How to File 2019 Taxes
The deadline to file your 2019 tax return on time may have already passed. But if you’ve been putting off filing, there is no better time to file than today.
Don’t put off filing any longer, even if you aren’t currently in a position to pay off your tax bill. By filing your 2019 tax return today, you will be able to minimize the amount you will eventually have to pay. In addition to interest on unpaid taxes, the IRS also has late filing and late payment penalties. Filing your 2019 tax return can stop the filing penalties from racking up, which is good news that can save you money. In most cases, late filing penalties will work out to be larger than equivalent late payment penalties.
And if you overpaid and are owed a tax refund, by filing your 2019 tax return today, you will be able to claim your refund before it’s too late and ends up in the U.S. Treasury.
So, How to File your 2019 Taxes?
The first step to filing your 2019 taxes is to check whether you needed to file a tax return for the year.
The IRS sets thresholds for minimum gross income filing requirements.
For the 2019 tax year:
- The threshold for a single person under 65 years old was $12,200
- The threshold for a head of household was $18,350
- The threshold for self-employed income was $400 in net earnings
If you made less than this threshold, you typically don’t need to file a return except in special circumstances. However, if you think this may be your situation, contact us today and we can help you figure it out.
Gather your documents.
You will need to gather your documents together, particularly those related to your income, any interest you earned, already withheld taxes, and loan payments.
Next, determine which deductions and credits are relevant to your situation in 2019.
Each year, there are deductions and credits available that can help reduce your taxable income and, ultimately, the amount of tax you owe. Our tax application can help guide you through this process to help you file your return with ease.
A few things to keep in mind:
- Will you be itemizing deductions for your 2019 tax return? You need to collect all the relevant documentation to support each deduction taken.
- Will you be claiming any dependents on your 2019 tax return? You will need to have their names and social security numbers on hand to identify them to the IRS in your paperwork.
You now need to identify and obtain the correct tax forms you will need to file.
Tax forms are year-specific and change annually, as changes are made to laws and regulations. Therefore, you’ll want to ensure that you file your 2019 tax return using the forms for the 2019 tax year.
Fill out your required tax forms.
In addition to year-specific versions of the tax forms, there are also instructions that are specific to each year’s version of the paperwork. So make sure that you have the 2019 tax year instructions as well as the forms themselves during this process.
The tax form instructions will also guide you on the documents you will need related to your financial and personal circumstances.
And finally, mail off your 2019 tax return, supporting documents, and payment if necessary.
Finally, you are at the point where you can mail off your 2019 tax return. Send it to the applicable address that can be found in the filing instructions. According to the IRS, it will take approximately six weeks for them to process prior-year tax returns, like your 2019 tax return, after receiving them.
How to Re-File your 2019 Taxes
If you already filed your 2019 tax return but realized that you made a mistake or missed out on a tax deduction or credit, you can re-file your 2019 taxes by filing an amended tax return with the IRS.
Some common situations when you might want to file an amended tax return include:
- not claiming a tax deduction or credit you were eligible for
- claiming an expense or tax deduction or credit you weren’t actually eligible for
- claiming the wrong tax filing status
- needing to either add or remove a dependent from your return
- no including all taxable income on your return
First, gather your documents.
You’ll need your original 2019 tax return. In additional, you’ll also need any new documents like corrected W-2 or 1099 forms or financial documents for any tax deductions or credits you didn’t claim the first time around.
Next, you need to identify and obtain the correct tax forms you will need to file.
To file an amended tax return, you need Form 1040-X. In addition to this form you will also need the forms that are for each aspect of your return that will be impacted by the changes you wish to make.
Since tax forms are year-specific you will need to make sure that you are locating the forms for the 2019 tax year.
And finally, fill out and then submit your amended forms.
Starting with the 2019 tax year, Form 1040-X can be filed electronically if you e-filed your original 2019 tax return.
The IRS also still accepts paper filing. So you can also mail in your amended 2019 tax return. If you didn’t e-file your 2019 tax return the first time around, you will need to go this route and mail in your amended 2019 tax return.
If you still need to prepare your 2019 tax return, visit PriorTax.com and contact our customer service today. Our tax application is designed to make sure you know how to file your 2019 taxes with ease. In addition, we can help you if your 2019 tax return needs to be amended, whether you filed your original return with us or not. Call us today!
We’re here to help you file your 2019 tax return and any other prior year taxes you still need to file, so don’t wait any longer to get your back taxes in order.