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Category: Tax Year 2019

Now that you’ve decided to get back on track with your tax filing obligations to file 2019 taxes, where to start? The first step to filing any prior-year tax return, including your 2019 taxes, is to gather all the information you will need.

Archive for the ‘Tax Year 2019’ Category

2019 Tax Tables and Tax Forms

Posted by admin on January 17, 2022
Last modified: January 17, 2022

Guide to Tax Form and Tax Tables for 2019 Tax Refund and Late Tax Filing

When filing 2019 Federal Tax Return, there are two main types of paperwork from the IRS that you will find helpful: their 2019 Tax Tables and their 2019 Tax Forms. These are published each year by the IRS, and copies of all of them can be found on their website. 

These documents can feel like a lot of complicated paperwork and additional pressure in addition to your own financial paperwork, especially when filing your back taxes. However, if you needed to file a return for the 2019 tax year but haven’t yet. It is a good idea to get on top of things and sort this out. So, let’s break things down so that you’re familiar with all the basics and ready to tackle your 2019 taxes.

What are tax tables for?

When we talk about tax tables, we’re referring to the tables created by the IRS that outline the total amount of tax that taxpayers owe. There are different tables and rates for different types of taxable income for both individuals and businesses.

For individual income tax returns, the relevant tables are based on three things: your filing status, income range, and applicable tax rate or rates.

Tax tables can help you figure your tax based on your filing status and your taxable income amount.

This information can also help you to adjust your tax withholding from your paychecks – the amount of money your employer puts aside from your take – home pay each paycheck.

  • If you’re withholding more than you need to, you will be able to get that amount back as a refund when you file your tax return. You could also consider adjusting your tax withholding to keep more of each paycheck throughout the year.
  • If you’re not withholding enough and the amount underpaid works out to more than 10%, you may be liable for an underpayment penalty.

Are the 2019 Tax Tables different from tax tables for other years?

Yes. The 2019 Tax Tables will be different from those for tax years both before and after. Each year new tax tables are published, usually during the fourth financial quarter of the year.

This is because the income range brackets for the tables are indexed each year to take inflation into account. Since 2017, the government has used something called “the chained consumer price index”. It adjusts the tax brackets and other parts of tax law annually to account for changes to the cost of living in the country.

What information do you need to know when looking at the 2019 Tax Tables?

When reading the 2019 Tax Tables to prepare your federal income tax return, you should know your filing status and your taxable income.

Your taxable income is your adjusted gross income (all income you received in 2019 minus any adjustments that you qualify for). Of course, with any qualified business income deductions and either standardized or itemized deductions subtracted.

There are seven rate brackets for federal individual income tax, and where each bracket falls will depend on filing status. Everyone filing a federal personal income tax return will fall into one of five categories:

  • Single
  • Married, filing jointly
  • Head of Household
  • Married, filing separately
  • Surviving Spouse/Widow(er)

Not confident which filing status applies to your circumstances? You can visit the IRS website and use their Interactive Tax Assistant to determine your status based on their guidelines.

Got your filing status and your taxable income to hand? You can now use that information to identify the applicable tax rates for your income and filing status.

2019 Tax Tables

It’s important to know that the tax system is progressive. This means that you pay the lowest tax rate (10%) on your income up to the first threshold. The next tax rate (12%) on your income between the first and second thresholds. The next tax rate (22%) on your income between the second and third thresholds, and so on.

Now that you know how the 2019 Tax Tables work let’s turn to the 2019 Tax Forms.

What 2019 Tax Forms do I need to file my 2019 Tax Return?

Form 1040 ‘U.S. Individual Income Tax Return’ is the main tax form that you will be filling out. This is the form used to add up your income and any and all deductions you are qualified for. If you are 65 years old or older, there is a variation known as Form 1040-SR U.S. Tax Return for Seniors is available. It is designed to be easier to read and fill out for seniors.

