Thursday, October 2, 2014

Tax Deadline October 15

It's now less than two weeks to file individual income tax returns for 2013 for those who are on extension. Here is a list of often overlooked credits and deductions:
  • Benefits for low-and moderate-income workers and families, especially the Earned Income Tax Credit. The special EITC Assistant can help taxpayers see if they’re eligible.
  • Savers credit, claimed on Form 8880, for low-and moderate-income workers who contributed to a retirement plan, such as an IRA or 401(k).
  • American Opportunity Tax Credit, claimed on Form 8863, and other education tax benefits for parents and college students.
  • Same-sex couples, legally married in jurisdictions that recognize their marriages, are now treated as married, regardless of where they live. This means that they generally must file their returns using either the married filing jointly or married filing separately filing status. Further details are on IRS.gov.
Need help to determine if you qualify, see my Contact Page.

The IRS encourages all taxpayers to e-file their returns, which is generally more convenient and faster. The IRS also now offers an online payment method, Direct Pay. The IRS also makes it easy to sign up for an online payment agreement, Online Payment Agreement, where taxpayers can setup a monthly payment agreement if they cannot pay the entire bill in full (for those who owe $50,000 or less including penalties and interest).

Interested in learning more, contact me for more information!

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