Need to knows of 2019 tax season

Filing Taxes Preparation for 2020
Filing Taxes Preparation for 2020

JACKSONVILLE, Fla – Tax Season is upon us and already CPAs and accountants are busy at work helping us get our finances squared-away. The IRS started accepting 2019 returns Monday.

Bill Shelton CPA, a BDO Partner said taxpayer should hold off until mid-March to file,

“I think the most secure is filing electronically if you’re doing it on paper, there are more hands it is going through, it could get intercepted or your social security number could get hijacked. Whereas if you’re dealing with a professional, we file electronically directly with the IRS.”

Some changes you should know about:

  • The standard deduction for 2019 is $12,200 for single and $24,000 for married
  • You can claim mortgage interest, medical bills if it’s over 10% your adjusted gross income and real estate taxes up to $10,000 a year
  • Charitable donations can still be itemized

Multiple deductions have been taken away for an itemized filing, including:

  • Job expenses that have been on the deduction on the itemized return
  • Moving expenses
  • A move paid for by your employer
  • For recently divorced, alimony payments are no longer deductible.

Shelton said the more you know this tax season, the better off you will be.

“Changes have brought awareness and thoughtfulness and we were able to meet with clients and do proactive planning before the end of the year and take advantage of the changes which help everybody,” Shelton said.

For those who push filing to the last minute, you have until April 15. For those with elaborate returns, you can request a six-month extension to file.

The IRS expects it will receive an upwards of 150 million returns this year.

Tax Season is Officially Underway
Tax Season is Officially Underway

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