Taxes 2020: When they’re due, how to file online and more – CNET

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As if there wasn't already enough going on, it's almost tax time again. In an effort to provide relief to Americans grappling with the COVID-19 pandemic and its resulting economic fallout, in Marchthe IRS extended the standard April 15 tax deadline to July 15, 2020. That revised due date is one month from today.

Of course, if you already filed and paid your taxes for 2019, you don't need to take any additional action. But if you haven't yet filed, it's high time to start prepping. According to the IRS, estimated taxes must be paid by July 15 to avoid penalties and interest -- but you have until Oct. 15 to actually file your tax return. More on that below.

Read more: Coronavirus and Tax Day: Deadline extended, but you can file now for a refund

For tax year 2019, the IRS has tweakedindividual income tax brackets, adjusting them for inflation. And there are new regulations involving the standard deduction, 401(k) plans and health savings accounts that may impact how you prepare your taxes. The major changes include:

Last year, the IRS was closed due to a government shutdown. This year, many government agencies have closed their doors or are working at severely reduced capacity. Many taxpayers will need to rely on online resources to help them navigate the filing process. The IRS publisheda 12-page PDF covering the major changes that took effect last year, and there are answers to many questions onthe IRS website.

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There are also plenty of companies that would love to help you prepare your taxes, for a fee of course. (Depending on your annual income, you may be eligible for free preparation support resources, though they're harder to find than they should be.) CNET's Personal Finance crew has prepared a wealth of tax resources to help you, including a series of articles covering the 2020 tax season from every angle:

Below, we present answers to common questions about when to pay, how to pay, who to pay, where to send your payment and, if you happen to be so fortunate, when to expect your refund.

For most people in the US, taxes for calendar year 2019 are officially due on Wednesday, July 15, 2020. That noted, the IRS usually allows taxpayers to file for an extension. This year, according to the instructions on Form 4868 ("Application for Automatic Extension of Time To File US Individual Income Tax Return"), taxpayers can apply for an extra six months to file, making Thursday, Oct. 15, 2020 the due date.

The failure-to-file penalty is $300 in 2020. (TheTaxpayer First Act of 2019will increase this penaltyto $330 in 2021). To avoid paying it, you should plan to e-file or postmark your individual tax return by midnight on July 15 -- at the latest. Among the many advantages of filing early, preventing someone else from filing fraudulently on your behalf is reason enough to get your taxes done as soon as possible.

CNET has rounded up the best tax software for 2020 featuring vendors such as TurboTax, H&R Block and TaxSlayer. These companies can make the tax filing process -- from reporting your taxable income or self-employed income, setting up direct deposit and going through your itemized deductions -- much easier.

Read more: The best tax software for 2020

That noted, the IRS provides a list of free online tax prep softwareoffered by many of those same providers. The only catch: it's free only if you qualify to use a1040ez form. That means your tax situation needs to be relatively simple. You can use it if you make less than $100,000 annually, you don't itemize deductions and you don't own a business.

A number of online tax software providers will help you file for free.

Of course, if you want to itemize deductions or have a more complex financial situation -- you run a business, have investments or generate rental income -- you'll have to pay for a higher tier of service, which can run a couple hundred of dollars. Still, for most people, even the most deluxe online package is far less expensive than hiring an authorized tax pro. And if you prefer to keep it old-school, the IRS's online tax forms handle some but not all of the calculations for you and still allow you to e-file or print and mail.

Read:TurboTax is making you hunt for its free tax filing service, says ProPublica

This year, most states have extended their tax return deadlines to July 15, 2020. And a couple of states have pushed them out even further; Hawaii's state tax deadline is July 20 and Iowa's is July 31. Missouri's state tax deadline was May 15.

Many states have their own online tax platforms, which are usually free to use. TurboTax, H&R Block and other online tax tools can also help you file your state return and can import most of the information from a federal return they've already prepared, though they usually charge a fee. Check out CNET's comparison of tax software and services to see which is best for you.

How quickly you can expect to see your refund depends on how you file, when you file and which payment method you choose. Filing online and filing earlier usually results in faster processing. In a normal year, the typical turnaround ranges from one to three weeks but given the extreme abnormality of 2020, all bets are off.

Selecting direct deposit as the payment method so the IRS will deposit your refund directly into your bank account usually makes for the fastest turnaround. An e-Collect direct deposit, where your tax preparer's fee is deducted from your refund, may add a few more days to your wait. A paper check may take several weeks to arrive.

If you file online, there's nothing to print out or mail but we recommend you save an electronic copy. Otherwise, you'll need to mail your return to the IRS. The specific mailing address depends on which tax form you use and which state you live in. The IRS has published the complete list here.

It's vital that you send your return to the right IRS office. Getting it wrong can have dire consequences and may result in a penalty or fine.

If you're mailing your tax payment, you can elect to have the funds withdrawn directly from your bank account or include a personal check or money order. If you choose the latter, make it payable to "US Treasury" and include your name, address, phone number, social security number or ITIN (Individual Tax ID Number). Under no circumstances should you mail cash to the IRS.

The IRS website featuresa handy web-based tool that lets you check the status of your refund, and there's also a mobile app, IRS2Go. You can usually access your refund status about 24 hours after e-filing or four weeks after mailing in a return. To check your status, you'll need to provide your social security number or ITIN, filing status and the exact amount of your refund. If your status is "received," the IRS has your return and is processing it. "Approved" means that your refund is on its way.

There arenumerous ways to contact the IRS. The agency seems to have suspended its live chat for the time being, but you can still submit questions through its online form. If you prefer to talk to a person, the IRS maintains a number of dedicated phone lines that are open Monday through Friday, from 7 a.m. to 10 p.m. (local time). Individuals can call 800-829-1040 and businesses can call 800-829-4933.

And there's always theInteractive Tax Assistant-- an online tool that provides answers to a number of tax law questions. It can determine if a type of income is taxable, if you're eligible to claim certain credits and whether you can deduct expenses on your tax return. It also provides answers for general questions, such as determining your filing status, whether you can claim dependents, if you even have to file a tax return, etc.

There are plenty of online applications and services, and you can check out CNET's comparison of them.

The IRS usually offers free tax prep help through a number of programs. The Volunteer Income Tax Assistanceprogram, for example, typically helps people who make less than $54,000, have disabilities or have limited facility with English. And the Tax Counseling for the Elderlyprogram specializes in tax issues that impact people who are 60 or older. Due to COVID-19, however, many VITA sites -- and all TCE sites -- have been closed. For now, the IRS's International Taxpayer Service Call Centerremains available at 267-941-1000, Monday through Friday, 6 a.m. to 11 p.m. ET.

How to deduct your home office without an audit: Self employed? You need to read this.

How to handle cryptocurrency on your taxes: Your epic Bitcoin gains are not exempt from tax, sorry.

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Taxes 2020: When they're due, how to file online and more - CNET

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