Home Uncategorized Tax Day quickly approaching

Tax Day quickly approaching

Arrhonda Hall, office supervisor at Liberty Tax Service, prepares to create an income tax packet for a customer.

Tax Day is fast approaching, but it has been extended until Tuesday.

Normally, the income tax due date for federal taxes is April 15, but this year, April 15 falls on a Saturday, and Emancipation Day falls on Monday, pushing the due date back to Tuesday.

State taxes will be due on its normal due date of May 15.

Lavance Henderson, owner of Liberty Tax Service, said individuals and families will need to make sure they have all the correct documentation when getting their taxes done – forms of income, such as W-2s, 1099s and other proofs of income. In order for a family to receive earned income credit, they must show the dependents, or children, live at that residence.
“We need to make sure that child lives with you,” he said. “You need to have documentation that the child lives with you in order to receive the income tax credit or the child tax credit.”

New this year is the 1095A form. Henderson said this document is important for taxpayers who have their health insurance through the Marketplace under the Affordable Care Act.

“If you have healthcare through the ACA, you have to show you have insurance through the Marketplace,” he said. “If you file taxes and don’t send that form, they will not release yourrefund until you turn it in.”

Henderson said there are no “holdups” this year in getting refunds. The state can take up to 60 days to send your refund, and federal returns are taking an average of eight to 21 days, he said.

“If someone is unsure about their taxes, they need to go to any tax office and have someone look at their taxes,” he said.

If an extension needs to be filed, the IRS recommends using the Free File, which allows taxpayers to prepare and e-file their taxes for free. The IRS recommends getting their extension form in by midnight on April 18 in order to be considered for an extension.

For those who owe taxes, an extension does not mean more time to pay bay back taxes.

“Taxpayers should estimate and pay any owed taxes by April 18 to avoid a potential late-filing fee,” IRS officials said.
Also keep a copy of the tax return for 2017.

Henderson reiterated the most important documentation for the 2017 tax season: income, proof of children’s residency and the 1095A form for those who have health insurance through the ACA.