Tag: file my 2019 taxes

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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.

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.