One word to describe the 2020 tax season would be unpredictable.
Due to the COVID-19 pandemic, taxpayers were allowed extra time to file their 2019 tax returns. This meant more time to spend with your loved ones during this time and a less stressful tax season with an extra month to file.
Luckily, the IRS gave taxpayers tax relief for filing and payments. With tax day already gone, you have until October to e-file.
Continue to keep reading on how to file your 2019 taxes.
Important dates to remember
July 15, 2020: The last day to file and pay your 2019 taxes without accumulating tax penalties. It is also the last day to file for a tax extension. The final day to postmark your 2016 tax refund.
October 15, 2020: The last day to file extensions and to electronically file your tax return to the IRS.
If you’re filing your taxes for the first time, you’re most likely a college student, have your first job and probably not overly excited about it.
In fact, your parents might have been nagging you since January to file by April 15th. But let’s be honest, you don’t exactly know where to start.
All that aside, RapidTax understands and we’re here to help you through the process. If you need help filing taxes for the first time, here’s what to do.
Get Organized: Gather your W-2s, 1099s, 1098-E (this shows the interest you paid on student loans), 1098-T (tuition payments and qualified expenses), etc.
Know Your Filing Status: There are many filing statuses; Single, Head of Household, Married Filing Jointly, or Married Filing Separately. Most likely, if your filing status may just be Single.
The Standard Deduction vs Itemizing: Everyone who files has the option to take one of two tax deductions; itemized deductions or the standard deduction. Itemizing deductions means you will list all your eligible deductions, and the combined total is deducted from your taxable income. Most are only eligible for the standard deduction. This amount depends on your filing status. Continue reading “How To File Taxes for the First Time”
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