2019, 2020 Tax Break, Credit Deadlines

by | Dec 25, 2019 | Uncategorized | 0 comments

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2019, 2020 Tax Break, Credit Deadlines

Before you prepare and e-file your 2019 federal  and state Tax Return on efile.com, you may want to ask yourself this question:

“How can I save money on my taxes?”

There are three ways you can save money on your taxes:

You can now eFile your 2019 Tax Return. It is important to consider which tax credits and tax deductions you can claim on your 2019 Tax Return before 2019 ends. For example, if you have a child born on January 1, 2019, you cannot claim the Child Tax Credit for your 2019 Tax Return; you would have to wait until the beginning of 2021 to claim the credit on your 2020 Tax Return.

Here’s something else to consider: the values for each tax credit or tax deduction often vary by Tax Year. Once the value of a credit or deduction for a Tax Year expires (let’s say 2015), you can only claim that value on a 2015 Tax Return; you cannot claim 2015 values on a 2019 Tax Return.

This is why we strongly recommend tax return planning throughout the year in order to take advantage of as many tax credits and deductions you qualify for by the end of the year.

Avoid Surprises by using the efile.com Tax Calculator and Tax Refund Estimator!

2019 Tax Calculators and Tools

Review all the tax credits and tax deductions you may qualify to claim on your 2019 Tax Return.

There are tax breaks that are officially expired. This means that under current law, none of these credits and deductions are available to claim on 2019 Tax Returns. Our expired tax laws page provides details on these tax breaks.

We will update our site with the latest information on tax breaks as soon as any official announcements are made. Stay up to date on the latest tax law changes with efile.com!

 

Research & References of 2019, 2020 Tax Break, Credit Deadlines|A&C Accounting And Tax Services
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