Friendly reminder---The IRS wants to remind taxpayers that requested a six-month extension to file their taxes, the deadline is quickly approaching the Oct. 15 deadline!
Per the IRS website:
Though Oct. 15 is the last day for most people to file, some groups 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.
Taxpayers are encouraged to file their returns electronically using IRS e-file or the Free File system to reduce the chance of errors.
Taxpayers can file their tax returns electronically or on paper. Payments accompanying paper and e-filed tax returns will be accepted and processed as the IRS receives them. Tax refunds will not be issued until normal government operations resume.
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.
E-file Now:
The IRS urges taxpayers to choose the speed and convenience of electronic filing.
IRS e-file is fast, accurate and secure, making it an ideal option for those rushing to meet the Oct. 15 deadline. The tax agency verifies receipt of an e-filed return, and people who file electronically make fewer mistakes too.
Everyone can use Free File, either the brand-name software, offered by IRS’ commercial partners to individuals and families with incomes of $57,000 or less, or online fillable forms, the electronic version of IRS paper forms available to taxpayers at all income levels.
Taxpayers who purchase their own software can also choose e-file, and most paid tax preparers are now required to file their clients’ returns electronically.
Anyone expecting a refund can get it sooner by choosing direct deposit.
Payment Options:
Taxpayers can e-pay what they owe, either online or by phone, through the Electronic Federal Tax Payment System (EFTPS), by electronic funds withdrawal or with a credit or debit card.
There is no IRS fee for any of these services, but for debit and credit card payments only, the private-sector card processors do charge a convenience fee.
Taxpayers with extensions should file their returns by Oct. 15, even if they can’t pay the full amount due.
Doing so will avoid the late-filing penalty, normally five percent per month, that would otherwise apply to any unpaid balance after Oct. 15.
Fresh Start for Struggling Taxpayers:
Those struggling to pay taxes qualify for one of several relief programs.
Most people can set up a payment agreement with the IRS on line in a matter of minutes. Those who owe $50,000 or less in combined tax, penalties and interest can use the Online Payment Agreement to set up a monthly payment agreement for up to 72 months or request a short-term extension to pay. Taxpayers can choose this option even if they have not yet received a bill or notice from the IRS.
Taxpayers can also request a payment agreement by filing Form 9465. This form can be downloaded from IRS.gov and mailed along with a tax return, bill or notice.
Alternatively, some struggling taxpayers qualify for an offer-in-compromise. This is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed.
Complete details on all filing and payment options are on IRS.gov.