Find yourself scrambling every year right around April 15? The only two certainties in life are death and taxes—and Credit.com’s commitment to helping you get through tax season unscathed.
From Our Experts
Find yourself scrambling every year right around April 15? The only two certainties in life are death and taxes—and Credit.com’s commitment to helping you get through tax season unscathed.
Get answers to all of your tax questions in our Taxes Learning Center. We’ll share everything you need to know about the dreaded 1099-C. We’ll help you determine some steps to take if you’re struggling to make that payment to the IRS. We’ll teach you how unpaid taxes can appear as negative marks on your credit report and what a tax lien is. And we can help you learn more about how to maximize your refund or reduce your payments.
Plus, find out how those tax liens and late payments may be affecting your credit by viewing your free credit score, along with your free credit report card, on Credit.com. Sign up now and get regular emails with tips and tricks for your financial health—on Tax Day and beyond.
[callout id="17516" image="true"]Tax Basics
The federal tax deadline is on or around April 15 every year. If the 15th is a Saturday or Sunday or coincides with Emancipation Day or Patriots’ Day, that date may change. If you have filed for an extension, the extension deadline is October 15. Even with an extension, any estimated taxes due are still subject to payment by April 15th, or additional penalties and interest will be added.
Depending on when you get all the information you need, you can begin filing your taxes at the end of January. The government requires that tax information be postmarked by January 31, so you should have all your necessary information by early February.
Filing Taxes
Filing your taxes can be stressful and challenging. We can help you navigate the tax system—and direct you to other products and services that can help. Your taxes don’t have to be painful.
Here’s How to File Your Taxes for Free.
Depending on where you live, you may need to file both federal and state taxes. Many free federal tax services charge a small fee for filing your state taxes.
Tax Brackets
To understand your taxes, you need to understand tax brackets. For tax year 2019 (the taxes you file in 2020), these are the tax brackets:
| Tax Bracket | Single | Married Filing Jointly | Head of Household | Married Filing Separately |
| 10% | $0–$9,700 | $0–$19,400 | $0–$13,850 | $0–$9,700 |
| 12% | $9,701–$39,475 | $19,401–$78,950 | $13,851–$52,851 | $9,701–$39,475 |
| 22% | $39,476–$84,200 | $78,951–$168,400 | $52,851–$84,5200 | $39,476–$84,200 |
| 24% | $84,201–$160,725 | $168,401–$321,450 | $84,201–$160,700 | $84,201–$160,725 |
| 32% | $260,726–$204,100 | $321,451–$408,200 | $160,701–$204,100 | $160,726–$204,100 |
| 35% | $204,101–$510,300 | $408,201–$612,350 | $204,101–$510,300 | $204,101–$306,175 |
| 37% | $510,301 or more | $612,351 or more | $510,301 or more | $306,176 or more |
Learn more about tax brackets and how they affect your tax return: review our article Understanding Tax Brackets.
Tax Deductions and Exemptions
Make the most of available tax deductions and exemptions. Each tax exemption and tax deduction gets subtracted from your adjusted gross income (AGI), so that your actual taxable income is lowered as well.
Here are the standard deductions for the 2019 tax year:
| Filing Status | Standard Deduction |
| Single | $12,200 |
| Married Filing Jointly | $24,400 |
| Married Filing Separately | $12,200 |
| Head of Household | $18,350 |
| Qualifying Widow(er) with a Dependent Child | $24,400 |
Taxes and Your Credit Score
Wondering how taxes affect your credit score? We’ve got you covered. Taxes don’t affect your credit score directly, but how you handle your taxes could end up having an effect. Paying your taxes with a credit card could ding your credit score. Failing to pay your taxes could lead to a tax lien or bankruptcy, which can negatively affect your credit score and credit history in the eyes of future creditors.
Learn more about how taxes affect your credit score.
