Thursday, January 07, 2016

2016 IRS Tax Season

2016 Tax Season is just around the corner. It will begin on 19 January 2016. Beginning on the said date, the United States Internal Revenue Service (IRS) will be accepting both 2015 electronic and paper tax returns.

The last day of filing 2015 tax returns will be on 18 April 2016. It used to be 15 April 2016. Since Washington D.C. will be celebrating its Emancipation Day on 15 April, the deadline is moved to 18 April. However, for those in Maine and Massachusetts, the deadline is on 19 April 2016 due to Patriots Day.

Before filing the returns, taxpayers must see to it that they have the following necessary documents: a) year-end statements, b) Form W-2 from employers, c) Form 1099 from banks and other payers, and d) Form 1095-A from the marketplace for those claiming the premium tax credit. As per IRS, the fastest and easiest ways to file returns and receive refunds are through e-file and direct deposit.

For those who have no idea on how to file their returns, you may ask the help of trusted tax professionals to assist you. The Volunteer for Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) offer free tax assistance to those who qualify.

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