On your marks, get ready, get set… The IRS announced the opening of Tax Season on Monday, January 27, 2020. This means they will begin accepting paper and electronic tax returns on that day.
For most taxpayers, the traditional due date of April 15 holds this year for your 2019 federal income tax returns. The IRS has expressed their determination to provide help and support, and ask that you plan ahead and use the tools on IRS.gov to get your return in ahead of the April 15 date.
What’s important to remember is that while tax professionals and some tax software will accept tax return information before January 27, 2020, that doesn't mean that your taxes will be filed early. Also, although the electronic filing system will be open on January 27th, many schedules of tax returns and some state schedules may not be ready on that date. The more complex schedules have different release dates, some well into the month of February. Your return will be filed after all pages and schedules of your income tax returns are finalized and ready for e-filing.
If you want it “over and done” quickly, the IRS strongly encourages us to file electronically and to choose direct deposit. It’s also considered the best way to get your refund as quickly as possible.
Have questions about filing? You’re not alone. Our office is here to answer your questions and provide tax consultations beyond the filing work. We will be sending out tax organizers over the next few weeks to clients that typically use them. Keep an eye out for these. For those that don’t and just provide us with your information, try to get us the information sooner rather than later in order to avoid bottlenecks.