Did you ask the IRS for more time to file your tax return? If you completed Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) by April 18, 2016 and received a six-month extension to file, then it’s time to submit that tax return. October 17, 2016 is the final deadline to file your 2015 personal tax return without a penalty if you owe.
Before you file, here are some helpful tips you should know.
File On Time
October 17 is the last day to file your return if you received an extension. We can’t say it enough and don’t say we didn’t warn you! If you owe taxes, be sure to file on time so you don’t incur a late filing penalty. If you can’t afford to pay all of it, at least pay what you can. This will help reduce interest and penalties for your late payment. Check out the IRS website to find out which payment option is best for your situation.
Utilize Tax Benefits
The purpose of an extension is to give you more time to be thorough on your tax return, so we hope you didn’t waste those six months. If you’re still working on your return, there are several credits and deductions you might qualify for that are often overlooked like student loan interest and charitable contributions. Take advantage of them!
Understand the Health Care Law
It’s important to know how the Affordable Care Act can affect your taxes. The ACA requires you and each member of your family to either have qualifying health insurance for the entire year, report a health coverage exemption, or make a payment when you file. You may also be able to use the premium tax credit if you purchased health coverage through the Marketplace.
Military = More Time
Members of the military and those serving in a combat zone have more time to file their return. Those who fall under this category typically have at least 180 days after you leave the combat zone to file your return and pay any taxes you owe. Check out our Tax Guide for the Military for more info.
Use Liberty Tax!
Get the tax experience you deserve by filing with Liberty Tax. Make an appointment today with our tax experts who are committed to minimizing penalties and maximizing deductions to help you get the outcome you’re looking for. If you’re a DIYer and would rather e-file your tax return, Liberty Online is fast, accurate, and your maximum refund is guaranteed.
We’ll continue to keep you updated on important tax news through the Tax Lounge Blog. Follow us on Facebook and Twitter to have this info delivered to your timeline and newsfeed. As always, comments are welcome!