The deadline for filing tax returns is April 15 and, for many, filing taxes this year will work for their advantage.
Most people are required to file returns by the April 15 deadline. The penalty for failing to file tax returns is limited by the amount of taxes owed but it is recommended to file.
Credits taxpayers may be eligible for include:
—Up to $2,500 for college expenses.
—Up to $1,500 for making energy-efficiency improvements to homes.
—For new vehicles purchased between Feb. 17 and Dec. 31, 2009, the state and local taxes can be deducted.
—An expanded child tax credit providing $1,000 for each child under 17.
—Up to $8,000 for first-time home buyers. The credit will be available through the end of April.
People who need more time to report their federal return can file the form 4868 for an automatic extension through the Internal Revenue Service free file. The extension gives taxpayers an additional six months, until Oct. 15 to file tax returns, according to the IRS Web site.
In addition, taxpayers can use paid preparers or purchased software to electronically file Form 4868. A paper version is also available for download from the IRS Web site, IRS.gov. However, you will only receive an acknowledgement that the IRS received your request, if you e-file or Free File the request.
It is also important for taxpayers to inform the IRS if they cannot pay their balance due. The IRS says taxpayers should pay as much as possible and contact the IRS to set an installment plan.
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