MONEY
T
he deadline for filing your federal tax return is still weeks
away, but there are plenty of reasons to start your taxes
well before April 15. If you’re owed a refund—and most
taxpayers are—you’ll get your money that much sooner. Filing
early will also reduce the risk that a crook will hijack your
refund, because someone can’t steal a refund that’s already
been claimed. And even if you end up owing the IRS, it’s better
to know that now, when you have time to come up with the
money, than at 11 P.M. on April 14. // But perhaps the most
compelling reason to start now is that filing early will give you
enough time to claim all the tax breaks available to you. The
Tax Cuts and Jobs Act, now in its second year, nearly doubled
the standard deduction, which for 2019 is $12,200 for single
taxpayers and $24,400 for married couples who file jointly.
Only about 10% of taxpayers will continue to itemize. // Even
if you’re sure you’ll claim the standard deduction, don’t as-
sume you can polish off your return during the Super Bowl
halftime. Congress has recently enacted a bevy of tax credits
and deductions for non-itemizers. Overlook them and you42 KIPLINGER’S PERSONAL FINANCE^ 03/2020
You Still Have Time
to Save on Your Taxes
Start now to take advantage of all
of the tax breaks available to you.
BY SANDRA BLOCK
ILLUSTRATION BY RICHARD BORGE