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Tax information for filing your 2019 return

The IRS is accepting efiled returns beginning January 27 at 9:00 AM for individuals. The fastest way to get your refund is to efile and direct deposit. The IRS says that 90% of refunds that are efiled are received within 21 days.

The IRS is required by law to wait until February 15 to issue a refund if the tax returns include the earned income credit or child tax credit.

There are several changes this year that may affect you.

The penalty for not having health insurance has been eliminated. However, some states have their own requirements for individual health insurance.

The alimony deduction has been eliminated for new divorces after 2018.

The Standard deduction has increased:

Single and Married Filing Separate 12,200
Married Filing Jointly and Qualified Widower 24,400
Head of Household 18,350

The income cutoffs for 2019 tax brackets have increased:

Single Married Filing Jointly Head of Household
10% $9,700 $19,400 $13,850
12% $39,475 $78,950 $52,850
22% $84,200 $168,400 $84,200
24% $160,725 $321,450 $160,700
32% $204,100 $408,200 $204,100
35% $510,300 $612,350 $510,300
37% ……………. ……………. …………….

The majority of taxpayers efile their returns. However, there are approximately 17 million tax returns that are mailed.

There are several benefits of efiling your return. Efiling will increase the speed that you get a refund. With an efiled return, the data is rapidly transferred to the IRS computers for processing.

Electronic filing reduces tax return errors, since the software flags common errors and prompts for missing information. If there are errors or missing information and the IRS sends you a letter requesting information, it could take months to get your refund.

If you mail your return and owe taxes, it’s a good idea to send by certified mail for proof that your taxes were filed on time. An advantage of efiling your return when you owe is that it provides proof of the date when the return was efiled.

David Zubler is a tax accountant and an Enrolled Agent in East Tennessee, the author of four books, and a philanthropist.  All of his proceeds from the books go to a charitable foundation he created for underprivileged children.  He is also the founder of Your Tax Care, which provides tax education and rescues from IRS problems. David can be reached for questions and consultation at yourtaxcare.com.