Calling All Early Birds For The Official Start Of 2019 Tax Filing Season
The IRS has announced the official opening of the 2019 tax filing season.
They will begin accepting and processing tax returns on Jan. 27, 2020.
As always, there are quite a few really good reasons to get your returns in earlier rather than later. For anyone who owes the IRS, if you submit your return in middle of January, you do not have to pay taxes you owe until the filing deadline in mid-April. That buys you more time to arrange your payment.
If the IRS owes you a refund, you can expect a bit of a delay. However, if you file your return early, you’ll be at the top of the list to receive your refund. The IRS has announced that it will hold all 2019 tax refunds until Feb. 15, 2020.
Additionally, the sooner you file, the less time there is for an identity thief to file “for” you—and take your refund. This could lead to all sorts of mayhem, especially if the thief claims false deductions, fails to report income, or otherwise taints a return in your name. Fixing a mess like this can take months.
Another plus to filing early is having access to your tax preparer. We’re not at busy early in the season as we are as the deadline draws near. Your tax preparer will have time to consider your situation more carefully and help you with your return.
Remember also that if you bought a home in 2019 or went back to college there will be more information required to properly complete your 2019 tax return than was required to complete other recently filed returns. Filing your taxes early is like the expression, “the early bird gets the worm,” the early tax filer gets many benefits.