Tim’s Tax News on the Tenth – February 2020
Timothy M. Hughes • February 10, 2020
IRS ANNOUNCES ALTERNATIVE FILING OPTION FOR SENIORS
On January 30, 2020, the IRS announced that senior taxpayers (age 65 or older) can utilize a new tax form when filing their 2019 income tax return. Seniors can now use a Form 1040-SR. The Form 1040-SR features larger print and a standard deduction chart with a goal of making it easier for older American taxpayers to read and use.
The Form 1040-SR is the product of the Bipartisan Budget Act of 2018, which required the IRS to create a tax form for seniors. The Form 1040-SR can be electronically filed with the IRS. So the IRS does not anticipate a decrease in electronic filings because of the new form. Currently, the IRS reports that more than 90% of taxpayers use a software package to prepare and file their income tax return.
If you would like more details, please do not hesitate to call our office. Our office has been successful in helping taxpayers with IRS and IDOR collection problems for over 28 years. If you have a tax or debt problem, please contact me at 847-705-9698 or thughes@lavellelaw.com
and find out how we can help you.
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