The tax deadline to file taxes has been revealed. The IRS recently announced that Monday 18 April, 2016 is the last day to submit the tax returns. The Internal Revenue Service (IRS) is the authority in US, which decides the date for the submission process, and every year the tax deadline is announced over their official website. However, it is not necessary that the date of submission or deadline will remain same each year. Generally, these deadlines are extended by the authority to compensate for bad weather conditions or holidays to accommodate people efficiently.
If you are wondering `when is the last day to file taxes’, you should know that the New Year celebrations have ended and the IRS has officially assigned April 18 as the deadline to file your taxes. After the announcement of the opening of the tax season, most of the people wonder about the deadline, but before we further discuss the matter, it is important that you know a bit about the tax season and the financial practices that are followed in the US.
Tax Day Is Treated Like Any Other Day in US
If you were asking yourself `when is the last day to file taxes? `, you are not alone. Usually people don’t know the exact date for tax filing and think that tax day is a big deal in US, but in truth it is like any other regular day and the routine goes on the way it does on any other day. Tax day is not a federal or public holiday and the schools, offices, companies and any other business and commercial organizations and activities are resumed like common days and public transport runs on their usual routes. There is not even any extraordinary traffic jams on the highways.
Moreover, the whole tax filing process entails simply reporting your income record to the IRS that you received last year. For example, when you are compiling the forms and financial information about the tax returns for filing taxes in 2016, you will include all the necessary income information from 2015. You must remember that the income that you receive in the year 2016 will not be included in the tax that you file in the same year, but rather for the services rendered in the previous year. The income of 2016 will be recorded and evaluated when you file your taxes in 2017.
If you are wondering when is the last day to file taxes, you must remember that you will have to qualify to become eligible for filing taxes, as not everyone has to pay taxes. If you don’t qualify for tax filings, you will not have to pay anything to the IRS. Veterans, low income families, and pensioners are usually the people who don’t qualify for tax returns because they don’t partake in the specific kind of income subsidies. But there are also some types of people, who don’t fall into any of these categories, and still wait to file their taxes, because they procrastinate over the matter and keep thinking that `when is the last day to file taxes`. In contrast to that, there are some people that take the proactive approach and file their taxes even before the announcement. Early tax filings allow them to stay clear of scary penalties and unnecessary consequences.
Another important thing to consider is that you can file your taxes either electronically or on paper. Most of the taxpayers utilize the internet and e-file tax submission system, which allows them to save precious time and hassle. E-file system is one of the most efficient ways to file your tax returns and not only saves time but also costly expenses. Moreover, electronic tax return filing can help you reduce the chance of any mistakes in the tax filing process and also decrease the chance of your important documentation getting lost in the mail delivery system.
Tax Season 2016 – Tax Day Is April 18, 2016
If you are one of those people, who were worrying that `when is the last day to file taxes? `, you can now breathe a sigh of relief, because the IRS has announced the official date of submission for tax returns. The last day to file your taxes is April 18, 2016. To help you remember this important deadline, you can mark it on your calendar or set up memory alarms to keep you active. Taking a vigorous approach towards the tax filing process will help you avoid any fines and penalties.
Most taxpayers want to avoid the hassle of preparing their own taxes and poring over the countless receipts and income statements. If you are one of those people, you can contact and hire a tax professional or a tax preparer that can do all the work for you and prepare your tax return documentation with efficiency and accuracy. Although they will take on the task to find and compile all the important documents for filing your income tax returns, it will be your responsibility to remember that `when is the last day to file taxes`.
Tax Day Is Delayed For 3 Days. Find out why!
Usually the last day to file your taxes is April 16, but this year it has been delayed for a few days. If you wondering why, this will clear away all the questions and doubts that you might have about the matter.
After the date was announced by the IRS, procrastinators rejoiced all over America, because they will get 3 more days to file their taxes. This tax season the IRS has ignored the norm and moved away from convention. As opposed to the traditional date, April 18 was chosen by the authorities in Washington D.C. This will allow people to gather their documentation and get all the paperwork in order in the extra 3 days.
The delayed deadline was made possible by the authorities in Washington D.C., because this year the emancipation day will be celebrated on Friday April 15, 2016. This day is considered and treated as a federal public holiday, due to which all the commercial, business and government institutions, including the IRS and all the tax related organization will be closed.
If you were wondering `when is the last day to file taxes? `, you should feel happy because you have extra three days to complete all the tax compilation processes. It is better not to procrastinate just because you have more time now. It is better to be passively functional than a dawdler.
Wondering When Is The Last Day To File Taxes? Read This First!
According to the IRS, the numbers of taxpayers, who file their taxes increase as the deadlines comes near. According to past researches, 2 out of 3 taxpayers pay their taxes, before the deadline is reached. If you are one of the people, who have trouble following the tax filing timeline, here is what you should know to file your taxes on time.
1) Organization Is Crucial
Prior to preparing your taxes, it is important to know that `when is the last day to file taxes`. Moreover, you should gather all the documents and organize them carefully, preferably by category. Put together the income related documents like W-2 Forms and Form 1099, together and the receipts of your expenses like, charitable contributions, business expenses, property expenses, mortgage interests and DMV documents in another folder. This way when you sit down to compile and finalize your tax returns, you will have everything on hand and will be less likely to miss anything.
