Only Two Days Left to File!

According to the IRS, as of September 28 – just two weeks ago – about a quarter of the 13 million taxpayers who requested an automatic six-month extension this year had yet to file. IRS Commissioner John Koskinen has urged taxpayers to e-file their last minute forms by saying, “Even if you’re filing in the final days, filing electronically remains easy, safe, and the most accurate way to file your taxes.”

While you’ve still got a little bit of time, we wanted to remind you to take a moment to see if you qualify for these often-overlooked credits and deductions:

• Benefits for low-and moderate-income workers and families, especially the Earned Income Tax Credit. The special EITC Assistant can help you see if you’re eligible.
• Savers credit, claimed on Form 8880, for low-and moderate-income workers who contributed to a retirement plan, such as an IRA or 401(k).
• American Opportunity Tax Credit, claimed on Form 8863, and other education tax benefits for parents and college students.

Although October 15th is the last day to file for most people, some still have more time. Members of the military and others serving in combat zone localities typically have at least 180 days after leaving the combat zone to file returns and pay any taxes due.

Keep in mind that if you let this deadline pass you by, you will be at the mercy of the Late Filing Penalty Policy of the IRS:

“A late filing penalty is usually charged if your return is filed after the due date (including extensions). The penalty is usually 5% of the amount due for each month or part of a month your return is late. The maximum penalty is 25%. If your return is more than 60 days late, the minimum penalty is $135 or the balance of the tax due on your return, whichever is smaller. You might not owe the penalty if you have a reasonable explanation for filing late.”

So if you’re not doing anything right now, it might be a good idea to go ahead and file that tax return. If you have any questions or need assistance e-filing your tax extension, give us a call at 803-514-5155, Monday through Friday from 9 a.m. to 6 p.m. EST, or email us 24/7 at [email protected].