The window is closing to claim your prior year refund.
Luckily for you, this is the last year to claim your 2015 refund. However, you can only claim your refund if you fit within the time-frame of the IRS’ Statute of Limitations. You have three years from the original tax deadline due date to claim a refund for your tax year.
Read on to find out what you need to do to claim your refund.
Can I still e-file my 2015 return?
Continue reading “Can I Still Claim My 2015 Refund?”
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”
Enrolled in the Health Insurance Marketplace? Here’s how you’ll report your coverage on your 2014 Taxes
Obamacare – also known as the Affordable Care Act, or the ACA – is a law enacted to ensure that all Americans can afford health insurance.
If you enrolled in the Obamacare Marketplace, you’ll need to report it on your 2014 Tax Return. The information you report will directly impact your tax refund.
Below, you’ll find out how to report your health care insurance that you purchased through the marketplace on your 2014 taxes.
Reporting Obamacare on 2014 Tax Return
If you purchased your health care insurance through the marketplace for 2014, refer to the following steps;
By the end of January 2015, you’ll receive a Form 1095-A in the mail. Don’t throw this form away! You’ll need it in order to complete your 2014 tax return.
Look over the Form 1095-A. The following information will be reported;
- effective date
- the total amount of your premium through the Health Insurance Marketplace
- the total premium assistance you received (aka the advanced payments of the premium tax credit paid directly to your insurance company to lower your out-of-pocket monthly premiums)
Once you’re ready to prepare your 2014 taxes, have your Form 1095-A (and any other tax documents) on hand. Continue reading “I’m Enrolled in Obamacare Marketplace- How Do I Report it On My Taxes?”