3 Important things to remember at Tax Time
3 Important things to remember at Tax Time
Tax time is here and while for some it is a time for a sweet refund, for others it is a time for dread. Everything from calculating itemized expenses for your business to pulling together the funds to pay back the IRS to praying you don’t get audited crosses the minds of most tax paying consumers. To help alleviate some of the anxiety of the tax season, here are 3 important things to remember at tax time.
1.) Tax day has been moved: Tax Day has been pushed to April 18th in lieu of the typical April 15th. The IRS announced the new due date for the 2016 tax season because of an overlap of federal/state holidays. Thanks to the District of Columbia’s legal holiday of Emancipation Day, tax day has been moved to the next regular business day, according to an IRS news release. This means that anyone looking to request an extension to file may do so on or before midnight April 18th.
2.) Consider e-filing: Out of the 2,910,700 taxpayers expected to file this year, 2,501,000 are estimated to do it electronically and the IRS highly encourages the e-filing process. Electronically filing is not only fast, accurate and secure, but it also saves the federal government money due to processing costs, states IRS spokesman Bill Brunson. It costs the federal government $3.83 to process a tax return filed on paper versus 21 cents if electronically filed.
3.) Don’t forget about the EITC: The Earned Income Tax Credit (EITC) is a financial boost for people working hard to make ends meet and the average Arizonan received $2,576 of EITC last year, according to the IRS release. The IRS finds that about 20 to 25 percent of people who file and are eligible for the credit, fail to claim it, Brunson said. To see if you qualify for the refundable tax credit, use the EITC Assistant on IRS.gov. To get the EITC, workers need to file a tax return and complete Schedule EIC to claim the credits, even if they aren't required to file.
Tax time doesn’t have to be a headache. If you’re a Phoenix property manager owner who needs to know what rental expenses can be written off or if you have tax questions about your Phoenix rental home, please contact the Simply Property Management-Paielli Realty, Inc. team today.
Greg Paielli
Simply Property Management – Paielli Realty, Inc.
www.phoenixpropertymgmt.com
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This communication is provided to you for informational purposes only and should not be relied upon by you. Simply Property Management-Paielli Realty, Inc. is not a tax professional and so you should contact a qualified tax professional directly to learn more about the tax process and your eligibility for tax services.