The other main category of 2019 Tax Forms to be aware of are the attachments to Form 1040, known as a group as Schedules. Again, requirements will depend on your circumstances. There are both numbered and lettered schedules that you may need to fill out. These documents are used to record things such as additional income and compensation, any deductions or credits you wish to claim. Any prior tax payments. You can use our free 2019 Tax Calculator to have a better sense of your return.

All 2019 Tax Forms are available to be downloaded from the IRS and come with instructions to follow that direct you to all the forms relevant to your situation that you need to fill out.

If you’re not confident making your way through the IRS forms on your own, using an online tax application is a great alternative. You can prepare your tax return with simple prompts to guide you through the process.

Are you ready to take the next step and get started filing your 2019 tax return? Then, visit our website and get in touch today. Our online tax application and experienced team of tax professionals can help you get caught up on your filing obligations today.

2019 TAX BRACKETS

Posted by admin on December 8, 2021
Last modified: December 8, 2021

Each year new tax tables are published by the IRS, which are used to determine how much tax each taxpayer owes. These tables include information about where the federal individual income tax brackets fall for each tax year.

Are you preparing a prior year’s tax return for 2019? Check out our awesome Tax Calculator 2019. Let’s discuss what you need to know about the tax brackets in 2019, including how they work and how they affect your tax situation.

What are tax brackets?

Each tax bracket is a range of two incomes, an upper and lower bound, which dictates the income range that is taxed at each tax rate. What income groups correspond to each of the seven brackets will depend on your filing status. For federal individual income taxes, there are seven tax brackets.

taxes 2019
taxes 2019

Why are tax brackets important?

Each of the seven taxable income groups or tax brackets corresponds to a tax rate. The seven tax brackets in 2019 corresponded to the following tax rates: 10%, 12%, 22%, 24%, 32%, 35%, and 37%.

The U.S. personal income tax system is what is known as a progressive tax system. Tax brackets are used to group taxpayers according to income ranges. This creates lower tax rates for lower-income earners and higher tax rates for higher-income earners.

However, it’s important to keep in mind that only the income that falls within an income bracket will be subject to the bracket’s corresponding tax rate. This makes the tables a bit more complicated to read and use. But, it also means that just because your income might put you into a higher tax bracket, not all of your income will be taxed at the corresponding higher tax rate.

How to use the 2019 tax brackets?

What information do you need before starting?

When reading the 2019 tax brackets, you need two main pieces of information: your total taxable income and your filing status for the 2019 tax year.

There are five different Filing Statuses for federal income taxes. Your status will depend on factors such as your marital status, occupation, number of children. The five different categories are:

  • Single
  • Married, filing jointly
  • Head of Household
  • Married, filing separately
  • Surviving Spouse/Widow(er)

The IRS website offers a web application, their Interactive Tax Assistant, which can be used to make sure you accurately determine your status based on their guidelines.

Total Taxable Income

Total Taxable Income refers to the portion of your gross income that U.S. tax law considers subject to taxation. You arrive at this number by taking your Adjusted Gross Income (AGI) and subtracting any deductions you are entitled to, either itemized or the standard deduction. Your relevant adjustments will depend on your filing status and your sources of income and financial activity during the year.

The 2019 tax forms have instructions that you can follow to arrive at your total taxable income. However, an online tax filing application can help you calculate your total taxable income as part of preparing your 2019 tax return. You can visit PriorTax.com to learn more and get started today.

Now with both your filing status and total taxable income at hand, the table below can point you toward your relevant tax brackets for the 2019 tax year.

2019 Tax Brackets

What calculations do you need to do to apply the 2019 tax brackets to your tax situation?

First, when looking at the tax brackets for 2019 or any other tax year, it’s important to remember that the U.S. personal income tax system uses a progressive tax system. This means reading and applying the 2019 tax brackets is not as simple as finding your filing status column and total taxable income row in the table above, applying the tax rate to your total taxable income, and then you’re done.

A few more calculations are needed to take into account the fact that although your total taxable income may put you into a higher tax bracket, the U.S. Government doesn’t tax all of that income at the corresponding higher tax rate.

