Oct.
15 is the last day to file 2014 tax returns for most people who requested an
automatic six-month extension. However, you can file any time before Oct. 15 if
you have all your required tax documents. If you are one of the nearly 13
million taxpayers who asked for more time to file your federal tax return this
year, you don’t need to wait until Oct. 15 extension deadline to file your
return. You can file now if you are ready. As you prepare to file, here are
some things that you should know:
·
Use
IRS Free File. Even
though it is after April 15, nearly everyone can use e-file their tax return
for free through IRS Free File. It does the math, checks to see if you
qualify for tax breaks that you might miss, and it works best for those who are
used to doing their own taxes. The program is available on IRS.gov now through
Oct. 15. IRS e-file is easy, safe and the most accurate way to file
your taxes. E-file also helps you get all the tax benefits that you’re entitled
to claim.
·
A
Refund May be Waiting. If you are
due a refund, you should file as soon as possible to get it.
·
Try
Easy-to-Use Tools on IRS.gov. Use
the EITC
Assistant to see if you’re eligible for the credit. Use the Interactive
Tax Assistant tool to get answers to common tax questions,
including new Health Care Law topics. Use these interactive tools to find out
if you’re eligible to claim the premium tax credit, qualify for an exemption or
if you must make a payment.
·
Use
IRS Direct Pay. If you
owe taxes the best way to pay them is with IRS Direct Pay. It’s the
simple, quick and free way to pay from your checking or savings account. Just
click on the ‘Pay Your Tax Bill’ icon on the IRS home page.
·
Understand
the Health Care Law’s effect on your taxes. The Affordable Care Act requires
you, your spouse, and your dependents to have qualifying health insurance for
the entire year, report a health coverage exemption, or make a payment when you
file. If you purchased coverage through the Marketplace, you may be eligible
for the premium tax credit and need to use Form 8962, Premium Tax
Credit, to reconcile any advance payments made on your behalf. If you do not
file a 2014 tax return you will not be eligible for advance payments or
cost-sharing reductions to help pay for your Marketplace health insurance
coverage in 2016. Filing as soon as possible, using your most current Form
1095-A, Health Insurance Marketplace Statement, will substantially increase
your chances of avoiding a gap in receiving this help.
·
Missed
Deadline? File as Soon
as You Can. If you did not request an extension by April 15, you should file
and pay as soon as you can anyway. This will stop the interest and penalties
that you will owe. IRS Direct Pay offers you a free, secure and easy way to pay
your tax directly from your checking or savings account. There is no penalty
for filing a late return if you are due a refund. The sooner you file, the
sooner you’ll get it.
·
Don’t
Forget the Oct. 15 Deadline. If
you aren’t ready to file yet, remember to file by Oct. 15 to avoid a late
filing penalty. If you owe and can’t pay all of your taxes, pay as much as you
can to reduce interest and penalties for late payment. Use the Online
Payment Agreement tool to ask for more time to pay. In most cases,
the failure-to-file penalty is 10 times more than the failure-to-pay penalty.
So if you can’t pay in full, you should file your tax return as soon as you can
and pay as much as you can.
·
More
Time for the Military. Some
people have more time to file. This includes members of the military and
others serving in a combat zone. If this applies to you, you
typically have until at least 180 days after you leave the combat zone to both
file returns and pay any taxes due.
No comments:
Post a Comment