April 18th has come and gone but the tax season hasn’t ended for millions of people who requested a filing extension. October 16th is the extended deadline and the clock is ticking. Don’t let procrastination get the best of you. If you have all of your documents, it’s in your best interest to file as soon as possible.
Stop delaying your refund
There’s no penalty for filing late if you’re owed a refund. The quicker you file your return, the faster you’ll receive your money. The average return can be completed with ezTaxReturn in 30 minutes or less.
The Affordable Care Act effects your taxes
The Affordable Care Act requires everyone to have health coverage, report an exemption or make a shared responsibility payment when you file your tax return. If you purchased coverage through the Marketplace, you may be eligible for the premium tax credit. You can either have advance payments of the credit paid to your insurer or claim it when you file your tax return. If you received advance payments and fail to file your taxes, you won’t qualify for financial assistance.
Minimize your penalties
If you owe the IRS, file and pay as much as you can to minimize penalties. The failure to file penalty is 10 times more than the failure to pay penalty. Even if you can’t afford to pay, at least make sure you file before the time is up.
Extended deadlines for members of the military
Members of the military and those serving in combats zones have more time to file their returns. These individuals will have at least 180 after leaving the combat zone to file and pay any necessary taxes.