If you have still not done your taxes, you have a short amount of time to get them done. Here are a few things that you need to be aware of as you file your taxes this year.
There Are New Health Insurance Forms
One of the biggest changes you will notice as you file your tax returns is the health care section. If you have insurance, you should have received either a Form 1095-A, 1095-B or 1095-C. Each of these forms provides information about what you paid for health insurance as well as how many months out of the year you had insurance.
You will need to enter this information in as you do your taxes. This information will let you know if you have to pay a penalty for a lack of coverage for part of the year. This information will also let you figure out if you will get a health-care tax credit back.
You Can Still Save Money On Your Taxes
If you feel like your tax bill is too big, you can still take steps to reduce the overall amount of taxes that you have to pay this year. You can do that by contributing to your retirement account or your IRA.
If you don't have a retirement account or IRA, you need to talk to a financial advisor about setting one up. You can contribute or create a retirement account or IRA right up until the tax filing deadlines, which is Monday, April 18th this year. You can earn tax deductions for contributing towards your retirement. The IRS and the government want you to save up for retirement. If you are under 50, you can contribute up to $5,500 to your retirement account or IRA by April 18th, 2016.
Need More Time? File An Extension
If you need more time, you need to file an extension. You need to file the extension by the tax filing due date on April 18th. In order to get an extension, you need to file out and submit Form 4868 to the IRS. By submitting this form, you give yourself six more months to figure out your taxes and submit them. Keep in mind that it is an extension to file your paperwork, not to pay your taxes. You are still expected to pay your taxes by the due date or make a payment plan if you can't afford to do so.
Make sure that you gather together your health information and look into saving more money on your taxes. If you don't think you can get it all done on time, you still need to file an extension. For more information or help, speak with a company like The Callen Accounting Group, PLLC.Share