Accu-Tax of Maryville/Alcoa: October 2015

Friday, October 9, 2015

IRS.gov has Information to Help You Understand the Health Care Law’s Effect on Your Taxes

There is a lot of information in the news and online about the health care law and its effect on your taxes. For the most up-to-date answers to questions you may have, visit IRS.gov/aca.

From A to Z and ISRP to MEC, the IRS website covers a wide range of health care topics and how they relate to your taxes.

The IRS knows that you want to understand how the health care law may affect you when filing your taxes next year. When questions come up, IRS.gov is a great place for you to begin finding the answers you need – when you need them.

This information is especially important for individuals. Health coverage providers and employers will provide health coverage statements to covered individuals for the first time in 2016. The IRS will continue to post information as you get ready to prepare and file your 2015 tax return.

At IRS.gov/aca, you’ll find frequently asked questions, legal guidance, and links to other useful sites. You can also access valuable information about specific topics, including the premium tax credit for individuals, rules and responsibilities for employers, as well as tax provisions for insurers, tax-exempt organizations and other businesses.

Aside from IRS.gov, we also post new guidance and information about the health care law on the official IRS Twitter, Tumblr and Facebook accounts. You can also access a web-based IRS flyer, Health Care Law Online Resources, for links to other federal agencies that also have a role in the health care law.

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Monday, October 5, 2015

Extension Filers: Don’t Miss the Oct. 15 Deadline

If you are one of the 13 million taxpayers who asked for more time to file your federal tax return and still haven’t filed, your extra time is about to expire. Oct. 15 is the last day to file for most people who requested an automatic six-month extension. If you have not yet filed, here are some things that you should know:

Accu-Tax of Maryville/Alcoa is open and ready to assist you with meeting the Oct15th deadline.
Use Direct Deposit. If you are due a refund, the fastest way to get it is to combine direct deposit and e-file. Direct deposit has a proven track record; eight in 10 taxpayers who get a refund choose it. The IRS issues more than nine out of 10 refunds in less than 21 days.
Use IRS Online Payment Options. If you owe taxes the best way to pay them is with IRS Direct Pay. It’s the simple, quick and free way to pay from your checking or savings account. You also have other online payment options. These include Electronic Funds Withdrawal or payment by debit or credit card. Just click on the “Payments” tab on the IRS.gov home page.
Don’t overlook tax benefits. Make sure to check if you qualify for tax breaks that you might miss if you rush to file. This includes the Earned Income Tax Credit and the Saver’s Credit. The American Opportunity Tax Credit and other education tax benefits can help you pay for college.
File on time. If you owe taxes, file on time to avoid a late filing penalty. If you owe and can’t pay all of your taxes, pay as much as you can to reduce interest and penalties for late payment. Use the Online Payment Agreement tool to ask for more time to pay. You can also file Form 9465, Installment Agreement Request, with your tax return.
More time for the military. Some people have more time to file. This includes members of the military and others serving in a combat zone. If this applies to you, you typically have until at least 180 days after you leave the combat zone to both file returns and pay any taxes due.
Try easy-to-use tools on IRS.gov. Use the EITC Assistant to see if you’re eligible for the credit. Use the Interactive Tax Assistant tool to get answers to common tax questions. The IRS Tax Map gives you a single point to get tax law information by subject. It integrates your topic with related tax forms, instructions and publications into one research tool.

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.

Additional IRS Resources:

Tax Information for Members of the Military
Special EITC Rules for the Military
Publication 3, Armed Forces’ Tax Guide

IRS YouTube Videos:

October 15th Tax Deadline – English | Spanish | ASL
IRS Tax Payment Options – English | Spanish | ASL
Online Payment Agreement – English | Spanish | ASL
Military Tax Tips – English | Spanish | ASL
Combat Pay – English | Spanish

IRS Podcasts:

IRS Tax Payment Options – English | Spanish
Online Payment Agreement – English | Spanish
Interactive Tax Assistant – English