It’s never too early to start planning for your tax filing. The Federal tax deadline is Wednesday April 15, 2015. Beware, as the penalty for filing taxes late is severe. You can be penalized for 5% of the additional taxes owed for every month your return is late, up to a maximum of 25%. So, no matter what the situation is, file your taxes by the deadline. Should you also owe money to the IRS, it is also very important to pay on time to avoid expensive fees and interest on the money you owe. Going in prepared is crucial and there are plenty of resources available for assistance.
Seek advice from trusted organizations, like the Internal Revenue Service or their volunteer programs available in both English and Spanish:
The IRS Volunteer Income Tax Assistance (VITA)
The VITA Program provides free tax help to people who make $52,000 or less and need assistance in preparing their own tax returns. The VITA sites are generally located at community and neighborhood centers, libraries, churches, schools, shopping malls, and other convenient locations. To find a site near you, call: 1-800-906-9887.
Tax Counseling for the Elderly (TCE)
The TCE Program offers free tax help for all, with priority assistance to people who are 60 years of age and older, specializing in questions and issues that are unique to seniors. For a TCE center near you, call 1-888-227-7669.
Earned Income Tax Credit (EITC)
Low to moderate-income filers may be eligible for the Earned Income Tax Credit. This credit can reduce the amount you owe in taxes, and it may also give you a larger refund. For more information about filing your 2014 tax return visit www.irs.gov or call 1-800-829-1040, Monday through Friday from 7am to7pm.