Tax Filing Season Begins

Its Tax Time….

If you have any questions about the new tax forms or need assistance preparing and filing your tax return, help is just a phone call away. 850-435-8844

January 27, 2020, marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million tax returns expected to be filed for the 2019 tax year, here’s what individual taxpayers can expect:

Another New Design for Form 1040

The new 2019 Form 1040, which was redesigned last year to be “postcard-sized” has been revised yet again. As with last year’s design, the form gathers information about the taxpayer(s) and dependents. It is also the form you need to sign and date when filing your return. New for this year, taxpayers aged 65 and older may be able to use Form 1040-SR.

More complex tax situations will generally require using one or more of the supplemental schedules that were also new for 2018, but which for 2019, have been consolidated into three schedules (Schedules 1, 2, and 3).

As in 2018, Forms 1040A and 1040EZ no longer exist. Instead, taxpayers should use Form 1040 or Form 1040-SR.

For most taxpayers the filing deadline to submit 2019 tax returns is Wednesday, April 15, 2020; however, there’s no better time than right now to begin gathering information needed to prepare your tax return.

If you have any questions about the new tax forms or need assistance preparing and filing your tax return, help is just a phone call away.

Contact us today at 850-435-8844 or send us a message at support@pharrcpa.com!