Extension filers should review tax credits before filing - WBRC FOX6 News - Birmingham, AL

Extension filers should review tax credits before filing

© Digital Vision / Thinkstock © Digital Vision / Thinkstock

From IRS.gov

Taxpayers who requested an extension of time to file their federal tax returns have until Oct.16 to double-check their returns for tax benefits that people often overlook. These taxpayers still have time to see if they can benefit from these four credits.

Earned Income Tax Credit

The Earned Income Tax Credit – also known as EITC and EIC –  benefits people who work and who have low-to-moderate incomes. This credit reduces the amount of tax owed and may result in a refund. To qualify for this credit, a person must meet certain requirements. They must also file a tax return.

Child Tax Credit

This is a credit of up to $1,000 per qualifying child. Taxpayers who claim this credit – but who do not qualify for the full amount – may also be able to take the additional child tax credit.

Saver’s Credit

This credit helps low-to-moderate-income workers save for retirement. It is also known as the Retirement Savings Contributions Credit.

American Opportunity Credit

A credit for tuition, enrollment fees, and class material for the first four years of higher education. The amount of this credit is up to $2,500 per eligible student per year.

Taxpayers should check IRS.gov/credits-deductions to learn more about other credits they may be qualified to claim when they file. Taxpayers who must file their 2016 taxes by October 16 should consider filing electronically using IRS e-file or the Free File system.

Additional filing information for taxpayers in disaster areas and combat zones:

Although Oct. 16 is the last day for most people to file, some still have more time. This includes taxpayers in places recently hit by hurricanes that are federally-declared disaster areas. It also includes members of the military and others serving in a combat zone who have at least 180 days after they leave the combat zone to file returns and pay their taxes due.

Remember that all of the web page addresses for the official IRS website, IRS.gov, begin with http://www.irs.gov. Don' t be confused or misled by Internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is http://www.irs.gov/.

*DISCLAIMER*: The information contained in or provided through this site section is intended for general consumer understanding and education only and is not intended to be and is not a substitute for professional advice. Use of this site section and any information contained on or provided through this site section is at your own risk and any information contained on or provided through this site section is provided on an "as is" basis without any representations or warranties.
INFORMATIONAL DISCLAIMER The information contained on or provided through this site is intended for general consumer understanding and education only and is not intended to be and is not a substitute for professional financial or accounting advice. Always seek the advice of your accountant or other qualified personal finance advisor for answers to any related questions you may have. Use of this site and any information contained on or provided through this site is at your own risk and any information contained on or provided through this site is provided on an "as is" basis without any representations or warranties.
Powered by Frankly