The Internal Revenue Service (IRS) has announced that tax season will open on Monday, January 27, 2020. The IRS will begin accepting paper and electronic tax returns from taxpayers. For faster refunds, the IRS strongly encourages people to file their tax returns electronically and choose direct deposit as it is fast, accurate and the best way to get your refund as soon as possible. Filing electronically also flags common errors and prompts taxpayers for missing information.
The due date for 2019 federal income tax returns is April 15, 2020, for most individual taxpayers.The IRS expects to process more than 150 million individual tax returns, with most of the returns filed before the April due date. Extensions will provide taxpayers with an extra six months to file, however the taxes must be paid by the due date. Filing after the deadline can result in penalties and fines. The IRS can assess a failure to pay penalty of 25% of any unpaid tax and if the return is more than 60 days late a minimum penalty of $210 or or 100% of the tax you owe, whichever is less.
Hiring a qualified tax professional such as an Accountant is a good decision since they are familiar with the tax laws, procedures, and practices of filing taxes. An experienced tax preparer can help you take advantage of the latest changes in tax laws and loopholes resulting in savings that can go towards you as an individual or your business. Not only will hiring a tax professional help you save money, but you’ll save time as well. Making a mistake on your tax forms could be detrimental to you, and should be avoided at all costs. A tax accountant can keep track of all your deductions during the year. This way, you won’t be scrambling at the end of the year, and you’ll get all the money you’re entitled to. Deciding to hire an accountant is the first step in properly managing your finances. Don’t stress during tax season. Consider hiring an accountant instead. Call us!