Selby Tax and Accounting Team is ready for the 2020 Tax Filing Season!
The Internal Revenue Service opened tax filing season January 27 and begins to accept and process federal tax returns for tax year 2019. The deadline to file a 2019 return and pay any tax owed is Wednesday, April 15, 2020.
There are changes for the 2020 Tax Season affecting 2019 taxes, here are three most important:
- Income tax bracket increased in 2019
- The Standard Deduction Increased to $12,200 for single filers and $24,400 for married couples filing jointly.
- There will be no penalty for not having health insurance coverage.
There are seven federal tax brackets for the year 2019, the below numbers are the 2019 Individual Income Tax Brackets.
Don’t let taxes stress you out and contact us at 616-613-3222.