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This from our friends at the Internal Revenue Service
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Issue Number: IR-2016-130
WASHINGTON — The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 17 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free File system.
Fewer than a third of the 13 million taxpayers who requested an automatic six-month extension this year have yet to file. Although Oct. 17 is the last day for most people, some still have more time, including members of the military and others serving in 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.
In addition, taxpayers in several disaster area localities who already had valid extensions now have more time to file. Currently, taxpayers in parts of Florida, Louisiana and West Virginia qualify for this relief. For details, see the disaster relief page on IRS.gov. However, like other extension filers, these taxpayers were required to pay what they owe by April 18.
The IRS continues to monitor the impact of Hurricane Matthew and will be watching for federal disaster declarations in affected areas that could affect the Oct. 17 deadline.
Before filing, the IRS encourages taxpayers to take a moment to see if they qualify for these and other often-overlooked credits and deductions:
1. Benefits for low-and moderate-income workers and families, especially the Earned Income Tax Credit. The EITC Assistant can help taxpayers see if they’re eligible.
2. 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).
3. American Opportunity Tax Credit, claimed on Form 8863, and other education tax benefits for parents and college students.
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Issue Number: IR-2016-130
WASHINGTON — The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 17 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free File system.
Fewer than a third of the 13 million taxpayers who requested an automatic six-month extension this year have yet to file. Although Oct. 17 is the last day for most people, some still have more time, including members of the military and others serving in 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.
In addition, taxpayers in several disaster area localities who already had valid extensions now have more time to file. Currently, taxpayers in parts of Florida, Louisiana and West Virginia qualify for this relief. For details, see the disaster relief page on IRS.gov. However, like other extension filers, these taxpayers were required to pay what they owe by April 18.
The IRS continues to monitor the impact of Hurricane Matthew and will be watching for federal disaster declarations in affected areas that could affect the Oct. 17 deadline.
Before filing, the IRS encourages taxpayers to take a moment to see if they qualify for these and other often-overlooked credits and deductions:
1. Benefits for low-and moderate-income workers and families, especially the Earned Income Tax Credit. The EITC Assistant can help taxpayers see if they’re eligible.
2. 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).
3. American Opportunity Tax Credit, claimed on Form 8863, and other education tax benefits for parents and college students.