‘Tis the Season – The IRS Begins Accepting Returns on January 27
The Internal Revenue Service will begin processing 2019 income tax returns on Monday, January 27.
Walt Kero is a regular guest providing general tax advice on KGVO’s Talk Back show.
“They expect to get about 150 million tax returns, so that’s a big hunting season for the IRS,” said Kero. “They would start accepting returns earlier, but they have security and readiness processes that they need to go through, and there’s also recent tax legislation and in December Congress passed an extenders bill and all those things affect processing.”
Kero said the most efficient way to file tax returns is to do so electronically.
“The IRS encourages everyone to file electronically and to use direct deposit for your refunds because that will work to your advantage, being much faster than using the mail,” he said. “Electronic filing is more accurate because if there are any problems they will pop up automatically.”
Kero provided helpful hints to make filing easier and more convenient.
“You need to accurately report all your income,” he said. “People who pay our money use 1099’s for interest, rents, business income and what not. The IRS receives a copy of those and they push their magic button and match up those documents with your return, so when it comes to the income side of things, never under-report, make sure you report all your income.”
Kero said it’s up to each individual to save and collect all the necessary paperwork to accurately prepare their tax returns.
“If you haven’t done that yet, take the time to do it now,” he said. “If you’re bored watching a football game, get all your papers stacked up and organize them. You want to maximize your deductions so that you get all the refund you’re entitled to.”
Kero said most people who just file a form 10-40 or 10-40 SR can file without assistance from a tax professional, however, those with more complicated returns might consider contact a professional tax preparer.
Kero appears on the KGVO Talk Back show once a month and provides general tax advice to those who call in or submit their questions via Facebook.