The Internal Revenue Service announced this week that the official opening day of the 2020 tax season for individuals will be Jan. 27, which is when the IRS starts to accept and process 2019 federal tax returns. You have until April 15 to file your return and pay your tax bill.
This year, taxpayers with adjusted gross incomes of $69,000 or less can use free commercial software by going to IRS.gov/freefile. Free File will open by the afternoon of Jan. 10, although taxpayers won’t actually be able to file their returns until the start of the tax season, Smith said.
(I don’t think this should be a Democrat or Republican issue — it’s obvious to all of us in taxation that if you only ever extend tax breaks retroactively, they are extremely ineffective at generating the additional economic benefit for which they were originally intended. Plus, it makes tax planning a major and unnecessary headache!)
A few days ago, the IRS released info on which tax benefits will increase next year due to inflation (guessing the silly old limit on deductible gifts is still going strong/ would love to see that one indexed some day); see the list here:
