Extensions

The April 15 tax-filing deadline is fast approaching. Some taxpayers may find that they need more time to file their tax returns. If you need extra time, you can get an automatic six-month extension from the IRS.

Extension:  

• You can file an extension for your personal income taxes resulting in an additional six (6) months to complete your return.  
• The new due date would be Oct 15th.
• The extension is for FILING only.
• There is no extension for any balance due.  
• Balance Due Payment is still required by April 15th.

Failure to File:  

• IRS will assess a Failure to File penalty.  
• Therefore, even if you owe you can avoid this penalty by filing.

Failure to Pay.  

• IRS will assess a Failure to Pay penalty.  
• A payment plan request with your return normally eliminates this penalty.

Should I File a Tax Return?

If you received income during 2012, you may need to file a tax return in 2013. 

The amount of your income, your filing status, your age and the type of income you received will determine whether you’re required to file.

Even if you have determined that are not required to file a tax return this year, you may still want to file.

If your employer withheld federal income tax from your pay, if you made estimated tax payments, or if you had a prior year over-payment applied to this year’s tax, you could be due a refund.  You must file your return to claim any excess tax you paid during the year.

If you worked but earned less than $50,270 last year, you may qualify for the Earned Income Tax Credit (EITC).  Families with qualifying children, as well as qualified individuals may qualify for this credit.  Dollar amounts range from $ 475 to $ 5,891 dollars.  You must file your return to claim this refundable credit.

If you have at least one qualifying child and you don’t get the full amount of the Child Tax Credit, you may qualify for the Additional Child Tax Credit. You must file your return to claim this refundable credit.

If you or someone you support is a student, you might be eligible for the American Opportunity Credit. Students in their first four years of post-secondary education may qualify for as much as $2,500 through this partially refundable credit.  Even those who owe no tax can get up to $1,000 of the credit as cash back for each eligible student.  You must file your return to claim the credit.