What’s new for your 2019 taxes?
When filing your 2019 tax return, you may notice tax changes. Below are the changes.
- You can only claim casualty and theft losses if they are due to federally declared disasters
- The IRS limits out-of-pocket job expenses (W-2) to members of the Armed Forces, eligible actors or performers, or fee-based government employees
- The health insurance penalty expires
- The alimony payment deduction will no longer be available for divorces or separation agreements after December 31, 2018
- There are only 3 schedules instead of 6
- The filing statuses are single or married filing separately—$12,200, married filing jointly or qualifying widow(er)—$24,400, and head of household—$18,350
Deadlines
The important dates you should remember are the following:
- July 15, 2020 – For taxpayers who owe the IRS, it’s the last day to pay, file and request extensions without accumulating late filing and payment penalties
- October 15, 2020 – The extension and electronic filing deadline
As a reminder, an extension to file does not mean that you have extra time to pay. This means that you must have paid the amount you owe to the IRS by July 15 to avoid penalties.
IRS Penalties
The late filing penalty is 5% of your unpaid tax per month for up to five months. You are also subject to the minimum filing penalty if you file more than 60 days after the original due date. However, the minimum penalty is the lesser of 100% of your tax or $435.
The failure to pay penalty is 0.5% of your tax per month until the tax is fully paid or until 25% is reached.
Here’s how to file your 2019 tax return with us:
You can figure whether you have a tax due or a tax refund by using our tax calculator.
- Gather your income statements
- Create an account
- Enter your tax information
- Submit your account to us for e-file!
Once the e-file deadline passes on October 15, we will then provide you a PDF of your tax return to print, sign and mail to the IRS. You must paper-file your 2019 tax return after the deadline.
Claiming your refund
There’s a tax deadline for everything. You have a three-year statute of limitation from the original tax deadline. You can claim your 2019 tax refund until April 15, 2023. It expires once the refund deadline passes.
Don’t forget to file your taxes as soon as possible.
