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When Can I eFile My 2015 Taxes

Each New Year tax payers worry about their tax refunds and tax returns. 2016 has begun and tax payers are now worried about their tax filing procedure. The IRS officially announced the opening day of tax season, Tuesday, January 19, 2016. Most tax payers prepare early and question, ‘when can I efile my 2015 taxes?’ On the contrary, there are many tax payers who keep on delaying tax filing due to their busy schedule. Also, many tax payers usually do this because they do not know the significance of tax filing and its benefits.

Significance of Tax Filing Procedure

Tax filing is considered one of the most important requirements in order to run and develop a country. But still we find individuals who do not consider filing very important, and do not contribute in the development of the country, and try saving their investments and money for their own use. People who hide themselves, and do not file a tax return sadly are mistaken.

This is because they are missing the concept of getting tax benefits; grow a country, and being in the good books of banks. You may wonder how individuals can be in the good list of banks by paying taxes? Banks keep an eye over the tax payers who file their tax returns promptly, in this way tax payers can become credible for banks if they ask for loans. Procrastinators must not file taxes, instead they should worry about tax returns and be like the ones who question, ‘when can I efile my 2015 taxes?’

Are You Wondering, ‘When Can I eFile My 2015 Taxes?’ Wait! Understand the Tax Filing Phenomenon

If the question, ‘when can I efile my 2015 taxes?’ pops up in your mind, then you must not hurry in filing tax returns and always ensure that you know the accurate tax filing phenomenon. Generally, if you want to report the income you received in 2015, you will file for it in tax season 2016. This will make you report the income you received in the year 2015, and not for the income you received in 2016 for the services rendered in the previous year, 2015. If you are worried about that income, then you will be reporting for it in next year’s tax season, i.e. 2017.

Tax Time is Here! | Official Announcement by the IRS for the Tax Filing Season – Tuesday, January 19, 2016 Until April 18, 2016

The tax payers who are concerned about the query, ‘when can I efile my 2015 taxes?’ should not worry now. The IRS has officially announced the opening day of tax season 2016. The opening day of tax season 2016 was on Tuesday, January 19, 2016, while the last day to file your 2015 tax returns is Monday, April 18, 2016. But those who have a busy schedule and question, ‘when can I efile my 2015 taxes?’, must keep in mind that there is an extension deadline for them too. The extension deadline to efile your 2015 taxes is Saturday, October 15, 2016. After this date, the IRS will not accept any electronically filed taxes and the tax payers will be required to paper file their 2015 taxes.

Reason Behind Delayed Tax Day – Tax Deadline is 3 Days Later for 2015 Tax Returns

Tax day is the official tax deadline given by the IRS to the tax payers. Usually, tax season closes on April 15th every year. This is considered as the traditional date for the tax day. Every year the rule remains the same for tax deadline until the date falls on a weekend or a legal holiday. Due to this limitation, this year tax season is closing on Monday, April 18, 2016 which is three days later than the traditional date. This may sound perfect to the procrastinators. Now, tax payers have three more days to gather all their documents and paperwork to claim their tax refunds.

The tax day is three days later for 2015 because Washington, D.C. will celebrate Emancipation Day on Friday, April 15, 2016 and not on Saturday, April 16, 2016. This day is treated as federal holiday as a result the IRS and all the offices will be closed that day. For this reason, the tax day for tax season 2016 is postponed to Monday, April 18, 2016. Now, those who want to identify, ‘when can I efile my 2015 taxes?’ should not put off your tax preparation for the last minute, it is better to work proactively and beforehand than delaying.

You Need Not Ponder ‘When can I eFile My 2015 Taxes?’ – Everyone Does Not Have to File Taxes

Are you trying to identify, ‘when can I efile my 2015 taxes?’ You must keep in mind that everyone is not required to file income tax returns. The filing of tax returns is due on the tax payers on the basis of certain factors. The following factors determine whether or not tax payers are required to file a federal income tax return.

  • Source of income
  • Type of income
  • Minimum income
  • Tax payer’s age
  • Exemption amount
  • If the yearly total income does not exceed the standard deduction
  • Dependency status

You have to file your federal income tax returns if your gross income is above the threshold of your filing status and age. Always consult your tax preparer for such serious matters.

Income Tax Filing Deadlines

Those who want to learn the core of the query, ‘when can I efile my 2015 taxes?’ should read this section carefully. Regardless of the fact that tax season for the year 2016 is closing on Monday, April 18, 2016, the IRS has officially announced the extended tax deadline for the year 2016 i.e. Saturday, October 15, 2016. Also, there are some more deadlines occurring in the tax year calendar 2016 which corporations, partnerships and individual tax payers may want to know. So, let’s have a look to the extended deadlines for tax season 2016 below.

