Tax-filing and Payment Extensions Expire Oct. 15

         The following article was published by the IRS.

autumn

Check Eligibility for Overlooked Tax Benefits

The Internal Revenue Service is urging taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically.

More than a quarter of the nearly 13 million taxpayers who requested an automatic six-month extension this year have yet to file. Although Oct. 15 is the last day for most people, some still have more time, including members of the military and others serving in Afghanistan or other combat zone localities who typically have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due.

“If you still need to file, don’t forget that you can still e-file through October 15,” said IRS Commissioner John Koskinen. “Even if you’re filing in the final days, e-file remains easy, safe, and the most accurate way to file your taxes.”

Check Out Tax Benefits

Before filing, the IRS encourages taxpayers to take a moment to see if they qualify for these and other 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 taxpayers see if they’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.
  • Same-sex couples, legally married in jurisdictions that recognize their marriages, are now treated as married, regardless of where they live. This means that they generally must file their returns using either the married filing jointly or married filing separately filing status. Further details are on IRS.gov.

If you have questions about e-filing or your tax extension, call us at 508-830-0007.

Advertisements

About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
This entry was posted in Accounting, E-file, IRS, Personal Finance, Self-Employed, Tax Extensions and tagged , , , , . Bookmark the permalink.