Filing and Payment Extensions End October 15th

Filing and Payment Extensions End October 15th

Filing and Payment Extensions End October 15th

On September 28, 2012, the Internal Revenue Service announced that taxpayers who received tax-filing extensions will have to file the forms by October 15.  If qualified parties did not yet file the forms, the IRS suggested checking their returns for tax benefits that are easily overlooked.  The parties should then file their returns electronically through the IRS’s e-file or the Free File system.  

The IRS notes that more than 11 million taxpayers who qualified for the six-month extension have not yet filed.  October 15 is the last day for most Americans, but some taxpayers still have more time like military members serving in combat zones and people with extensions who were affected by Hurricane Isaac in Louisiana and Mississippi.  These taxpayers may have an extension until January 11, 2013.  

According to the IRS, taxpayers should check to make sure they have not overlooked any of the following credits of deductions:

•    benefits for low-income or moderate-income workers like the Earned Income Tax Credit
•    the Savers Credit for low-income and moderate-income workers who have placed funds in a retirement plan like a 401(k) or an IRA
•    the American Opportunity Tax Credit and similar tax benefits for college students and parents

The IRS states there a numerous advantages to e-filing, and many taxpayers are even required to file electronically now.  Many taxpayers decide to use the brand-name software offered by the IRS if they have incomes of $57,000 or less, but other taxpayers may choose to use online forms that are filled out electronically.  Additionally, the IRS recommends that taxpayers choose the direct deposit option.  They will receive their refund sooner if they choose direct deposit.  

If you cannot make a full payment by October 15, you should still pay what you can to avoid a penalty for late-filing.  If you make a partial payment, you’ll still receive interest on the remaining amount.  

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Source: Internal Revenue Service




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