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Sound Accounting & Technology LLC

Tax Season Begins Monday, January 27th

Individual tax return filing begins Monday, January 27th.

The deadline to file 2019 individual tax returns and pay any tax owed is April 15, 2020.

Filing electronically and using direct deposit are both encouraged. Returns are generally processed and refunds received more quickly.

Tax time is a good time to check withholding amounts, especially if you’ve recently changed jobs, added a new job or received a pay hike. Because of Tax Reform changes, federal income tax withholding (FIT or FWT) is no longer based on marital status and a number of personal exemptions. Now withholding is based on expected filing status and the standard deduction. A little advance planning can help you determine if you should have more or less money withheld this year.

Individuals, businesses and other organizations can make appointments for tax return preparation starting now. If you have business, partnership or rental income (or losses) you may not receive all the required information to file your individual tax return until later in the tax season. However, making an appointment for tax return preparation now gets the process started. This time is important to organize needed information, find out about tax law changes and identify potential tax savings in 2020.

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