October 15, 2015, is the last day to file your 2014 tax returns for most individuals who requested an automatic six-month extension. However, you can file any time before Oct. 15, if you have all your required tax documents.
As you prepare to file your 2014 tax return, there are some things that you should keep in mind:
How Health Care Laws could affect your taxes. The Affordable Care Act requires you, your spouse, and your dependents to have qualifying health insurance for the entire year, report a health coverage exemption, or make a payment when you file. If you purchased coverage through the marketplace, you may be eligible for the premium tax credit and need to use Form 8962 to reconcile any advance payments made on your behalf.
If you do not file a 2014 tax return you will not be eligible for advance payments or cost-sharing reductions to help pay for your marketplace health insurance coverage in 2016. Filing as soon as possible, using your most current Form 1095-A, Health Insurance Marketplace Statement, will substantially increase your chances of avoiding a gap in receiving this help.
Don’t Forget the Oct. 15 Deadline. If you aren’t ready to file yet, remember to file by Oct. 15, to avoid a late filing penalty. If you owe and can’t pay all of your taxes, pay as much as you can to reduce interest and penalties for late payment. In most cases, the failure-to-file penalty is 10 times more than the failure-to-pay penalty. So if you can’t pay in full, you should file your tax return as soon as you can and pay as much as you can.
More Time for the Military. Some people have more time to file. This includes members of the military and others serving in a combat zone. If this applies to you, you typically have until at least 180 days after you leave the combat zone to both file returns and pay any taxes due.
Back-to-School Education Tax Credits
With school starting, if you, your spouse or a dependent are enrolled in college this fall, you may be able to claim a tax credit on your federal tax return. Here are some key IRS tips that you should know about the education tax credits: