Tax season officially begins Monday

News

GREENVILLE, S.C. (WSPA) – Tax filing season begins Monday, January 27th, which is the first day it’ll start accepting and processing 2019 tax year returns.

The agency says it set the January 27th 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.

The IRS Commissioner is encouraging people to file electronically so the system will flag common errors and prompt taxpayers to fill out missing information.

If you do file electronically, he recommends choosing to receive your refund by direct deposit so you’ll get it faster.

The other preferred option is to contact a reputable tax preparer.

The agency expects to process more than 150 million individual tax returns this tax season. According to IRS data, the average refund was $2,975.

The Internal Revenue Service has made 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes, which generally are used on tax returns filed in 2020.

For 2019, as in 2018, there is no limitation on itemized deductions, as that limitation was eliminated by the Tax Cuts and Jobs Act.

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000.

The standard deduction for married filing jointly rises to $24,400 for tax year 2019, up $400 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,200 for 2019, up $200, and for heads of households, the standard deduction will be $18,350 for tax year 2019, up $350.

For a full list of adjustments that could impact how you file your 2019 tax return, click here.

Those who make less than $69,000 annually can prepare and file federal individual income tax return for free using tax-preparation-and-filing software by clicking here.

If you have questions as you file, the IRS has an interactive tax assistant on its website.

You can also make an appointment at a local IRS office to get a face-to-face meeting for help.

There is an office in Greenville on Roper Mountain Road and another in Asheville on Patton Avenue.

The deadline to file this year is April 15th, unless you file for an extension.

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 This material may not be published, broadcast, rewritten, or redistributed.

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