Tax Day 2020 is April 15. That is when your federal tax return is due for the income earned in 2019. However, extensions, some money-saving moves, and estimated payments can alter your deadline.
April 15 may be several days away, but the 2020 tax season is here. And while 2020 tax season might not be as complicated as 2019 tax season (now that we have had time to reflect on the several changes on the tax code), there is still some confusion out there. Visit this page to know what is required and seek help for filing tax returns. The tax season can be a stressful season, and you should take any assistance that comes your way.
Here, we have answers to some common questions.
When can I file returns in 2020?
The Internal Revenue Service started processing returns for the 2019 year on January 27. Late January and early February is a peak season for IRS as people expecting big refunds, and those with simple tax filings normally file immediately.
When are taxes due if you apply for an extension?
If you apply and get an extension, the deadline to file your returns is October 15, 2020. Note that if you are not really ready, you can only file for an extension before April 15.
How much do I have to earn to file federal taxes?
It depends on your age and filing status.
Single citizens under the age of 65 are only required to file taxes if they earn more than $12,200. Above that age, the minimum age moves to $13,850.
For married people who are filing jointly, the minimum income is $24,400 if both spouses are under the age of 65. When one spouse is above 65 years, the threshold moves to $25,700. If both spouses are 65 or older, the minimum amount moves to $27,000.
Household heads below 65 years who earn more than $18,350 are required to file. This threshold jumps to $20,000 for those above 65 years.
Qualifying widowers and widows aged below 65 years with a dependent child are required to file if they earn more than $24,400. The threshold for those aged 65 and above is $25,700.
When can I expect my tax refund?
IRS issues over 90% of tax refunds within three weeks after filing returns. However, sometimes it may take longer when your tax refund requires additional review. If you want to know the status of your refund and don’t want to bother your tax preparer, you can use Where’s My Refund tool to track its progress.
What is the quickest way to receive my tax refund?
Direct deposit. It feels nice to get a cheque from the government in your mailbox, but signing up for a direct deposit is the quickest way to receive tax refunds. Just ensure you avoid simple mistakes that may delay your tax refund.