2) Utilize the E-file System for Tax Filing
If you have been unable to hire a tax professional to compile and prepare your tax returns, don’t worry. If the deadline is near, you can file the self-prepared tax returns from your home computers with ease, comfort and convenience. It will allow you to avoid worrying about extensions and penalties. But it is often better to be vigorous about such matter sand hire a tax preparer to avoid any missed document or mistakes in your tax filing process.
3) Double Check Everything
One of the most common mistakes, made by the taxpayers, is that when the deadline looms over their heads they tend to hasten the preparation and make several mistakes while doing it. Therefore, to avoid exclusion of tax deductions and expense receipts, state tax liability and job search expenses, it is important that you double check every document. Moreover, make sure that you are submitting correct social security numbers for your children and spouse. If you insert incorrect information, you will be unable to get valuable credits, tax exemptions and deductions.
4) Last Minute Tax Decisions
You can make several money saving tax decisions at the end of the year, which will lower your tax liability and give you the opportunity to save on the tax filings. If you still haven’t filed your taxes, you can contribute up to $5000-$6000 to your individual retirement account that will lower your deductions. Your tax preparer can also guide you to lower your adjusted gross income that will accrue a large premium tax credit by the time you file your taxes.
What to Do If You Owe Money to the IRS?
Even if you owe money to the IRS, you can still file your taxes. All the people who are thinking that `when is the last day to file taxes` should know that you can acquire an extra time of at least 6 months to file your taxes, if you are able to get an extension. Also, it is crucial to remember that the extension means that you will just file your tax information and not actually pay. If you owe money to the IRS, you will still need to send the IRS, 90% of your tax liability, if you want to avoid any penalties. If you think that you will be unable to pay the whole prescribes amount, think about breaking down the composite amount into installment payment plan that can be paid up to six years.
Are You Afraid That You Will Miss The Tax Filing Deadline? Here’s What You Should Do
Now that you have the answer to the question when is the last day to file taxes, you should move forward and think about acquiring the services of an expert tax professional who can help you get your financial matters in order.
When the deadline comes near, most of the taxpayers are on the race to complete their documentation. But there are many who wait till the very last minute to file their taxes. This is due to the fact that tax filing is one of the most stressful and complicated yearly tasks. But if you are a procrastinator and want to stay on the good side of the IRS, here are some simple tips that will help you file your taxes and avoid any penalties.
1) If You Think You Won’t Be Able To Make the Deadline, Consider Filing for an Extension
If you estimate that the documents, that still needs processing and compilation, won’t be ready on time and evaluate that you won’t be able to meet the IRS deadline for tax return filing, then you must think about filing for an extension as soon as possible. You can fill the Form 4686 over the internet, phone or send it through the mail. The extension will extend the filing deadline automatically, by at least 6 months. Although, an extension will give you more time to file your tax return statement, it will not give you more time to pay. If you owe money to the IRS, estimate the amount and pay the balance due. But you must be careful, because if your estimation amount is too low, the IRS will reject your extension application, so it’s better to be reasonable.
2) If You Don’t Owe Any Money to the IRS, Stay Calm
If you still haven’t received your refund this year and you still haven’t files your tax returns, you won’t be facing any penalty for not filing, even if the deadline has passed. Late penalties are evaluated on the amount that you owe to the agency, rather on the amount of the refund. Therefore, if you don’t file on time, you will receive your refund later than usual. However, this can create the risk for tax refund fraud.
3) Inquire About the Payment Installment Plan
If you are unaware of when is the last day to file taxes, you won’t be able to pay your balance to the IRS. But this doesn’t mean that you don’t have any other options. The agency will be willing to work with you rather than file a lien against you. The monthly installment plan allows the taxpayers to pay the IRS a monthly amount on their tax bills. However, this service if not completely free for the citizens. They will have to pay a setup fee of $52 and each individual will be charges an interest that will be adjusted quarterly.
You will also be required to pay a monthly amount of 0.25% late fees over the whole amount. However, if you think you will need an installment plan, it better to request an extension by April 15. If you drag your feet behind and are unable to do that your tax bill will keep increasing. The IRS will charge you a 5% monthly penalty of failure-to-pay and up to 25% of the balance. If you go more than 60 days without paying the balance, the minimum penalty is $100 or 100% of the tax, which is due.
4) Don’t Hasten the Process
Many people lag behind on their tax payments even if they have the complete information regarding the question, when is the last day to file taxes. If you are scrambling to finalize your tax documentation on time, don’t rush the process. If you do, you will most probably make mistakes and ignore several critical tax deductions that can lower your bill. Moreover, if you changed a house, had a baby, changed your job, or started a new business, all of these massive life changes will qualify you for acquiring a tax deduction. So evaluate the tax information correctly and don’t skip anything, which might be important.
Another thing that can become an issue with rushed paperwork is the incorrect information that can delay your refund. Identification and social security numbers of each of your family numbers should be double checked to ensure that they are accurate. Moreover, if you are a subscribed member of traditional IRA or health savings account contribution, or for deductible medical expenses and charitable donations, double check your figure and the amount that you owe. Also, make sure that you sign in all the appropriate places.
Now that you know the answer to the question `when is the last day to file taxes? `, and possess the complete information about the tax filing deadlines and penalties, you must customize your schedule to make time for working on your tax filing documents. It is time that you hire a tax preparer or a tax professional who will work with you to systematically submit your tax returns.