Tax day is coming...!
But here are five things you don’t have to worry about right now, even if you haven’t filed yet.
1. Wow. I get an extra weekend to do my taxes this year.
Unbelievable, right? April 16th is Emancipation Day in the District of Colombia—and this year it is being observed on Friday, April 15th. A local holiday for Washington, D.C., Emancipation Day commemorates the day President Lincoln gave thousands of slaves living in the District their freedom. A local holiday benefits us all. The folks at the IRS have a day off, and the filing deadline is extended to Monday, April 18th.
If you participate in an employer-sponsored health plan, these forms report the type of coverage you have, the dependents covered by the policy, and the period of coverage. If your employer hasn’t sent you the form yet, don’t worry. Per the IRS, you do not need this form to file your taxes.
Believe it or not, you still have time to make a contribution to your IRA and/or HSA! You have until the filing date (April 18th this year).
Electronic filing is increasing every year. According to the IRS, almost 129 million taxpayers filed their tax returns electronically in 2015. One of the benefits of e‑filing is a decrease in mathematical mistakes. Additionally, if you’re due a refund, the IRS says you can expect it in 9 to 10 days if you e‑file, compared with 2 to 3 weeks if you file on paper. If you owe, the IRS offers payment options to e-filers.
You’re just about done. To get started on next year, purchase a nice folder and start sorting and filing your receipts. Commit to this monthly. You’ll be surprised how organized you are when you start the tax preparation process for next year.