Published: Fri, January 10, 2020
Markets | By Otis Pena

IRS Announces Beginning of Tax Season for 2020

IRS Announces Beginning of Tax Season for 2020

You can do your taxes for zero dollars this way if you qualify.

Another suggestion for the start of 2020 is that you be sure your withholding from you paycheck is correct.

If you get a big tax refund every year, it might be wise to change your withholdings in your W-4, so that less money is taken by the IRS out of your paycheck every two weeks.

The IRS has faced criticism from its watchdog, the Treasury Inspector General for Tax Administration, and outside groups that it isn't effectively auditing corporations and high-income individuals with complicated returns.

IRS officials are encouraging Americans to plan ahead, get their documents organized and seek help early on.

The Internal Revenue Service announced this week that the official opening day of the 2020 tax season for individuals will be January 27, which is when the IRS starts to accept and process 2019 federal tax returns.

Last year, taxpayers in ME and MA had until April 17 to file their 2018 tax returns.

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"Many self-employed people assume that they can simply pay the full tax bill when they file their tax return on or before April 15 of the following year", she said.

Individual taxpayers are nearly half as likely to be audited by the Internal Revenue Service than they were 10 years ago - likely meaning that tens of billions of dollars go uncollected by the Treasury Department each year. From my own practice representing tax whistleblowers, it is clear that the IRS continues to take a strong interest in receiving information from informed whistleblowers about offshore accounts and criminal tax activity.

A long list of recommended improvements: In a separate "Purple Book", the National Taxpayer Advocate listed 58 recommendations for improving the IRS.

This year, however, Patriots' Day will be observed on April 20-so ME and MA residents don't get any additional time to file their taxes in 2020.

Form 1040 is used by over 152 million U.S. taxpayers. "It's fast, accurate and the best way to get your refund as quickly as possible".

If your income exceeds $69,000, you can still use the Free File Fillable Forms, which are the electronic versions of IRS paper forms that are designed for people who are already comfortable filling out forms. "There are direct & indirect ways to cut taxes", says Jared Bernstein, a senior fellow at the Center on Budget and Policy Priorities.

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