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10 Reasons You Should File a 2015 Tax Extension

Searching for a reason to file a 2015 tax extension?

It’s never a good idea to do anything out of pure laziness. However, if you can justify your logic for filing a 2015 tax extension, then by all means, DO. Here are ten good reasons why you should file a tax extension this year.

1. It does not require IRS approval.

As long as you apply for a tax extension, you’ll get one. It’s not like filing an actual tax return where you need to wait for the IRS to review and approve it. In fact, there is no process at all. Just submit the form to the IRS, and your extension will be on record.

2. You will skip the April 18th deadline rush.

Have you ever tried calling the IRS or your accountant in April? How long were you placed on hold? If you file an extension, you have an extra 6 months to figure out your tax situation.

3. It will NOT trigger an IRS audit.

Some taxpayers shy away from filing a tax extension because they assume it will increase their chance of being audited. The majority of audits happen because of tax returns that are against the typical patterns. When something out of the ordinary is picked up on a tax return by the IRS, they note that something may be wrong and take a further look. Many taxpayers think of an extension to be paired with doing something wrong. In all actuality, tax returns filed in October show a higher rate of being approved since they are filed accurately and completely.

4. You lost your W-2 or 1099.

When you misplace your income statements, it can be a hassle to get another copy. If you can’t get one from your employer, then you’ll need to request a transcript from the IRS. This is an easy process, but it can take up to 10 days to reach your mailbox. And if the transcript is incomplete due to IRS delays, you’ll need to contact your employers directly for a new copy of any W-2s or 1099s you’re missing.

Continue reading “10 Reasons You Should File a 2015 Tax Extension”

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When is the Last Day to E-File a 2015 Tax Return?

Get all your ducks in a row this tax season.

April is great. Spring has sprung. The snow has melted. And you’ve just remembered….you still need to file your 2015 tax return!

The tax filing deadline is April 18th, 2016.

This is not a typo. You get 3 extra days this year to e-file your tax return with the IRS. Why is that, you ask? If the typical April 15th deadline just so happens to fall on a weekend (including Friday), the IRS will push it back to the following Monday. Hence, April 18th.

Expecting a refund?

If an excess amount of federal taxes were withheld from your paychecks this year, then you can expect a refund from the IRS. The deadline still applies to you and you still need to file a tax return. However, if you don’t e-file by April 18th, you won’t face any penalties from the IRS. In fact, you can claim your 2015 tax refund until 2019 thanks to the three-year statute of limitations!

If you’re not ready, file an extension.

Even if you can’t file your actual tax return by April 18th and you have a tax liability, you can file your 2015 tax extension with RapidTax for free. This will give you until October 17th, 2016 to e-file your tax return, penalty-free.

When filing an extension, you will need to estimate your tax liability and pay a small amount towards it. Even $5 will do (it’s all about showing initiative here).

Oh, the penalties you’ll face for not filing (and paying) on time.

Miss curfew? Get a lecture from mom. Late to a meeting? Get reprimanded by your boss. Miss the tax filing deadline? Get penalty fees tacked onto your tax bill by the IRS. Below is a breakdown of what the IRS will charge you if you don’t file your taxes by April 18th (or October 17th with an extension). Continue reading “When is the Last Day to E-File a 2015 Tax Return?”

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When Does 2016 Tax Season Start?

Prepare for take-off! Tax Season came early this year.

The IRS has announced the start of the 2016 tax season to be Tuesday, January 19th. That is officially one day earlier than last year.

And just in case that didn’t knock your socks off, here’s even more good news. The IRS will not have a tiered opening season this year. Contrary to prior years, taxpayers filing a paper tax return will have the same start date as taxpayers who choose to e-file.

Can I prepare my tax return earlier than January 19th?

Yes, you can. At Rapidtax.com, we provide our services even earlier than the IRS official start date. Keep in mind that this does not mean that your return will be e-filed by the IRS before January 19th but you will be able to create an account and enter all of your information early. After you submit your account, we will handle the rest and make sure your return is e-filed as soon as the IRS opens for filing.

What should I do next?

Continue reading “When Does 2016 Tax Season Start?”