Are you one of the many people that filed a tax extension way back in April? Well, that went fast, didn’t it? Yup, the time’s here. Following are some tips if you are one of these procrastinators.
- Choose your tax preparer wisely. Read my blog from last week and be sure to safeguard your personal information.
- Double check the spelling of your Name and Social Security Number are correct. IRS mismatch is a common reason for E-Filing rejection of tax returns. Your name should match the spelling of your first and last name that is on file with the Social Security Administration.
- Review your tax return for all credits & deductions. Below are some commonly missed items that can increase your refund or decrease your tax amount due:
- Earned Income Tax Credit, also known as EITC, can be available to families with earned income and primarily dependents. To see if you qualify, use the IRS EITC Assistant at this link – https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant.
- Savors Credit, can be available to income earners who have contributed to a retirement IRA or 401(k). This credit is not available once your income is over certain amounts.
- American Opportunity Tax Credit, also known as AOTC, is an education tax benefit for parents and students.
- Know your Adjusted Gross Income, also known as AGI, from your 2015 tax return. This is line 37 on the 2015 Form 1040. This may be required when E-Filing your 2016 tax return.
- File by Oct. 16 even if you owe taxes and can’t pay them right away. This will reduce penalties and interest that will accumulate on the unpaid amount you owe.
- Keep a copy of your tax return for at least 3 years. Also, most likely when E-Filing next year, you will need the AGI amount from this year’s tax return.
- FREE E-Filing, We provide FREE E-Filing of your tax return. This allows for fast, accurate, and secure filing to ensure your tax return is received and accepted by the IRS and State on or before Oct. 16.
- Set up an Installment Agreement if you are not able to pay the full balance of your amount due. We provide fast, easy, and secure assistance in completing the application for installment agreements.
As always, please do not hesitate to contact me for assistance in completing your tax return.
Thank you for reading my blog!