So, what does this look like when applying the tax brackets to your tax situation?

To estimate your income tax obligations, you will need to multiply the tax rates for each bracket by the amount of your total taxable income that falls into that bracket. Once you have your tax for each bracket, you can add these up to get your total federal income tax obligation.

Now, let’s take as an example a single person with $45,000 in total taxable income in 2019.

$45,000 in taxable income falls into three tax brackets, so three tax rates apply: the 10%, 12%, and 22%.

1. Calculate your income tax due in the 10% bracket

Your income from $0 to $9,700 falls into this bracket, so:

$9,700 x 0.10 = $970

2. Calculate your income tax due in the 12% bracket

Your income from $9,700 to $39,475 falls into this bracket ($29,775 in total), so:

$29,775 x 0.12 = $3,573

3. Calculate your income tax due in the 22% bracket

This is your highest bracket. Your income from $39,475 to your total taxable income ($45,000) falls into this bracket ($5,525 in total or $45,000 – $39,475 = $5,525), so:

$5,525 x 0.22 = $1,215.50

4. Add up your income tax due in each bracket to obtain your total federal income tax obligation

$970 + $3,573 + $1,215.50 = $5,758.50

Want help calculating your taxes based on your income brackets? For help figuring your federal income tax obligations and all other aspects of preparing your 2019 tax return and any other prior-year tax return, visit PriorTax.com.

2019 Tax Return

Posted by admin on December 1, 2021
Last modified: December 1, 2021

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.

2019 tax return
2019 tax return

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.

Can I Still File My 2019 Taxes

Posted by admin on November 9, 2021
Last modified: November 9, 2021

Have you recently wondered, can I still file my 2019 taxes electronically or file them at all?

Now that it’s October, you may be seeing reminders popping up online, in the news, or on TV about filing your tax returns for the year. That’s because, just like April 15 each year, October 15 is also a tax filing deadline.

April 15 is the annual deadline to file federal income tax returns for the previous calendar year.

October 15 is the annual extended deadline to file federal income tax returns for the previous calendar year.

You can file for an extension before the April 15 filing deadline. Then, you have until the October 15 deadline to file your tax returns before you become liable for late fees or additional interest.

With these current deadlines for 2020 taxes on the horizon, if you didn’t file a tax return for your 2019 taxes, you may be wondering if it is too late. Can I still file my 2019 taxes electronically? Or can I still file my 2019 taxes at all?

file 2019 taxes
file 2019 taxes

So, can I still file my 2019 taxes?

Yes, you can still file my 2019 taxes. And there are many reasons why it can be a good idea to file my 2019 taxes at this point.

While the deadline to file your 2019 taxes on time was July 15, 2020, there is no deadline to file your prior year’s taxes. However, there are some dates you need to be aware of if you think you are owed a tax refund — more on that in a bit.

If you made more than the minimum gross income set by the IRS for the 2019 tax year, you could benefit from filing my 2019 tax return, even if late. This is true both if you can expect a tax refund or if you owe taxes. You can use our 2019 Tax Calculator to calculate your estimated expected tax refund or tax bill.

The minimum gross income threshold set by the IRS takes into account four different factors:

  • if you are claimed as a dependent by someone else
  • if you are married or single
  • your age
  • if you are blind

For the 2019 tax year, if you were a single person under 65 years of age, this worked out to you in most cases not needing to file a tax return in 2020 if you made less than $12,200. If you were the head of your household, you typically weren’t required to file your 2019 tax return in 2020 if you made less than $18,350.

If you still need to file your 2019 taxes, get in touch today. PriorTax.com can help you file your prior tax returns and answer any questions you may have during the process. We can review and prep your documents for you to download, print, sign, and mail off.

File My 2019 Taxes Electronically

Posted by admin on November 9, 2021
Last modified: November 16, 2021

Did you know that the income threshold is different if you are self-employed? You needed to file your 2019 taxes if you had at least $400 of net earnings from self-employment. You can still file your 2019 taxes if this applies to you and you did not fulfill your filing requirements in 2020.

