Here are five tips to help reduce tax filing stress and to minimize the chance of future problems with the Internal Revenue Service
hen Form 1040 debuted in 1914, the filing instructions were one page long. Today, they run 108 pages, not counting instructions for the more than 50 related forms and schedules. There are now seven tax brackets and five filing statuses, and the only constant about the tax code is change. After enacting the most sweeping tax reform in three decades in December 2017, Congress pounced again in December 2019, extending and modifying a slew of tax breaks and revamping rules about retirement accounts.
Given all that, it's easy to feel overwhelmed. . If you're bummed out about writing a big check to the IRS, consider writing a check that benefits you—and your retirement—instead. While it's too late for employees to top up 2019 contributions to a 401, you might still be able to deduct 2019 contributions to an individual retirement account , a To qualify for an HSA, you must be covered under a high-deductible health plan.
You must make 2019 contributions to an HSA or IRA by April 15. If you're self-employed and file for a tax extension, you can contribute to your SEP-IRA until October 15 or the date you file your return, whichever is earlier. The IRS eliminated Forms 1040EZ and 1040A in 2019 but has introduced a new form in 2020: Form 1040-SR, U.S. Tax Return for Seniors
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Your Money: Five useful money moves you can do instead of panicSpoiler alert: None of the useful things you can do about your money right now i...
Read more »
Glossier's First Launch of 2020 Has ArrivedFor Glossier's first product launch of the year, dive into seven shades of sheer matte lid tint. All the details on the drop, below.
Read more »
13 TV Shows You Must Watch in 2020Here are 13 of the shows that should be on your radar in the new year, from returning faves like Outlander and Schitt’s Creek to new offerings from the teams behind Downton Abbey and Big Little Lies.
Read more »