Figuring out your 2019 tax situation might feel overwhelming. It doesn’t have to be. This post breaks down everything you need to know about 2019 tax returns, from key changes and common mistakes to filing options.
Table of Contents:
- Understanding the 2019 Tax Landscape
- Common 2019 Tax Filing Mistakes to Avoid
- Filing Options for Your 2019 Tax Return
- Conclusion
Understanding the 2019 Tax Landscape
The 2019 tax year brought significant changes under the Tax Cuts and Jobs Act (TCJA) of 2017. These changes affected deductions, credits, and tax brackets for individuals and families. Understanding these core shifts is crucial for accurately filing your 2019 tax return.
Key Changes in the 2019 Tax Year
The standard deduction increased significantly. It nearly doubled for single filers, from $6,350 in 2017 to $12,200 in 2019.
For married couples filing jointly, the standard deduction jumped to $24,400. This higher standard deduction meant fewer people needed to itemize.
Itemized deductions also faced limitations. The state and local tax (SALT) deduction was capped at $10,000, a considerable change for those in high-tax states.
Navigating Tax Brackets and Credits in 2019
The 2019 tax brackets were adjusted for inflation. Consult the IRS website or a tax professional to determine your correct bracket.
The Child Tax Credit also saw changes, doubling to $2,000 per qualifying child, with a larger refundable portion. Understanding the eligibility requirements for the child tax credit is essential for 2019 tax filers.
Common 2019 Tax Filing Mistakes to Avoid
Filing your 2019 taxes accurately is important to avoid issues with the Internal Revenue Service. Even small mistakes can lead to penalties, interest charges, and back taxes.
Missing or Incorrect Social Security Numbers
Ensure all Social Security numbers on your return are accurate. Incorrect numbers cause processing delays and can flag your return for review by the Internal Revenue Service.
This seemingly small error is a common one. It’s crucial for a smooth tax return process to check that all the necessary form w-2’s are present with the right numbers.
Math Errors and Miscalculations
Double-check all calculations. A simple math error can lead to notices from the IRS. Use a calculator or tax software to minimize errors when filing your federal income tax return.
Incorrect Filing Status
Choosing the correct filing status affects your taxable income, deductions, and credits. Claiming an incorrect status, such as “head of household,” can have significant consequences.
Carefully review the IRS guidelines to ensure you select the appropriate status for your federal tax return. A tax professional can provide further assistance.
Overlooking Tax Credits and Deductions
Missing eligible tax credits and deductions reduces your potential tax refund. Research thoroughly or consult a tax professional to maximize your tax benefits.
Remember that provisions from the TCJA were in place, which modified several tax credits. These details should be carefully addressed if you plan on amending prior year returns or making adjustments.
Filing Options for Your 2019 Tax Return
Several filing options existed for your 2019 tax return, depending on your comfort level. You can file your prior year returns using different options depending on your tax situation.
DIY Tax Software: Navigating Technology for Your 2019 Taxes
Online tax software provides a user-friendly way to prepare your return. These programs guide you through the process, helping you identify applicable deductions and credits.
Keep in mind that software from that time might not fully reflect all TCJA changes. If your capital gain or other income situation was complex, it would likely have required updating by a tax pro.
Tax Professionals: Getting Expert Help for Your 2019 Taxes
Tax professionals, like CPAs or EAs, offer expert assistance for federal income tax. Their guidance can be invaluable, especially with the TCJA changes in effect during the 2019 tax year. For those needing help figuring out how to file tax extensions or tax extensions for prior year returns, they could certainly come in handy as well.
If you’re facing customer support issues or need support with audit defense, tax pros can offer specialized assistance and provide community answers for any of your issues.
CPAs and EAs are invaluable for complex situations, offering experience and helping navigate potential issues with the IRS after you check e-file status.
Conclusion
Filing your 2019 federal income tax return might seem complicated. Understanding the changes, avoiding common mistakes, and considering professional help can simplify the process.
Whether you use online tax software or consult a tax professional, filing your 2019 tax return correctly can reduce stress and potentially save you money. It helps to ensure you comply with all applicable tax laws for married individuals and helps ensure your income tax return is free from any tax issues.
