Filing your income tax return in 2019: What you should know

We’re at the beginning of the new year which means it’s time to file your income tax return.

The deadline is months away but it’s never too early to get your taxes done, if you’re able to do so that is.

The partial shutdown isn’t expected to impact when you get your return or if it’ll come at all.

“Refunds will start coming out hopefully after January 28th,” says Lopez Tax Services CEO, Carlos Lopez. “Unless you file with Earned Income Tax Credits or other refundable credits. Those refunds will roll out after February 15th.”

He says California does not conform with changes to the federal side of the tax filing process but those who are filing should keep any change in mind no matter where they’re occurring.

Some of the changes include the removal of “exemptions” on the federal side. Instead the Standard Deduction was increased to $12,000 for those filing as single and $24,000 for those filing under the married status and jointly.

The Child Tax Credit was reduced by up to $600 as well, which Lopez says could impact how people feel about filing taxes across the board.

He says no matter what, it’s still important to file your tax return.

“Also if you’re trying to get immigrated the first thing immigration will ask you for is proof of your last tax returns,” Lopez adds.

Any doubts of those who qualify to get a tax refund this year because of the partial government shutdown were addressed earlier this week by the Trump administration.

In a statement the Trump administration said those refunds will roll out as normal this year with the help of furloughed employees.

Carlos Lopez says it would be smart of the government to issue the refunds as normal, otherwise not only would it cause a slight panic, it would also hurt the economy.

He estimates the total of all refunds is about $100 billion on average.

“It would have a big time affect on the economy,” Lopez says. “I’m sure they understand they have to release this $100 billion back into the economy as soon as possible.”

The deadline to file is April 15. If taxes are owed they must be paid at that time as well, even if you file an extension.

Extensions can span from either two months to six months, if approved. Those extensions only apply to filing tax returns and not paying them.