This 12 months’s April 18 deadline to file your 2016 federal tax returns is arising quick. If you happen to’ve waited till now to work in your taxes, you’re most likely scrambling to complete. However earlier than you file, verify this record to make sure you don’t make some widespread errors.
- Ensure that all Social Safety numbers included in your return are right.
- In case your refund can be robotically deposited, double-check the financial institution account data (financial institution title, kind of account, routing quantity and account quantity).
- If you happen to owe tax, you possibly can have that quantity robotically debited from a financial institution account. Along with double-checking the checking account data, make positive to specify a date for the debit that’s no later than April 18, the final day you possibly can pay what you owe with out incurring further curiosity and penalties.
- If you happen to’re paying a tax owed by verify, don’t connect it to your tax return. Mail it (payable to “United States Treasury”) in a separate envelope with a Kind 1040-V Fee Voucher and ship it to the suitable IRS tackle. The mailed fee should be postmarked no later than April 18 to keep away from any further curiosity and penalties.
- If you happen to’ve been coated by a medical insurance plan for all of 2016, ensure that to verify the field for full-year protection on line 61 of Kind 1040 (or line 38 of Kind 1040A and line 11 of Kind 1040EZ.) If you happen to don’t, you’ll obtain a discover from the IRS saying you owe a penalty of as much as $695 per grownup and $347.50 per little one for not having medical insurance as required below the Inexpensive Care Act.
- If submitting paper tax returns, you should signal and date your returns. Each spouses should signal a joint return, even when just one partner had revenue to report. Additionally, use the bar-coded envelopes and labels supplied by the IRS.
- If you file a paper return, you’ll additionally want to connect the IRS-required copies of W-2s, 1099s, and so on., which embody the federal taxes withheld from the revenue.
- If you happen to’ve moved since submitting your final return, you should notify the IRS. Simply utilizing your new tackle in your 2016 tax return isn’t sufficient. You also needs to embody a accomplished Kind 8822, Change of Handle together with your 2016 return. This ensures the IRS is notified to replace its information for sending future notices.
- If you happen to’re claiming an adjustment for a contribution to an IRA or a retirement plan comparable to a Solo 401(ok) plan or a SEP IRA, you should deposit the contribution to that account no later than the date you file your tax return.
Even for those who’re not required to file a return, there could also be a very good motive to take action. In sure conditions — comparable to for those who’re eligible for the Earned Earnings Tax Credit score — you may get a tax refund that’s greater than the taxes withheld out of your earnings. However to assert these credit, you should file a tax return.
Lastly, for those who don’t have time to file your return by the April 18 deadline, it is best to file a Kind 4868, Utility for Computerized Extension for Time to File. In a number of days, I’ll stroll by way of the steps concerned to do this.
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