Just in time for the busiest weekend for the Internal Revenue Service (IRS), Commissioner Chuck Rettig issued a message to taxpayers. In the video previously posted on YouTube (but no longer available), Rettig shares important information for the 2019 tax filing season. There are, he says, three things can you count on this filing season:
- The IRS website (www.irs.gov) has useful information;
- Despite new tax forms and new tax laws, tax software will look the same; and
- If you use a tax professional, it’s vital to use a reputable preparer.
During the busy season, the IRS encourages taxpayers to use the website rather than making a phone call. On the IRS website, you can check on your tax refund, explore payment options and learn about the new tax law changes (www.irs.gov/taxreform).
There are many filing options – from paper forms to software to tax preparers. About six in ten taxpayers use a paid preparer, but it’s crucial to find the right fit. For more on finding a tax preparer, click here.
Remember that many taxpayers can file for free through the Free File program. With FreeFile, taxpayers with income below $66,000 in 2018 typically have access to free tax prep software (eligibility may vary). That means that up to 100 million taxpayers, or 70% of filers, are eligible to use Free File. Taxpayers with income above $66,000 have access to fillable, electronic versions of the paper forms. Free File opened for business this year on January 12, 2019. You can find out more here.
And if your tax picture – including your tax refund – doesn’t quite look like what you were expecting, remember that you can adjust your withholding. You can find out more about form W-4 here and more about the IRS withholding calculator here.
Finally, Rettig shares a piece of advice that you might also hear from your tax professional (and me): If you can’t pay your bill in full, file anyway. The IRS imposes failure-to-file and failure-to-pay penalties. You can reduce the amount of penalty by filing and figuring out payment options and arrangements later. Rettig says that the IRS is available to help.
