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An extension gives you six more months to organize and file your tax return, however it does not excuse you from paying your taxes on time. Every taxpayer is entitled to a standard deduction, however you might have the ability to trim much more out of your taxable earnings by itemizing your deductions. If you file your tax return in April, you might have a chance to say deductions and credit that lower your whole taxable income. Certain tax credits - Only married couples filing jointly (not individually) can qualify for the earned income tax credit score, the American alternative tax credit score, the lifetime learning credits, the child and dependent care credit, and deductions for adoption bills. No legal responsibility - By filing jointly, both husband and wife are legally liable for errors or misinformation on the tax return. For those who miss the April 15 due date (established by the IRS for filing and paying any taxes because of the federal government), the world isn't going to finish, but you may be charged some late fees. The difficulty starts when IRS computer systems discover that there are wages, loans and financial institution accounts related along with your Social Security quantity but no tax return. After mailing a sequence of more and more sternly worded letters, the IRS will file a substitute for return, its own approximation of what you owe.

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