2015 Tax Return Deadline Extension
The final two weeks of tax season are generally the busiest, as taxpayers rush to complete required tax returns before the looming deadline. This year, due to the observance of holidays at the federal level (and in some cases state level), the IRS has extended the tax deadline until April 18th, 2016. This is a three day extension over the typical April 15th deadline imposed in previous years. Washington, D.C. will celebrate Emancipation Day, the anniversary of President Lincoln's signing of the Compensated Emancipation Act (April 16th 1862), which is a recognized holiday for the nation's capital. Taxpayers in Massachusetts and Maine have an additional day, as the states observe Patriots Day on Monday, April 18th, pushing the deadline to Tuesday, April 19th.
The 2016 tax season opened on Tuesday, Jan 19th 2016 as scheduled, with the IRS expecting to receive more than 150 million individual tax returns. Many of these returned are prepared and filed using online electronic filing software, however there is no specific advantage to using paper or e-filing.
The extension was announced at the beginning of the season, which allows taxpayers to better prepare for their own returns. The IRS advises taxpayers to have all appropriate forms before filing their tax returns, such as W-2 from their employer or Form 1099 for other income. It's important not to forget about Form 1095 from the Health Insurance Marketplace, as information form that form is required in order to file a tax return, especially if taxpayers claimed a premium tax credit.
Many taxpayers opt to e-file their returns and select to have any owed refund direct deposited into their bank accounts. The IRS says doing so is still the safest and quickest way to file a return, regardless of when the return is processed. A trusted tax professional is the best resource for quality tax advice and information regarding deadlines, credits, and other useful information.
As the deadline for 2015 tax returns approaches, a three day (or 4 day extension for those in MA and ME) can be all the difference in ensuring accuracy and efficiency in processing taxpayers' returns.
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