JOHNSON CITY, TN (WJHL-TV) – April 15 has always been known as Tax Day, but not this year.
Liberty Tax Service Supervisor Andrew Hill explains, “Tax day is today, the 15th, but Emancipation Day is kinda getting in the way of that a little bit. Emancipation Day is a legal holiday in Washington DC, it falls on April 16 but, because that is a weekend, it is being observed today, on Friday. So, because of that and since the IRS is headquartered in DC, they have to push tax day back three days because tax day can’t fall on a weekend.”
Lots of late filers are finding out that they have a few more days to procrastinate according to Hill, “So, effectively, everybody gets three extra days to file this year. And with Leap Year, they actually get four extra days. If the 15th was a Saturday, they would file on Monday and so that would be two days but this year, because Friday is discounted, it is three days and then Leap Year makes four so it is an extra long season.”
The biggest question from this year’s tax filers has to do with Obamacare and the penalties involved with the Affordable Care Act.
one of the biggest things in the industry right now is the Affordable Care Act and how having to have health insurance has affected the tax industry, but that has actually been going on for two years. But this year, the penalty for not having it has been stepped up so it is affecting folks a little bit more than it was last year.”, Hill says, “Generally, if somebody owes the penalty, they’re kind of surprised. Most people are aware of Obamacare but they don’t know how it really plays into their taxes. But anybody that has insurance doesn’t suffer the penalty and if you have insurance for part of the year, the penalty is broken down on a per month basis.”
If you have any questions at all or if there is something you don’t understand, be sure to ask questions or it could effect your refund or penalty.
“If you’ve had Obamacare for part of the year, it’s possible to get a bigger refund because of the premium tax credit. So it is good to be “in the know” because it could help you, it could hurt you but you don’t want to be surprised one way or the other.”, Hill adds.
Liberty Tax Service and other tax preparers will be open this weekend and late on Monday to accommodate those late filers.
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