Q: When are taxes due in 2020?
A: Tax Day for 2019 returns is April 15th, 2020. If you aren’t ready by then, you can file an extension.
Q: How do I know I’ve received all of my tax forms?
A: One thing we always do in our office is compare your tax forms from the year before, and make sure all the same forms have come to you for this year’s tax season. If you changed banks, investment companies, jobs, etc. during 2019, they will have to send you a tax form during your time working with them.
Q: How much should I be paying for a tax return?
A: It depends on your situation. If you have a simple W-2/1099, somewhere between $110-200 is normal. If you own a business, or own rental income, you will be paying more since there’s more work.
Q: Should I use a tax preparer?
A: In my opinion, yes. A lot of the time, my first tax season with a client is creating the current year’s tax return, while also fixing a previous year’s return that had mistakes. Being proactive, and spending a little more to have a professional complete the return can be worth the expense.
Q: How long does it take to receive my refund?
A: We have tax client’s receive their refund as quickly as two weeks. The closer you are to April 15th, the longer it normally takes to receive your refund. If you want information about your refund go to: www.irs.gov/refunds .
By: Chris Mavrakos
President of MFP Tax Services, Inc. Located in Dunedin, Florida and serving families in the community for over 25 years.
The information contained in this article is provided for informational purposes only and is not intended to substitute accounting or tax advice.