2016 Income Tax Filing Deadline: No, You Didn't Miss It

If you’re one of those procrastinators, the calendar was kind to you this year. You still have a few more hours to file income tax return with the Internal Revenue Service to avoid a penalty.

Because of a holiday in the nation’s capital, the filing deadline to submit 2015 tax returns is Monday, April 18, 2016, rather than the traditional April 15 date.

In Michigan, your state return is also due April 18. That’s also the date you’ll need to file for an extension in Michigan (federal extensions are honored as well).

If you need more time to file, you can also use IRS Free File to get an automatic six-month extension to file your taxes. But if you owe taxes, those must be paid April 18, even with an extension to file your return.

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Taxpayers who can’t pay the taxes they owe by April 15 may set up a monthly payment plan using the Online Payment Agreement option on IRS.gov.

Last-Minute Filing Tips

The IRS has these tips to help the procrastinators:

File electronically. Filing electronically, whether through e-file or IRS Free File, vastly reduces tax return errors, as the tax software does the calculations, flags common errors and prompts taxpayers for missing information. And best of all, there is a free option for everyone.

Mail a paper return to the right address. Paper filers should check the appropriate address where to file in IRS.gov or their form instructions to avoid processing delays.

Take a close look at the tax tables. When figuring tax using the tax tables, taxpayers should be sure to use the correct column for the filing status claimed.

Fill in all requested information clearly. When entering information on the tax return, including Social Security numbers, take the time to be sure it is correct and easy to read. Also, check only one filing status and the appropriate exemption boxes.

Review all figures. While software catches and prevents many errors on e-file returns, math errors remain common on paper returns.

Get the right routing and account numbers. Requesting direct deposit of a federal refund into one, two or even three accounts is convenient and allows the taxpayer access to his or her money faster. Make sure the financial institution routing and account numbers entered on the return are accurate. Incorrect numbers can cause a refund to be delayed or deposited into the wrong account.

Request a filing extension. For taxpayers who cannot meet the April 15 deadline, requesting a filing extension is easy and will prevent late filing penalties. Either use Free File or Form 4868. But keep in mind that while an extension grants additional time to file, tax payments are still due April 15.

Owe tax? If so, a number of e-payment options are available. Or send a check or money order payable to the “United States Treasury.”

Speedy Refunds

Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS says it will likely issue more than nine out of 10 refunds in less than 21 days.

If you haven’t filed yet, the IRS has these tips to help you.

• Gather your records. Make sure you have all your tax records. This includes receipts, canceled checks and other records that support income, deductions or tax credits that you claim. If you purchased health insurance through the Marketplace, you will need the information in Form 1095-A to file.
• Report all your income. You will need to report your income from all of your Forms W-2, Wage and Tax Statements, Forms 1099 and any other income – even if you don’t receive a statement – when you file your tax return.
• Use direct deposit. The fastest and safest way to get your refund is to combine e-file with direct deposit. The IRS issues more than nine out of 10 refunds in less than 21 days.
• Review your return. Mistakes slow down your tax refund. If you file a paper return, be sure to check all Social Security numbers. That’s one of the most common errors.

Image credit: Chris Potter via Flickr / Creative Commons