Wednesday, January 29, 2020

"It’s that time again" - IRS has started processing tax returns

From the Milford Daily News, articles of interest for Franklin:
"The IRS began accepting and processing tax returns for individuals on Monday.

Last year’s filing season was an adjustment for taxpayers and industry professionals alike as it was the first under a massive overhaul of federal tax law. While this year’s season is expected to be more sedate, there are a few tweaks to be aware of.

Standard deduction

The standard deduction doubled under the new tax law that took effect in 2018. In turn, the number of taxpayers who took that instead of itemizing on their taxes jumped sharply. An estimated 90% of taxpayers are expected to take the deduction this year.

While the standard deduction usually increases each year for inflation, it’s worth keeping the figure in mind as taxpayers adjust to the new system. Some people may still want to run through the exercise of deciding whether to itemize or not. The decision comes down to whether your deductible expenses are greater than the standard deduction. Tax preparation software or a tax professional can walk you through this with ease."
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"The Internal Revenue Service today reminded active duty military personnel that IRS Free File offers them multiple options for free federal tax preparation.

Free File is for individuals or families whose adjusted gross income was $69,000 or less last year. Free File is a private-public partnership between the IRS and the Free File Inc."

To make sure you are using the IRS Free File system, go to to review your choices
To make sure you are using the IRS Free File system, go to to review your choices

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