If you're reading this on April 15 (2016) -- and haven't filed your taxes -- you still have time to sweat. Due to a quirky holiday situation in the District of Columbia, you have until April 18 this year.
I can't say that I enjoyed tax prep this year since I have just sent a check to the IRS. If you owe money like I do, that means you didn't withhold enough in the form of estimated taxes, which I will certainly do this year.
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If you're getting a refund, good for you. You've just given Uncle Sam an interest-free loan for about 14 months. Adjust your withholding to take out less taxes -- unless you don't mind loaning money to the government.
A refund can go right into your IRA, college savings, student loan balance or emergency fund. Or, if you choose to splurge, it would make a nice downpayment on that hot new Tesla.
Customers wait in line to put a $1,000 deposit on the Tesla Model 3, outside the Tesla store. AFP / ROBYN BECK (Photo credit should read ROBYN BECK/AFP/Getty Images)
This year was a little different for average taxpayers. Unless you're a big corporation -- one-fifth of which paid no federal taxes last year -- you have to prove that you had health insurance coverage. While corporations are not people, despite what Mitt Romney claims, they are very special entities. They are under no federal obligation to provide retirement or health benefits.
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Individuals, however, are subject to more new rules. Under the Affordable Care Act, you need to show that you have coverage or are exempt from it to avoid paying a fine. Here's what the IRS says about filing the right form:
-- If anyone on your tax return – yourself, your spouse or any dependent - enrolled in coverage through the Health Insurance Marketplace during 2015, you must file Form 8962, Premium Tax Credit (PTC), with your tax return to claim the premium tax credit and to reconcile any advance payments made on your behalf in 2015.
-- If you are claiming an exemption from the requirement to have health care coverage, you will file Form 8965, Health Coverage Exemptions.
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-- Depending upon your personal circumstances, you may not have to use either of these forms. On the other hand, you may have to use one or both of them. You can file these forms electronically with your tax return.
-- You file Form 8962 only if you or someone on your tax return enrolled in health coverage for 2015 through the health insurance marketplace. You must file this form to reconcile any advance payments of the premium tax credit or to claim this credit on your federal income tax return.
Is that crystal clear? If you don't know which end is up, you can work with the agency's interactive assistant tool. It will walk you through what you need to know. The government just wants to know if you have health insurance.
Although it's a bit too late to track down deductions, keep in mind that this process is only for those who itemize. This means you have sufficient medical, home office, real estate, charitable and work-related expenses that can reduce your overall tax bill. See this IRS page for more information.
Also note that there are lots of swindlers out there trying to steal your information, so e-filing is the best route. But you need to have a personal identification number (PIN) before you can do that.
You should've received a PIN if you did an electronic filing last year. If you need a new one, it's too late to get one this year in time to file on the 18th. Go here to apply for a new PIN, which will take several weeks.
Still not ready? You can get an extension. But the catch here -- and the IRS always has a catch -- is that you have to estimate your tax liability (if you owe) and pay it by the 18th to avoid a penalty. The IRS will give you a break on the actual filing, but not on anything due:
"People who aren’t ready to submit their tax return can get an automatic six-month extension to file. The fastest and easiest way to get the extra time is through the Free File link on IRS.gov...Anyone, regardless of income, can use this free service to electronically request an automatic tax-filing extension on Form 4868."
So, if you're reading this and still sweating bullets, you have until Oct. 17 to file -- if you choose an extension. Just don't forget to send them a check for what you owe. Those late penalties can add up. And the IRS will follow up. While they won't call or email, they will send out those computer-generated letters. And they are really cranky in their own charming way.
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