The deadline for filing tax returns for 2019 expires in two weeks: what you need to know
On June 29, the Treasury and the Internal Revenue Service of the United States announced that they would adhere to the deadline for filing a tax return on July 15 without extending it, writes USA Today.
Agencies urge U.S. residents to apply for automatic renewal until October 15 if they cannot meet the deadline July 15 by filling out this form.
Earlier this year, the IRS postponed the deadline for filing a tax return from April 15 to July 15 due to disruptions caused by the coronavirus pandemic. At the same time, literally last week, the head of the finance department, Stephen Mnuchin, announced that he was considering a further postponement until September.
“The IRS understands that those affected by the coronavirus may not be able to pay their taxes in full by July 15, but we have many payment options to help taxpayers,” said IRS Commissioner Chuck Rettig. - These easy payment methods are available at IRS.gov"and most of them can be done automatically without contacting an IRS representative."
According to the IRS, about 93 million applicants received tax refunds, averaging $ 2763.
Check if you have received income documents
In January or February, you should have received forms telling you what income you have earned from your employers and received from other sources, recalls Better money habits. If you work full time, you must have a W-2 form detailing your earnings and tax fees. If you work as a freelancer or on a contract basis, you may have a 1099-MISC form detailing what you have earned. You can also receive documents indicating dividends or interest received on investments (for example, forms 1099-DIV or 1099-INT), or interest on student loans (form 1098-E). If you are a college student (or you have a dependent student), you will receive Form 1098-T, which indicates how much you paid for tuition, as well as the amounts you received from grants or scholarships to help you calculate deductions and loans, related to education costs.
Tip: You cannot file your tax return until you receive a Form W-2 or Form 1099 from every location where you worked during the year. When it comes time to file, you use this information to fill out Form 1040, the IRS form for individual income taxes.
On the subject: New IRS checks await Americans: what will the IRS pay
Find out what loans and deductions you can get
Understanding what loans and deductions you are entitled to can help you collect the necessary documents. Here are a few to consider:
- Depositor loan. If you are not a full-time student and have not been filed as a dependent, you may be eligible for a tax credit if you participate in a retirement plan. The loan amount depends on your filing status and adjusted gross income. In tax year 2020, if your filing status is not indicated, you may be eligible for this loan if your adjusted gross income is $ 32 or less. If you are married and file a joint declaration, you may be eligible for a loan if your adjusted gross income is $ 500 or less. Figures are subject to change in future tax years.
- Student loan interest. You can withhold up to $ 2500 in interest payments, depending on your modified adjusted gross income.
- Charity deductions. Want to donate to your alma mater or your favorite charity? As a rule, you can deduct these donations if you detail your taxes.
- Freelance expenses. If you are self-employed, you may request a deduction for work-related expenses, such as industry subscriptions and office supplies.
On the subject: 12 profitable tax deductions and refunds you can get
If you think you can qualify for additional loans or deductions, visit IRS website.
Decide how to file a tax return
There are several options for preparing and filing a tax return. Learn about each one to make the right choice:
- "Free File": If your adjusted gross income (your income after deduction of certain taxes) is less than a certain limit, the IRS offers free tax filing software that can simplify the preparation of your documents, with features that help you identify any deductions or loans that you could use.
- IRS Online Forms: if your adjusted gross income exceeds the limit, the IRS offers electronic versions of paper forms that will help you with your calculations, but they only provide basic recommendations and won't help you determine which deductions or loans you could use.
- Tax preparation software: if you want more detailed instructions, you can pay a fee for using online tools that are available from several providers. They will tell you how to prepare a tax return and help you identify any deductions or loans for which you are entitled.
- Specialist help: If you understand that you need the individual assistance of an expert, you can contact a tax preparation company or an accountant. Make sure you work with someone you can trust. You will provide this person with access to a lot of confidential personal information, so choose a tax specialist carefully. The IRS offers a directory of trusted tax experts in your area. Although this does not guarantee their integrity, it is a good place to start.
Tip: Remember that you may need to prepare and file a state or local tax return in addition to the federal.
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