The tax season is upon us again! For many of us, that means scrambling to get our paperwork in order so we can file our taxes on time. But when is 2015 tax due?
We’ll give you the rundown on when to expect your tax return and how to file it so you can get your refund as soon as possible.
when is 2015 tax due
The deadline for filing your federal income tax return is April 15, 2015. However, if you’re not able to file by that date, you can request an extension from the IRS. If you need more time to prepare your return, you can file Form 4868 to apply for a 6-month extension. Keep in mind that this form only extends the time you have to file your return, not the time you have to pay any taxes you may owe.
If you think you may owe taxes and can’t pay them by the April 15th deadline, you can also apply for an extension by filing Form 9465. This form allows you to set up a payment plan with the IRS so you can pay your taxes over time.
How to file your taxes
If you’re not sure how to file your taxes, there are a few options available to you. You can prepare and file your return yourself using tax software or online tools, have someone else prepare your return for you, or use the IRS’ Free File program.
If you opt to prepare and file your own return, there are a few things you’ll need to do first. Gather up all of the necessary paperwork, including your W-2 form from your employer, 1099 forms for any other income you received, and any receipts or documentation for deductions or credits you plan to claim. Once you have everything you need, you can use tax software or an online tax filing service to help you complete and file your return.
Can I claim the Earned Income Tax Credit on my tax return this year
The Earned Income Tax Credit is a tax credit available to low- and moderate-income taxpayers. To qualify, you must have earned income from working, whether it’s from a job, self-employment, or farm work. You also need to meet certain requirements related to your filing status, age, and investment income.
If you qualify for the credit, it can reduce the amount of taxes you owe or increase your tax refund. For example, if you owe $1,000 in taxes and you’re eligible for a $500 tax credit, your tax liability would be reduced to $500. To claim the Earned Income Tax Credit on your tax return, you’ll need to file Form 1040 or Form 1040A and include Schedule EIC. For more information on the Earned Income Tax Credit, including eligibility requirements and how to claim the credit, you can visit the IRS website.
Should I itemize or take the standard deduction on my tax return this year
The standard deduction is an amount that you can deduct from your taxable income if you don’t itemize deductions. For the 2015 tax year, the standard deduction is $6,300 for taxpayers who are single or married filing separately, $9,250 for head of household taxpayers, and $12,600 for taxpayers who are married filing jointly or qualifying widows or widowers.
If your deductions exceed the standard deduction amount, you may be better off itemizing your deductions on Schedule A of Form 1040. Some common itemized deductions include charitable donations, mortgage interest, and state and local taxes. To decide whether to take the standard deduction or itemize your deductions, you’ll need to calculate your total deductions and compare that amount to the standard deduction. Whichever option gives you the lower tax bill is the one you should choose.
