Have You Filed Your 2015 Tax Return?

April 18th, 2016 is The Deadline for 2015 Tax Returns

If you haven’t as yet filed your 2015 tax return remember that April 18, 2016 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due. Usually April 15 is the due date, but because Friday, April 15, is a legal holiday in the District of Columbia (where the IRS is headquartered), the filing date is advanced to the next day that isn’t a weekend or holiday – Monday, April 18 – even for taxpayers not living in DC.

The April 18, 2016 deadline also applies to the following:

• Tax year 2015 balance-due payments

  Taxpayers that are filing extensions are cautioned that the filing extension is an extension to file, NOT an extension to pay a balance due. Late payment penalties and interest will be assessed on any balance due, even for returns on extension. Taxpayers anticipating a balance due will need to estimate this amount and include their payment with the extension request.

• Tax year 2015 contributions to a Roth or traditional IRA 

  April 18 is the last day contributions for 2015 can be made to either a Roth or traditional IRA, even if an extension is filed.

• Individual estimated tax payments for the first quarter of 2016

 Taxpayers, especially those who have filed for an extension, are cautioned that the first installment of the 2016 estimated taxes are due on April 18. If you are on  extension and anticipate a refund, all or a portion of the refund can be allocated to this quarter’s payment on the final return when it is filed at a later date. If the  refund won’t be enough to fully cover the first installment, you may need to make a payment with the April 18 voucher. Please call this office for any questions.

• Individual refund claims for tax year 2012 

 The regular three-year statute of limitations expires on April 18 for the 2012 tax return. Thus, no refund will be granted for a 2012 original or amended return      that is filed after April 18. Caution:  The statute does not apply to balances due for unfiled 2012 returns.

Note:  For taxpayers who live in Maine or Massachusetts because of a holiday observed on the 18th in Massachusetts which affects the IRS Service Center located in Massachusetts that serves these two states. The deadline for any of the above actions is increased by an additional day, to April 19, 2016.

Should our office not be able to complete your returns because of missing information, please forward that information as quickly as possible in order to meet the April 18 deadline. Please remember that the last week of tax season is very hectic, and your returns may not be completed if you wait until the last minute. If it is apparent that the information will not be available in time for the April 18 deadline, then let the office know right away so that an extension request, and 2016 estimated tax vouchers if needed, may be prepared. If your returns have not yet been completed, please call right away so that we can schedule an appointment and/or file an extension if necessary.