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Tag: 2020 tax season

Posts Tagged ‘2020 tax season’

How do I fix a stimulus rejection code for my tax return?

Posted by Manisha Hansraj on July 28, 2020
Last modified: July 28, 2020
stimulus rejection

Many taxpayers are confused as to why the IRS is rejecting their 2019 tax returns when they haven’t filed as yet.

There’s a reason for this, and you may be caught off guard if it happens to you.

Did you use the IRS’ Non-Filers Tool?

There are two tools, the Get My Payment Tool and the Non-Filers Tool.

With the IRS system in place for stimulus payments, the only individuals targeted to use the Non-Filers tool had to have social security benefits or did not have any requirement to file a 2019 tax return. Typically, these taxpayers are retired individuals.

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Economic Stimulus Payments: The Get My Payment Tool vs Non-Filers Tool

Posted by Manisha Hansraj on June 4, 2020
Last modified: June 12, 2020
economic stimulus payments

There has been a lot of confusion regarding economic stimulus payments.

Many are wondering which tool to choose when they go to the IRS website to track their stimulus payment. There are two tools, the Get My Payment Tool and the Non-Filers Tool. Both tools have different requirements.

Which tool do I use?

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The IRS Extends the Tax Deadline Due to the Coronavirus

Posted by Manisha Hansraj on March 20, 2020
Last modified: March 23, 2020

Amid all the chaos of the Coronavirus (COVID-19) outbreak, many taxpayers and lawmakers advocated for an extended tax deadline.

Fortunately, the IRS has extended both the filing and payment deadlines. The extended tax deadline is good news for taxpayers who owe the IRS.

Not only do they get extra months to file, they get extra months to pay. It’s one less of a headache during this hectic time.

When is the new extended tax deadline?

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How to File Your 2019 Taxes

Posted by Manisha Hansraj on January 13, 2020
Last modified: June 24, 2020
2019 tax return

The 2020 tax season starts on January 27, 2020. January kicks off the new year and with a new year, comes a new tax season. Get a fresh start by finding out the new tax changes for your 2019 tax return.

Additionally, check out some tax reminders below.

Tax dates to remember

It’s important to set a reminder whether it’s your phone or calendar.

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Tax Deductions: Choosing to Itemize or Claiming the Standard Deduction

Posted by Manisha Hansraj on January 3, 2020
Last modified: January 3, 2020

Trying to understand anything tax related makes you feel like you’re back in grade school.

However, it doesn’t have to be difficult. Here’s some sure-fire information that may help you out if you’re a first time filer, or if you have some general questions about claiming tax deductions.

What’s the difference between claiming the standard deduction and itemizing deductions?

In general terms, a tax deduction is a certain amount you are allowed to exclude from your income. This means that you are taxed on a lower amount of income, and thus pay less in taxes.

While not as valuable as tax credits – which directly decrease your tax liability – deductions can still reduce your tax burden significantly.

There are two ways to claim deductions.

  1. Itemize deductions. Add up all of your allowable expenses and subtract them from your income.
  2. Claim the standard deduction. Deduct the basic amount available to everyone.

While preparing your taxes you need to figure out whether you get a bigger tax break from itemizing your deductions or claiming the standard deduction. Most people end up claiming the standard deduction, but some people have enough allowable expenses to make it worth their while to itemize deductions.

The Standard Deduction

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