelp.com. Stay informed and sign up for NJMoneyHelp.com’s weekly e-newsletter.