1.    Tax Opening, Closing and Extended Deadline for Individual Tax Returns

Those who are worried, ‘when can I efile my 2015 taxes?’ can start to fill the forms 1040, 1040 NR or 1040 EZ on tax season’s opening, Tuesday, January 19, 2016. The first deadline to filing federal income tax returns for individual tax payers is Monday, April 18, 2016. The individual tax payers living in Maine and Massachusetts are permitted to file for their federal income tax returns on Tuesday, April 19, 2016. Those who have a busy schedule, need not worry, the IRS has affirmed an extension deadline to efile the tax returns i.e. Monday, October 17, 2016 for them. If they are still not able to file on this deadline, they will be required to paper file their taxes.

Do Not Forget the Following Key Details for Individual Tax Payers
  • Tax opening day: Tuesday, January 19, 2016
  • Tax closing day: Monday, April 18, 2016
  • Extended deadline: Monday, October 17, 2016

2.    Tax Opening, Closing and Extended Deadline for Partnership Tax Returns

If the tax payers working as partners are concerned about, ‘when can I efile my 2015 taxes?’ they can start to fill form 1065 on Tuesday, January 19, 2016, tax season’s opening day. The deadline for the partnership tax payers is the same as for other tax payers, Monday, April 18, 2016. But the ones who have formed partnership business in Maine and Massachusetts, they can file their tax returns until Tuesday, April 19, 2016.

Additionally, if the partnership owners are too busy and are not able to file their taxes, they are permitted to efile their taxes until Thursday, September 15, 2016. This is the extended deadline for the partnership tax payers, so make sure you efile your taxes before this day or else the IRS will not accept your electronic fling and you will be required to paper file your taxes.

Do Not Forget the Following Key Details for Partnership Tax Payers
  • Tax opening day: Tuesday, January 19, 2016
  • Tax closing day: Monday, April 18, 2016
  • Extended deadline: Thursday, September 15, 2016

3.    Tax Opening, Closing and Extended Deadline for Trust and Estate Tax Returns

The individuals or tax payers belonging to trust and estate business should fill form 1041 prior to filing tax returns on the opening day, Tuesday, January 19, 2016. The tax closing season for 2016 for trust and estate tax payers is Monday, April 18, 2016. But the residents of Massachusetts and Maine can file for their tax returns until Tuesday, April 19, 2016. Those tax payers who do not have time should not worry as the income tax authority; the IRS has an extended deadline for trusts and estate tax payers, Thursday, September 15, 2016.

The tax payers should not extend more than this deadline as they will not be able to file their taxes electronically after this deadline. Also, they will have to wait outside the post office for hours and paper file their tax returns, so if you are questioning, ‘when can I efile my 2015 taxes?’ make sure that you do not exceed this deadline.

Do Not Forget the Following Key Details or Trust and Estate Tax Payers
  • Tax opening day: Tuesday, January 19, 2016
  • Tax closing day: Monday, April 18, 2016
  • Extended deadline: Thursday, September 15, 2016

4.    Tax Opening, Closing and Extended Deadline for Corporation Income Tax Returns

The individuals who belong to corporate sectors can start to file their income tax returns via form 1120 and 1120-S on the opening day of tax season, Tuesday, January 19, 2016. But the corporation tax payers need to look out for their filing tax deadline, Tuesday, March 15, 2016. This tax deadline is unlike the deadline given to other tax payers.

The tax payers living in Maine and Massachusetts are also required to efile on the same day. Despite the early deadline, the tax payers must not panic as the IRS has announced their extension deadline for efiling tax returns i.e. Thursday, September 15, 2016. But if you think you will not be able to efile the taxes until the extended deadline then get ready to paper your taxes because the IRS will not accept electronic filing after that.

Do Not Forget the Following Key Details for Corporation Tax Payers
  • Tax opening day: Tuesday, January 19, 2016
  • Tax closing day: Tuesday, March 15, 2016
  • Extended deadline: Thursday, September 15, 2016

5.    Tax Opening, Closing and Extended Deadline for Foreign Bank Accounts

The foreign tax payers are also required to start filing their taxes on the similar tax opening day, Tuesday, January 19, 2016. The IRS has set their tax deadline unlike the standard deadline provided to all tax payers i.e. Thursday, June 30, 2016. But the foreign bank account tax payer who is asking, ‘when can I efile my 2015 taxes?’ must remember that they is no extension deadline for such tax payers. Since their time is very short, as a result they should not procrastinate to efile their tax returns until Thursday, June 30, 2016 otherwise they may face severe penalties.

