Posts tagged Taxes

2020 Tax Filing Season Begins Jan. 27

January 20, 2020 @ 4:37 AM · Taxes
2020 Tax SeasonThe Internal Revenue Service will begin accepting and processing 2019 tax year returns on Monday, January 27, 2020.   They set this date "to ensure the security and readiness of key tax processing systems and to address the potential impact of recent tax legislation on 2019 tax returns."    Income tax returns with the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC) will not be processed until mid-February as dictated by law.  These credits have often been abused so the additional time allows the IRS to verify that taxpayers actually qualify for them.
The IRS encourages taxpayers to file electronically.  It is fast and more accurate than paper returns because it flags common...
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What Happens If You Miss the Oct. 15th Tax Extension Deadline?

October 8, 2019 @ 2:28 AM · Taxes

What if I miss tax extension deadline

The October 15th deadline is fast approaching for taxpayers who filed Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.  State tax extension deadlines vary by state.  Alabama's deadline is the same date as the federal deadline.  Special tax extension deadlines were approved for certain members of the military serving in combat zones, taxpayers living outside the U.S., and those living in declared disaster areas, if they qualified.

Although some taxpayers were given at least six extra months to file their taxes, they are still procrastinating.  Many have misplaced their W-2's, 1099's, and other financial documents.  Or they may be still ...

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It's Time for a Paycheck Checkup

September 3, 2019 @ 2:38 PM · Taxes

W-2 and W2P CertificatesTaxpayers who haven’t checked their withholding this year should do so as soon as possible.  A "Paycheck Checkup" can help you see if you’re withholding the right amount of taxes from your paycheck. In general, this should be performed whenever there are major lifestyle changes like marriage or divorce, birth or adoption, new job or unemployment, etc. 
Major tax law changes should also prompt a paycheck checkup.  This year, the Tax Cuts and Jobs Act resulted in some taxpayers being surprised by a smaller refund,  an unexpected tax bill, and/or an underpayment penalty because they had not made the proper withholding adjustment in 2018.  

Taxpayers most likely...

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2019 Tax Filing Season Begins Jan. 28

January 18, 2019 @ 3:49 AM · Taxes
On January 7, 2019, in news release IR-2019-01, the Internal Revenue Service confirmed that despite the government shutdown, "it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled".   Software companies and tax professionals are already accepting tax returns and will submit them when the IRS systems open later this month.  
The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers.  However, Maine and Massachusetts residents have until April 17, 2019 to file their returns.  
Nearly 50,000 IRS employees furloughed as part of the government shutdown have been called back to work.&...
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2018 Tax Filing Season Begins Jan. 29

January 10, 2018 @ 11:48 PM · Taxes
Tax Time 2018

The Internal Revenue Service announced in their January 04, 2018  IR-2018-01 news release that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February. Below are excerpts of that release:

The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15.

Many software companies and tax professionals will be accepting tax returns before Jan. 29 and then will submit the returns when IRS systems open. Although the IRS ...

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