Tax-Filing and Payment Extensions Expire October 15, 2014

Larry Villano, Publisher of Loopholelewy.com

Tax-Filing and Payment Extensions Expire October 15, 2014


Check Eligibility for Overlooked Tax Benefits


The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits before filing.

More than a quarter of the nearly 13 million taxpayers who requested an automatic six-month extension this year have yet to file. Although Oct. 15 is the last day for most people, some still have more time, including members of the military and others serving in Afghanistan or other combat zone localities who typically have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due.

Even if you’re filing in the final days, e-file remains easy, safe and the most accurate way to file your taxes.

Check Out Tax Benefits

Before filing, the IRS encourages taxpayers to take a moment to see if they qualify for these and other often-overlooked credits and deductions:

  • Benefits for low-and moderate-income workers and families, especially the Earned Income Tax Credit.
  • Savers credit, claimed on Form 8880, for low-and moderate-income workers who contributed to a retirement plan, such as an IRA or 401(k).
  • American Opportunity Tax Credit, claimed on Form 8863, and other education tax benefits for parents and college students
  • Same-sex couples, legally married in jurisdictions that recognize their marriages, are now treated as married, regardless of where they live. This means that they generally must file their returns using either the married filing jointly or married filing separately filing status. Further details are on IRS.gov.

File your taxes. Start now.

If You Owe Taxes But Can't Pay -
Use the Online Payment Agreement tool. It can help you determine in a matter of minutes whether you qualify for an installment agreement with the IRS.

There is also an Offer in Compromise Pre-Qualifier tool for those whose tax obligations are more serious. This tool helps determine if you qualify for an agreement with the IRS to settle your tax liability for less than the full amount owed.