Knowing when tax season 2020 starts can give you a head start on preparing to file your 2019 taxes and even give you a sense of when to expect your 2019 tax refund.
Tax season can easily be described as both the best of times and the worst of times. Some taxpayers may start preparing for a sizable tax refund—and others may come to the frightening realization that they’ll owe money. Regardless of how tax season has gone in years past, though, tax season 2020 will roll around soon enough, and with it plenty of reminders that it’s time to start filing your taxes.
During—or even before—tax season, you’ll want to start collecting W-2s and other tax forms. If your tax situation is more complicated, you’ll want to reach out to a tax professional to start gathering your materials so you can ensure everything will be ready in time for Tax Day. Many materials won’t be ready until the tax year ends on December 31, 2019, but you can start getting a sense of which forms you’ll need to look out for—and if you need to take steps to lower your tax burden through actions such as putting money into a retirement account or making charitable donations.
When Is tax season?
Tax season 2020 will likely begin January 27 or 28, 2020. Dates for tax season 2020 haven’t officially been announced yet, though taxpayers can certainly expect it to start sometime in late January 2020 and last until April. Tax season 2019 began January 28, 2019; on that date, the IRS began accepting and processing tax returns from 2018. Around January 27 or 28, taxpayers should begin receiving (or collecting) tax forms for 2019 from employers, clients, and more.
When Is Tax Day?
The last day to file taxes, also called Tax Day, is generally April 15. For tax season 2020, Tax Day will likely fall on Wednesday, April 15, though the IRS has yet to announce official dates for 2020. All 2019 tax returns will be due on Tax Day, unless a tax-filing extension request has been submitted. Taxes can still be filed on Tax Day, but it is always best to avoid becoming a last-minute tax filer.
When Will I Receive My Refund?
The IRS claims to issue most refunds in fewer than 21 days, and hopefully that will hold true for the 2020 tax season, too. To reduce any potential refund delays, consider preparing tax returns—or working with a professional or tax filing software to prepare them—as early as possible. That way, as soon as the IRS begins accepting returns, yours can be submitted and your refund can be processed, hopefully within that 21-day window. The IRS also recommends that taxpayers file their returns electronically to reduce any potential errors and receive refunds more quickly. Use the commonly overlooked tax deductions checklist to check for any opportunities to increase that 2019 tax refund, and plan to be patient: That refund will arrive eventually.