If You are Expecting a Tax Refund

If you are expecting a tax refund, you have three years to file your prior year’s taxes. That means that April 15, 2023 is the deadline to submit your 2019 tax return and claim your 2019 tax refund.

After that date, the amount the IRS owes you is retained by the government and goes to the U.S. Treasury. After that date, you will also be unable to apply any excess tax paid toward another tax year where you owe income tax.

You may also be owed money by the IRS even if you earned less than the minimum gross income and weren’t required to file your 2019 taxes. Your employer may have withheld income tax for you throughout 2019 that you can claim back. 

You aren’t able to get any of your money owed back until you file. So, if you haven’t yet filed your 2019 taxes you should file as soon as possible to get your money as soon as possible.

file my 2019 taxes electronically
file my 2019 taxes electronically

If You Owe Taxes

If you owe taxes, it will often be a good idea to file your prior year’s taxes, even if you are not currently able to pay your unpaid tax bill in full. Although you can face tax penalties filing your 2019 taxes after the deadline, you can reduce these the earlier you file.

The IRS has both late filing and late payment penalties. However, the late filing penalty will usually work to be more expensive than the late payment penalty. This is why you can generally benefit from filing even if you are unable to pay your full unpaid tax bill.

This advice remains true even if you owe a significant amount to the IRS but cannot pay your full tax bill for 2019. After filing your 2019 taxes, you can then benefit from working out a tax payment plan with the IRS. This has a few benefits:

  • By filing your 2019 tax return, you can put a stop to the more considerable late filing penalties. Remember that letting IRS late filing penalties will usually end up being much more costly than the equivalent late payment penalties.
  • Contacting the IRS to be put on a payment plan means that you can pay off your tax bill according to what you are able to afford.
  • A payment plan in place to pay your outstanding tax bill means that you can avoid more severe forms of collection enforcement for that bill.

And, can I still file my 2019 taxes electronically?

No. Unfortunately, you cannot still file your 2019 taxes electronically. The deadline to file your 2019 taxes electronically was October 15, 2020. However, there are options available so that you can put together the paperwork for your 2019 taxes electronically. Once the documents for your 2019 tax return are completed, you can print and mail them to the IRS and/or the relevant state tax agencies.

Free tax transcripts from the IRS are available for the current tax year at RapidTax.com and the past three years at PriorTax.com, so, you have until 2023 to request a free tax transcript for the 2019 tax year. 

PriorTax.com can help you file your prior tax returns and answer any questions you may have during the process. We can review and prep your documents for you to download, print, sign, and mail off.

FILE 2019 TAXES

Posted by admin on November 3, 2021
Last modified: November 8, 2021

The deadline to file your 2019 taxes on time may have passed. However, it’s not too late to get on top of the paperwork and file your 2019 taxes. Plus, filing your prior year’s taxes can be easier than you think.

While it’s not too late to file your 2019 taxes, it is now too late to file your 2019 taxes online using e-file. Instead, you will need to mail in a hard copy of your tax return to file your 2019 taxes. The deadline to use e-file to file your 2019 taxes online was October 15, 2020.

Although you can no longer file your 2019 taxes online, there are options available for you to prepare your tax return online. Visit PriorTax.com today. We can help you prepare your 2019 tax return online, reviewing and organizing your documents to be downloaded, printed, signed, and mailed off to the IRS. In addition, our experienced tax professionals can answer any questions you may have along the way.

Now that you’ve decided to get back on track with your tax filing obligations, where to start? The first step to filing any prior-year tax return, including your 2019 taxes, is to gather all the information you will need.

So, what information will you need to file your 2019 taxes?

file 2019 taxes
file 2019 taxes

What you’ll need can be broken down into three broad categories: your personal information, information about your income, and any adjustments to your income. Let’s take each of these in turn.

Personal Information to file 2019 taxes online

This category contains information to help the IRS process your tax return. The IRS needs to match the file of your 2019 taxes to you, know who your tax return includes, and then know where to deposit your tax refund if applicable.

