topic 2019 tax return program ready in Self employed

2019 tax return program ready

rajeshpanna — Wed, 18 Dec 2019 14:39:53 GMT

Can I file self employees tax return for 2019 on or after Dec 21…?

Re: 2019 tax return program ready

DoninGA — Wed, 18 Dec 2019 15:04:18 GMT

If you are a self-employed independent contractor, sole propritor or single member LLC that has not incorporated then you report your self-employment income and expenses on a Schedule C. The Schedule C is not a separate tax return, it is part of and included with your personal tax return, Form 1040.

The 2109 tax return can be filed after January 1, 2020. Although most forms and schedules will not be finalized and available for filing until late January 2020.

If you are using the TurboTax online editions then you will need the Self-Employed edition to report your income and expenses on a Schedule C - https://turbotax.intuit.com/personal-taxes/online/

Re: 2019 tax return program ready

xmasbaby0 — Fri, 20 Dec 2019 00:48:23 GMT

The IRS will not begin to accept 2019 returns until later in January. Until then, even if you manage to e-file early,

be aware that your return is just going to sit on a server waiting until the IRS begins to accept /reject returns,

If you discover that you need to change something, you will not be able to do it unless the IRS rejects your return. If they accept it with your mistake, you will have to wait out the IRS and amend later after they fully process the return. (The 1040X form you will need does not become available until late February so you have to wait for that, too) And amending takes about 4 months. Amended returns have to be mailed; you can’t “fix” a mistake and e-file the correction.

Employers have until the end of January to issue W-2’s. You may also need to wait for your various kinds of 1099’s and/or 1098’s to come from banks, Social Security, schools, and other financial institutions that will issue them in late January/early February.

Trying to file too early is unwise. With new forms and new software, it is better to wait for the “bugs” and “glitches” to be worked out before you file. Filing too early because you hope for a quick refund may accomplish just the opposite—your return could end up clogged in a mess that will take weeks or even months to sort out, as many “early” filers have discovered in the past.