Do Not Forget the Following Key Details for Foreign Bank Account Tax Payers
  • Tax opening day: Tuesday, January 19, 2016
  • Tax closing day: Thursday, June 30, 2016
  • Extended deadline: No extended deadline

The extension deadlines only accept electronic filing commonly known as efiling . So, the tax payers who are concerned about, ‘when can I efile my 2015 taxes?’’ should not exceed the extended tax deadline otherwise they will have to paper file the taxes.

See How eFiling is Better than Paper Filing – Advantages of Electronic Tax Filing

Tax payers who are trying to identify, ‘when can I efile my 2015 taxes?’ may also be interested in knowing the benefits of efiling. Submitting tax returns electronically and mailing it on a paper are two ways to send the tax returns to the IRS. Electronic filing is much better as compared to paper filing and the IRS also encourages tax payers to electronically file the taxes. They are safer and faster and more convenient. On the contrary, paper filing refunds take longer time period. Also, the tax payers can avoid the crowd outside the post office using electronic filing procedure.

Let’s have a look to a few more tax filing advantages below.

1.    Easy and Accurate

One of the best ways to electronically file tax returns is because they are accurate and easy. This is because the tax software used by the tax payers helps in avoiding mistakes by doing the math work on its own. The efiling procedure guides you at every single step. Also, the electronic filing procedure can help you with the health care law and provisions. Doing taxes on hand become problematic as there are chances of making mistakes.

2.    Safe and Secure

The security guidelines for the e electronic filing are very strict. The electronic filing has a secure encryption process which protects your tax returns. The IRS has safely and securely processed more than 1.3 billion tax returns from individuals since the electronic filing has started.

3.    Convenient Option

You can buy commercial tax software to electronically file your taxes. Also, you have an option to efile through IRS Free File. This makes you prepare for your taxes for free. Not only this, you can file through, the IRS Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly programs. VITA grants you to prepare and efile if you earned $53,000 or less. If you are under the age of 60 or older then efiling is the best option for you through this program.

4.    Faster Refunds

Generally, when tax payers ask, ‘when can I efile my 2015 taxes?’ they are concerned about the faster refunds. One of the advantages in efiling is faster refunds. Though, this does not happen every time and with every tax payer but still this happens most of the time. This is because there is nothing to mail and your return become free of mistakes in efiling. If you want faster refunds, then you can get them by combining electronic filing with direct deposit into your bank account.

5.    Flexibility in Payment

If you owe taxes, you are permitted to electronically file taxes and set up an automatic payment on any specific day until the tax deadline, April 18, 2016. In this case, you can efile from your bank account. Also, you can pay via check, money order, credit or debit card. If these tax procedures seem difficult to you then you must consult your local tax preparer.

Wait! There are Some Limitations to Electronic Filing

Despite the fact that electronic filing is one of the best options in terms of convenience and faster refunds, there are some limitations to it too. Those who are asking, ‘when can I efile my 2015 taxes?’ need to carefully read the limitations.

1.    Identity Theft

Regardless of the secure online software, the computer might provide an opening to a thief to steal your identity while you are busy filing for your taxes. Also, there can be a virus or malware on your computer to grab all your passwords or financial data. Always make sure tat your WiFi hotspot is secured or if you are filing from any other public locations make sure that they are secured too.

2.    Cost

Electronic filing can cost you more and become expensive because of the tax filing software. The prices of the software can be very costly. Though, the IRS has free online filing services but it is only for the tax payers who have an adjusted gross income of or less than $57,000 for a year.

3.    Complicated Tax Forms

Electronic filing cannot be the best options if you have a complicate tax form or any other situation. This usually happens when you have a part in a corporation or own different type of investments. For instance, your tax return may involve many finely detailed laws that the tax software is insufficient to cover; this type of situation can limit the electronic filing process.

Tips for Electronic filing

Those who want to know, ‘when can I efile my 2015 taxes?’ should know the tips for seamlessly file their tax returns.

  • Make sure that you organize all your records prior to efiling
  • Ensure to sign in your tax returns
  • Pay your tax returns
  • Get the tax returns refunded
  • Consult your local tax preparer for the security of the software
  • Consider choosing an authorized IRS e-file provider
  • Be careful and alert throughout the efiling process

Now that you have got the answer to ‘when can I efile my 2015 taxes?’ we hope you electronically file your taxes on time. Good Luck!

Robert AcevedoWhen Can I eFile My 2015 Taxes