Great question! But what you really meant to ask is – when can I file my 2015 taxes?
It’s a bit confusing. In 2016 you will be filing your 2015 taxes, settling up with Uncle Sam on the income you made in 2015.
The short answer is – now! File your taxes today. For more important tax dates and deadlines, read on.
TaxAct opened its virtual doors and started preparing 2015 tax returns.
JANUARY 19, 2016
IRS e-file goes live and begins processing returns. If you file your taxes with us before this date, we’ll transmit your return as soon as IRS is ready to process it.
FEBRUARY 1, 2016
Deadline for your employer to mail you your 2015 W-2. Note this is a mailing deadline, not a receipt deadline, so if your company is slacking, it may take a few extra days to get it via snail mail. Many employers offer electronic versions via the same website you can view your pay checks.
If you received unemployment income, this is also the deadline for the state(s) to provide you with a 1099-G.
Finally, this is deadline for banks to supply you with a 1099-INT reporting bank account interest you made.
Note that banks are only required to issue a 1099-INT if you made at least $10 of interest during the year, however you are still required to report it even if they don’t send you one.
If you made less than $10, use your bank statements or online banking to determine the amount of interest you made.
APRIL 18, 2016
Tax Day. Yes, you read that right, it’s April 18th in 2016 instead of April 15th.
You can thank Washington, D.C., for the extra time. Washington will celebrate Emancipation Day on April 15.
This is a federal holiday, so the IRS will be closed. Emancipation Day is typically celebrated on April 16. However April 16 falls on a Saturday in 2016, so Emancipation Day will be celebrated on Friday April 15, and Tax Day will be pushed back to Monday April 18.
Most people believe “tax day” is the deadline to file your income taxes. That’s close enough. It’s actually a payment deadline rather than a filing deadline.
If you owe the IRS additional taxes, you must file and pay them by this date to avoid fees and penalties. If you want to, you could file an extension.
But extensions are fool’s gold – you still have to pay at least 90% of taxes owed. And if you’re due a refund, you’re extending the interest free loan you’ve given Uncle Sam.
OCTOBER 15, 2016
If you filed an extension and owe additional taxes, this is your deadline to file your completed return and pay any remaining taxes owed.
Bill Hendricks is the CEO and co-founder of Common Form, which helps people with simple finances file taxes in 5 minutes from their phone or computer.