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.
The tax extension deadline for the 2019 tax season is approaching.
Be advised, Tuesday, October 15, 2019, isn’t just the extension deadline. It’s also the last day to e-file your tax return.
However, if you didn’t file an extension on the April 15 deadline, you may be subject to penalties depending on if you owe taxes to the IRS or not.
Can I still file an extension?
Unfortunately, you can no longer file an extension. The last day to have filed an extension was April 15, 2019; the original tax deadline. By filing Form 4868 (Application for Automatic Extension of Time To File U.S. Income Tax Return), the IRS grants you an extra six-months to file.
That being said, for tax returns who have an outstanding tax due to the IRS, that haven’t been paid, will be subject to penalties.
Due to the Tax Cuts and Jobs Act, the IRS has updated the W-4 to reflect the many tax changes. You may be wondering if there will be major differences.
Here’s the breakdown
Right off the bat, when comparing the 2018 W-4 and 2019 W-4, it looks similar. However, there are changes in income thresholds along with calculations. This also applies to changes from tax credits to allowance tables for two-earners/multiple job holders.
Personal Allowances Worksheet
To calculate your allowances, the first sheet you see is the Personal Allowances Worksheet. Typically, taxpayers with a simple tax situation who do not need to itemize, have no dependents and only work only one job just fill in this first sheet and leave everything else blank. Continue reading “Here’s the New 2019 W-4 Form!”