Wednesday, 22 November, 2017

Tax Day 2016: Why Your Taxes Are Due April 18 This Year

Tax Day 2016: Why Your Taxes Are Due April 18 This Year Tax Day 2016: Why Your Taxes Are Due April 18 This Year
Sammy Stanley | 15 April, 2016, 01:29

For whatever reason this year, you haven't filed your personal tax return and now you're pushing up against the deadline.

"If you have a 1095-A through the marketplace exchange, you do have to file and reconcile that with your tax return", explained Ron Jarosch, a master tax adviser with H&R Block. Here are some of the most common tax myths that can cost you more in the long run.

"As we near the end of the filing season, we're expanding our hours of operation to assist more customers", said New York State Commissioner of Taxation and Finance Jerry Boone. It can help taxpayers with many tax questions, such as whether they need to file a tax return, or how to choose your filing status.

Tracey Monta├▒o, Special Agent in Charge with the IRS-Criminal Investigation Nashville Field Office joined Kuhn in calling on customers to find a reputable tax filing official. If insurance was available to you and you declined to enroll in it for the entire year, you could pay a tax penalty of either 2 percent of your household income or $325 per adult and $162.50 per child.

Did you know the deadline is April 18th?

Con artists are impersonating IRS agents and threatening taxpayers with arrest, deportation, license revocation and more, police said. Use the IRS Online Payment Agreement Tool to get started or mail Form 9465, Installment Agreement Request, available online at IRS.gov.

If you cannot afford to pay your taxes right now, after filing an extension you can request a short-term extension to pay.

Those refunds total more than $56 million.

Try IRS e-file. Electronic filing is the best way to file a tax return. For the tax year 2015, the federal, state and New York City credit can add up to as much as $8,427 (for a family with three children earning $53,267).

If you made below $62,000 you can file for free straight through the IRS website. Mistakes slow down your tax refund.

Tax attorney Eric Green says rushing through, estimating and embellishing is a sure way to get audited and in trouble with the government. For those who have yet to file, the IRS says don't panic.

Like the previous year, the vast majority of tax-payers will meet the tax obligation of the Affordable Care Act by simply checking a box to verify everyone on their return has health coverage. E-filed returns are generally processed faster than paper returns because they require less manual work to process, the department said.

"If you're in a rush to prepare, make sure you keep in mind to sign your return and double-check your figures, especially Social Security numbers", Hank Hurst, a certified public accountant and chief executive of the Hurst Company, in Florida, said in an email. You can see if any tax liens are now impacting you by viewing your free credit report summary, updated each month, on Credit.com.

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