2019 Tax Changes:
Refundable Credit Handling Expectation:
If any of these three credits (Earned Income Tax Credit, Additional Child Tax Credit, or American Opportunity Education Credit) are included in a tax refund on your 2019 taxes, the IRS will withhold refund payments until mid-February 2020. The IRS encourages you to file, however, the payments will not be made until after mid-February.
The standard deduction which nearly doubled in 2018 is increasing slightly for cost of living adjustment.
For business mileage in 2019, the rate was increased to 58 cents. Make sure you have a proper detailed log to help audit proof your return!
Affordable Health Care:
As of January 1, 2019, there is no longer a requirement to pay for "Minimum Essential Coverage" for healthcare and as such it will not be reported on tax returns.
As of this writing, the IRS has indicated that filings for 2019 tax returns may be filed beginning on January 27, 2020. We can meet with you, get your signature and be ready to file, we just can't send it until the IRS is ready.
General Operating Notes:
Electronic filing is required for all returns we perform. We will be accepting credit cards and debit cards in addition to checks and cash. There is no longer an additional fee for debit/credit card transactions.
You may not have filed your federal income tax return for this year or previous years. Regardless of the reason for not filing, you should file as soon as possible. We are here to assist
If your return was not filed by the due date (including extensions), you may be subject to some penalties.
If you cannot pay all of the tax due to the IRS, they may be able to assist you with arranging payments.
There is no penalty for failure to file if you are due a refund. But, if you want to file a return or otherwise claim a refund, you risk losing a refund altogether. A return claiming a refund would have to be filed within 3 years of its due date for a refund to be allowed.