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2019 Tax Tips!

Tax season is in full swing, and this year many Americans are hoping that the new tax laws will yield higher returns than 2019. In order to take advantage of new laws, there are a few things to watch out for and to be proactive about. The IRS released five key things to remember when filing your taxes for 2019.

1. Check your withholding amount

The new tax reform changes has affected the amount of money withheld from paychecks, and it has gone down for many taxpayers in 2019. While this has made many paychecks bigger, it also will possibly result in smaller refund checks for some, while some may be left owing taxes when they file their tax returns.

A new tool released by the IRS will help you assess your withholding and find out if it is correct. If you use the tool and find that your withholding is incorrect, you may make adjustments by filing a new Form W-4 with your current employer. Checking your estimated tax payments may also prevent taxpayers from owing interest or penalties.

2. Predict what your refund will be and when you will receive it

Many things will affect refunds this year, both negatively and positively. Changes in standard deductions, child tax credits and tax rates may raise your refund, while the phase-out of other tax benefits, the elimination of personal exemptions and the limitations on some itemized deductions could cause tax a reduction in tax returns.

Something you should remember if you are filing as a family is that your refund will be delayed until at least mid-February if you are eligible for earned income credit or the additional child tax credit. Due to possible delays toward the beginning of tax season, even those who are not eligible for those credits may also be waiting until mid-February to receive their refunds from the IRS.

3. Know the rules that apply to you if you don’t have a Social Security Number

If you don’t have and can’t attain a Social Security number but still must file taxes, the IRS will issue an individual taxpayer identification number. The ITIN’s act as a Social Security number for some nonresident aliens and resident aliens, and their dependents and spouses.

ITIN’s are different from Social Security numbers in a crucial way: they expire. If your ITIN could expire before returns are filed, the IRS urges you to submit a renewal application now.

4. Get used to the new tax forms

The 2019 tax season is a year many Americans will be using the new tax form for the first time. The shortened version of the Form 1040 will be used by all this year and will require new schedules for taxpayers to attach under certain circumstances. The forms are available to view on the IRS website, so it’s time to start familiarizing yourself with the forms!

5. Get help if you need it

Even the IRS knows that tax reform can be a bit confusing, but there is no need to worry. You can always find help from tax centers like ours that specialize in getting you the biggest reform possible!

Don’t let this year’s tax changes scare you! Start your taxes now so that you can find out what return is in store for you this year!