Tax Season is Off and Running!

Yep, it’s that time again. The IRS officially began accepting and processing 2019 tax returns on Monday, January 27, 2020. Since you should always start with the end in mind, the deadline for filing your 2019 tax return and paying any taxes you owe is Wednesday, April 15, 2020.

That’s great, but when will I get my refund?

The IRS says that filing electronically and and choosing direct deposit for your refund is the best way to file your return. It’ll normally take less than 21 days for the IRS to issue your refund unless your return needs extra review and processing. And once your refund is processed by the IRS, your bank needs time to process your direct deposit.

Refund information will generally be available within 24 hours after the IRS acknowledges receipt of an electronically filed return on the Where’s My Refund? tool on IRS.gov and the IRS2Go phone app (available in your app store). You’ll need your Social Security number or ITIN, your filing status, and your exact refund amount.

You can also go to View Your Account Information to securely access information about your taxes, including how much you may owe, options for paying online or setting up a payment agreement, to access your tax records, review the past 24 months of payment history, and view key tax return information for the current year as filed.

Anything new this year?

This year’s Form 1040 has been revised to consolidate schedules and to include questions on virtual currency transactions. There’s also a new Form 1040-SR for taxpayers age 65 and over who were born before January 2, 1955. This new form generally mirrors Form 1040, but allows income reporting from investment income, Social Security, and qualified retirement plans. It includes the extra standard deduction amount available to individuals age 65+, and can be filed along with Schedule A, Itemized Deductions, for those taxpayers who wish to itemize.

What else do I need to know?

As you gather your year-end documents such as Form W-2, 1099s, and the like, be sure you have all your statements in hand before filing your taxes or sending it off to us to prepare. Review these carefully and contact the payer right away if anything doesn’t look right. And don’t file too early before receiving all your tax information – if you have to amend your return to report additional income or claim a refund, it can take up to 16 weeks for the IRS to process.

We’ve recently sent out tax organizers to our current clients, and we look forward to hearing back from you soon! Please give us a call if you have any questions about your 2019 return.