Updated 03/20/2020 – Since everyone is preoccupied with the coronavirus pandemic, the U.S. government has decided to allow more time to file taxes. Secretary of the Treasury Steven Mnuchin announced the move via Twitter. Tax Day has officially been moved from April 15 to July 15 for all taxpayers and businesses. You can take this additional time to file and make payments without interest or penalties. (Scroll down to see the official tweet.)
The IRS officially began accepting returns for the 2019 tax year on Jan. 27, 2020. Don’t freak out though. With the newly announced extension, you have until Wednesday, July 15, to file. Unless, of course, you ask for an extension to file; if that’s the case, you have until Tuesday, Oct. 15.
But, as you know, time flies and the deadline can sneak up on you in a hurry. That’s why it’s a good idea to start getting things in order as soon as possible.
At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.
— Steven Mnuchin (@stevenmnuchin1) March 20, 2020
That’s why we’re going to take a look at some of the best online tax software out there. They can really help you file the most optimum return possible this year. Where do your taxes go? Find out with this site.
If it’s the first time doing your own taxes, TurboTax might be the one for you. It’s known for its ease-of-use and can do most of the work for you if you’re filing a simple return. This year, TurboTax offers four packages to choose from, depending on your filing situation.
If you have a simple tax return to file, your best option is the Free Edition. You’ll pay nothing to file your federal and state taxes if you have a simple return. Start by importing your W-2, answer a few simple life questions and TurboTax will help get you the maximum refund.
Other options include Deluxe, which helps maximize tax deductions and credits. Premier is for those with investments and rental property. Finally, there’s a Self-Employed edition, which is perfect for personal or business income and expenses.
Price: Free Edition: $0; Deluxe: $60; Premier: $90. Self-Employed: $120
State filing fee: $0 with Free Edition and $50 for all others.
Watch your email. The tax deadline is nearly here, and criminals are going all out to take advantage. You may receive a very legitimate-looking email with the logo of any one of America’s largest tax preparation companies.
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Something that was always supposed to be free finally is: The IRS’ free tax filing program, Direct File, will be available in 24 states next year. It was limited to simple tax situations, like W-2 wage earners or Social Security retirement incomes, but in 2025, it’ll cover complex filings, too. Here’s more info on who can use it.
Free filing: The IRS is testing a free tax filing tool called Direct File in 12 states. Finally! Of course, there’s a catch: It’s only for folks in certain areas with specific incomes. Want in? Check here to see if you’re eligible.
