If you e-filed an extension this past tax season, then your due date is soon approaching in the upcoming months. But just because you still have a couple months left, it doesn’t mean you have to wait that long to file your tax return. If you have all of your required tax documents, you can, and are encouraged, to file as soon as you’re ready. As you prepare to file, here are some points from the IRS that you should be aware of.
E-File Your Return - By e-filing your tax return, you’re utilizing the most easy, safe, and accurate way to file your taxes. Nearly everyone can e-file their tax return and e-filing can also help you get all the tax benefits that you’re entitled to claim. We offer various products for your tax e-filing needs with Express990 and ExpressTaxFilings; each of our e-filing services notify you when your return has been successfully transmitted to the IRS.
Pending Refund - A “no-brainer” really, but you should file a return as soon as possible if you’re due a refund.
Available Easy-To-Use Tools - The IRS offers a variety of online tools to assist you, like the EITC Assistant to see if you’re eligible for credit, or the Interactive Tax Assistant tool for answers to common tax questions including the recent Health Care Law topics. There are also 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.
Health Care Law - You should be aware of how the recent health care laws are affecting your taxes. Because of the Affordable Care Act, you are responsible for receiving health coverage for you, your spouse, and your dependents during the entire year. You also have the option of reporting a health coverage exemption, or a payment when you file.
If you health coverage is provided by 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. According to the IRS, if you do not file a tax return for 2014, you will not be eligible for advance payments or cost-sharing reductions to help pay for your Marketplace health insurance coverage in 2016.
You should file as soon as possible, using your most current Form 1095-A, Health Insurance Marketplace Statement, to greatly increase your chances of receiving a reduction.
No Extension/Missed Deadline - Even if you missed your original due date and failed to file an extension, you should still file a return and pay any taxes due as soon as you can. By doing so, you can cease the fees and penalties that are counted against you. According to the IRS, 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.
Remember, if you aren’t ready to file yet, you have up until the due date of your extension. But if you are ready, don’t wait any longer; you can file right now. 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. Generally, the failure-to-file penalty is a lot more greater than the failure-to-pay penalty. The best advice is 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.
With ExpressExtension, you can also pay your estimated tax at the same time you e-file your tax extension; payment is accepted online by Electronic Funds Withdrawal (EFW) using your checking or savings account information.
For assistance with e-filing your tax extension or electronically paying your tax liability, contact our live professionals located at Rock Hill, South Carolina at (803) 514-5155 (Monday - Friday, 9am - 6pm, EST), or email us at firstname.lastname@example.org or live chat with us at www.expressextension.com.