IRS ready for tax filings on Jan. 27, prepare for FAFSA requirements

News

CENTRAL ILLINOIS– If you like to beat the rush to file your taxes you’ve got about two weeks to gather your paperwork.

The Internal Revenue Service opens individual filings on the 27th of this month.

“I think with the IRS statistics are seeing and in general, we’re seeing that once they open, people are filing and we’re ready for it,” said William Sharpe, President of Total Tax Income, LLC.

The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline.

“As we enter the filing season, taxpayers should know that the dedicated workforce of the IRS stands ready to help,” said IRS Commissioner Chuck Rettig. “We encourage taxpayers to plan ahead and use the tools and information available on IRS.gov. The IRS and the nation’s tax community are committed to making this another smooth filing season.”

The IRS set the Jan. 27 opening date to ensure the security and readiness of key tax processing systems and to address the potential impact of recent tax legislation on 2019 tax returns.

While taxpayers may prepare returns through the IRS’ Free File program as well as many tax software companies and tax professionals before the start date, processing of those returns will begin after IRS systems open later this month.

“The IRS encourages everyone to consider filing electronically and choosing direct deposit,” Rettig said. “It’s fast, accurate and the best way to get your refund as quickly as possible.”

For students who’ve graduated from college and have student loans, within the next two weeks, you should receive your student loan interest statement or a 1098-E form.

For parents with college-bound kids, you need to file early to have the best chance for FAFSA projections.

It’s the first in line, you know if you snooze you lose kind of thing so, especially where it’s not good to wait, but if you wait your child that’s going to college may or may not lose out on things by waiting.

William Sharpe, President | Total Tax Income, LLC

Illinois Prairie District Public Library, in conjunction with the AARP Foundation, is once again hosting free tax preparation help. The program is open to any taxpayers with low- to middle-income, with special attention given to those 60 and older.

Appointments are available on Mondays, from 12:00 pm – 3:00 pm, at the IPDPL-Metamora branch, beginning February 3 and running through April 13, (except for February 17 – Library is closed for Presidents Day).

Here are 10 tax tips (from TurboTax) for the new year to help you lower your taxes, save money when preparing your tax return, and avoid tax penalties.

  1. Contribute to retirement accounts
  2. Make a last-minute estimated tax payment
  3. Organize your records for tax time
  4. Find the right tax forms
  5. Itemize your tax deductions
  6. Don’t shy away from a home office tax deduction
  7. Provide dependent taxpayer IDs on your tax return
  8. File and pay on time
  9. File electronically
  10. Decide if you need help

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

3-Day Forecast

Trending Stories