To give a little relief to tax payers who have still not filed their returns, this year’s tax deadline for Federal, State and City of Detroit income tax returns is shifted from the traditional April 15 to April 18.
The new deadline has been announced due to an overlap of the tax deadline and Federal/State Holidays. Emancipation Day, which is a legal holiday in the District of Columbia and falls on April 16, has been shifted to April 15. This is why tax returns will be due on Monday, April 18, 2016.
In addition to it, it is Patriot’s Day in Maine & Massachusetts on April 18, so the tax payers of respective regions can file their returns by following day, i.e. April 19, 2016.
Well! Such extensions are always welcomed by the individuals who have a habit of filing their returns only at the 11th hour!
Here are a few tips for filing tax returns for the tax year 2015:
Tip #1: If you are not able to File on Time, File an Extension Request
In case, it is not possible for you to file your returns on time, make sure that you file a 6-month extension request. However, if you owe any dues, then you are not getting any extension on that. Thus, if you have any dues, try pay them on time as even if you get extension on filing returns you will have to pay interest on past-due tax and can even get subjected to pay penalty for late-payment.
Tip #2: Use Options provided by IRS to Pay Your Dues, Even When Filed Extension
With the help of IRS Direct Pay, tax bills can be paid electronically as it accepts fund transfer from bank accounts, debit card or credit card. Tax payers can even make payments via phone. The Electronic Federal Tax Payment System accepts the payments but requires enrollment. It is a more preferable option for business owners.
Moreover, if you wish to pay using money order or check, send it to the address as mentioned on Form 4868.
Tip #3: Cross-Check the Details Before Filing
Before filing your returns, make sure you cross-check the figures and related details such as Social Security numbers of themselves, their spouses or children; bank account numbers in case DD’s are used for the refund. Make sure you duly sign the return as IRS does not accept an unsigned tax return. Thus, you and your spouse must sign a joint return.
Though you’ve got an extended deadline to file your returns, these are a few considerations that you must take in account before filing your tax returns. Make sure you adhere to the IRS requirements in order to avoid any unwanted penalties.