Tax Filing Season Started, Here’s What You Need to Know

Tax Filing Season Started, Here’s What You Need to Know

Tax filing season has officially started and there’s a lot to know! Are you ready? Don’t worry if you’re feeling overwhelmed. We’ve got you covered with this guide that will walk you through the key things to know as you prepare for filing your taxes. This blog post will discuss important deadlines to be aware of, changes in tax laws, how to file for various deductions, and more. Make sure to read on for all the information you need when filing your taxes this year!

What is tax filing season?

The tax filing season for 2019 began on January 27th and will end on April 15th. This is the time of year when taxpayers file their income tax returns with the Internal Revenue Service (IRS). The IRS began processing tax returns on January 28th, and refunds are expected to start being issued by the end of February.

There are a few changes to be aware of this year. The standard deduction has increased, and there are new tax brackets. The IRS is also no longer accepting paper tax returns, so all returns must be filed electronically.

If you’re not sure where to start, don’t worry – there are plenty of resources available to help you through the process. The IRS website has a lot of helpful information, and there are also many software programs that can help you file your taxes electronically.

When is tax filing season?

The tax filing season for 2020 started on February 12th and will end on April 15th. This is the time of year when taxpayers file their income tax returns with the IRS. The IRS expects to receive more than 150 million individual tax returns this year.

If you are expecting a refund, the sooner you file your return, the sooner you will get your money. The IRS issues most refunds in less than 21 days, but it can take longer if you claim certain credits or deductions.

If you owe taxes, it is best to file your return and pay your taxes as soon as possible to avoid interest and penalties. You can pay your taxes online, by phone, or by mail.

If you need more time to file your return, you can request an extension from the IRS. However, even if you get an extension, you will still need to pay any taxes that you owe by April 15th.

Who needs to file taxes?

The U.S. tax system is what’s known as a “pay-as-you-go” system, which means that taxpayers are required to pay their taxes throughout the year, rather than all at once. This is typically done through withholding taxes from your paycheck if you have an employer, or making estimated tax payments if you’re self-employed.

If you don’t pay your taxes throughout the year, you may be subject to penalties and interest charges when you file your return. Therefore, it’s important to know whether or not you need to file a tax return.

In general, you need to file a federal income tax return if your taxable income for the year is above a certain threshold. The threshold depends on your filing status, which can be single, married filing jointly, head of household, or married filing separately. You can find the specific thresholds for each filing status in Publication 501 on the IRS website.

In addition to your federal income tax return, you may also need to file a state income tax return. The rules for state taxes vary from state to state, so it’s important to check with your state’s taxation department to see if you need to file.

If you’re not sure whether or not you need to file taxes, there are a few things you can do:

  • 1) Use the IRS’s “Do I Need To File A Tax Return?” tool on their website.
  • 2) Contact your state’s taxation department to see if you need to file a state income tax return.
  • 3) Consult a tax professional for advice and guidance.

What forms do I need to file my taxes?

When it comes to filing your taxes, there are a few different forms that you may need to fill out. The most common form is the 1040, which is used by individuals who are self-employed or who have income from investments. If you have an employer, they will usually send you a W-2 form, which lists your taxable income for the year. If you have any other income, such as from renting out property, you will need to file a 1099 form.

How do I file my taxes?

It’s that time of year again! Tax filing season has begun, and if you’re like most people, you’re probably wondering how to go about filing your taxes.

Here are a few things you need to know:

1. You can file your taxes online, by mail, or in person.

2. You will need to gather all of your tax documents, including your W-2 form from your employer, 1099 forms for any other income you received, and any receipts or documentation for deductions or credits you plan to claim.

3. Once you have all of your documents together, you can begin filling out your tax return. If you’re not sure how to do this, there are many resources available online or from the IRS itself.

4. Once you have completed and filed your return, you should receive a confirmation from the IRS indicating that they have received it and are processing it. If everything is in order, you should receive your refund (if applicable) within a few weeks.

Where can I get help with my taxes?

If you’re feeling overwhelmed by tax season, you’re not alone. Filing taxes can be a complicated and time-consuming process, but there are resources available to help you through it.

One option is to use tax software to file your taxes yourself. This can be a good option if you have a simple tax situation. There are many different tax software programs available, so be sure to do your research to find one that’s right for you.

Another option is to hire a professional tax preparer. This can be a good choice if your taxes are more complex or if you simply don’t have the time to do them yourself. Be sure to check out the credentials of any tax preparer you’re considering hiring, and always get everything in writing before signing any agreements.

finally, If you need help understanding the tax laws or filling out your tax return, you can contact the IRS directly. The IRS can provide helpful resources and answer any questions you may have. You can reach the IRS by phone at 1-800-829-1040 or online at www.irs.gov

Conclusion

Tax filing season is here, and it’s important to know what you need to do in order to get the most out of your return. With proper planning and knowledge, you can maximize the benefits that come with filing your taxes. Keep these tips in mind as you prepare for tax season so that you can be confident knowing your taxes are taken care of correctly and quickly. Good luck!

Author:Com21.com,This article is an original creation by Com21.com. If you wish to repost or share, please include an attribution to the source and provide a link to the original article.Post Link:https://www.com21.com/tax-filing-season-started-heres-what-you-need-to-know.html

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