  • Birthdates and Social Security or other Taxpayer Identification Numbers for you, your spouse, and your dependents
  • Copies of last year’s tax returns are helpful but not required
  • Your bank account number and routing number, if you want to receive any tax refund by direct deposit

Information about your Income to file 2019 taxes online

This category contains all the information you will need to fill out the income section of your 2019 tax return. The most common document will be the W-2 form known as the “Wage and Tax Statement” that you received from your employer. Other forms of income include self-employment income, dividends, royalties which will have their own documents.

Here’s a checklist of the relevant income paperwork and information you may have:

  • Form W-2
  • Form 1099-C “Cancellation of Debt” (the IRS generally considers canceled debt as taxable income)
  • Form 1099-G “Certain Government Payments” (forms for unemployment income and state/local tax refunds)
  • Form 1099-MISC “Miscellaneous Income” (forms you may receive for a range of different types of non-employee compensation)
  • Form 1099-R “Distributions from Pensions, Annuities, Retirement, or Profit-Sharing Plans” (forms for payments/distributions from IRAs or retirement plans)
  • Form 1099-S “Proceeds from Real Estate Transactions” (forms for income from the sale of a property)
  • Forms 1099-INT, -DIV, -B, or K-1 s (forms for investment or interest income)
  • Form SSA-1099 (forms for if you received Social Security benefits)
  • Alimony payments received
  • Business or Farming income: profit/loss statement, capital equipment information
  • Miscellaneous Sources of Income: jury duty, gambling winnings, Medical Savings Account, scholarships, etc.
  • Installment Sale Information: Forms 6252, principal and interest collected during the year, SSN and address for payer

Income and Expenses from Rental Property: profit/loss statement, suspended loss information

Adjustments to your Income to file 2019 taxes online

This category contains the information about your expenses that will help you calculate your Adjusted Gross Income or AGI. This information can reduce the amount of your income that the IRS considers taxable. This can help increase your tax refund or lower the amount of your tax bill still outstanding.

  • Form 1098-E “Student Loan Interest Statement” (forms for student loan interest paid, loan statements for student loans are also relevant here)
  • Alimony payments paid
  • Records of any IRA contributions made during the year
  • Records of Health Savings Account (HSA) contributions
  • For Students and Student Dependents: Form 1098-T for tuition paid (receipts/canceled checks for tuition paid for higher education are also relevant here)
  • For Teachers: receipts/canceled checks for expenses paid for classroom supplies, etc.
  • For armed forces reservists, employees with impairment-related work expenses, fee-basis state or local government officials, and specific categories of performing artists: receipts/canceled checks for employee business expenses.

If you are self-employed:

  • Records of self-employed health insurance payments
  • Records of payments into SEP, SIMPLE, and other qualified self-employed pension plans

Itemizing your Tax Deductions to file 2019 taxes online

While filing your 2019 taxes, just like in any other tax year, you have the choice to either take the standard deduction or to itemize your deductions.

The standard deduction is a preset amount that taxpayers are allowed to deduct from their taxable income annually. The standard deduction amount will depend on your filing status, and to keep up with inflation, it is annually indexed.

Depending on your personal situation, itemizing your deductions and credits may help you to lower your tax bill more than standard deductions. This can be especially true for high earners who also have several large expenses to deduct. To itemize your deductions, you will need to collect documentation detailing expenses so that you can be sure you are getting all the deductions and credits to your tax bill that you are eligible for.

What can you do if you are missing some of the tax documents you need to file 2019 taxes?

There can be a lot of paperwork and digital files to keep track of to file your taxes. Have you lost some of your documents? Fortunately, for the times when you cannot obtain new copies of your tax documents, there is a backup available. In such cases, you can request a free tax transcript from the IRS. This document will summarize your return information. 

Free tax transcripts from the IRS are available for the current tax year and the past three years. So, you have until 2023 to request a free tax transcript for the 2019 tax year.