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Showing posts from January, 2020

Direct deposit fastest way to receive federal tax refund

IRS YouTube Videos: Direct Deposit for Your Tax Refund − English WASHINGTON — With tax season beginning soon, the Internal Revenue Service reminds taxpayers that choosing to have their tax refund directly deposited into their checking or savings account is the fastest way to get their money. It’s simple, safe and secure. Taxpayers can also get their refund deposited into one, two or three different accounts, if desired. Eight out of 10 taxpayers get their refunds by using direct deposit . The IRS uses the same electronic transfer system to deposit tax refunds that is used by other federal agencies to deposit nearly 98% of all Social Security and Veterans Affairs benefits into millions of accounts. Direct deposit also avoids the possibility that a refund check could be lost or stolen or returned to the IRS as undeliverable. And it saves taxpayer money. It costs more than $1 for every paper refund issued, but only a dime for each direct deposit. Easy to use A taxpa

IRS opens tax filing season for individual filers on Jan. 27

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The IRS announced that 2019 tax filing season will open on January 27th. Although many tax software programs allow you to input and submit your tax returns before this date, no returns or refunds will be processed until then. So, don't get in too much of a rush to file... make sure you have received all the necessary income and expense reporting forms so that you can avoid overpaying, or dealing with correspondence or amended returns down the line. IR-2020-02, January 6, 2020 WASHINGTON ― The Internal Revenue Service confirmed that the nation's tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority