Tax changes ahead for 2016

Tax changes ahead for 2016

(NBC News) Filing your taxes this year will be different than years past.

You’re going to have four extra days to file this year. The deadline’s been moved to April 18th.

However, in Massachusetts the deadline is April 19th.┬áTax Day occasionally falls on Patriots’ Day, a civic holiday in the Commonwealth of Massachusetts, or the preceding weekend. When this occurred for some time, the federal tax deadline was extended by a day for the residents of Maine, Maryland, Massachusetts, New Hampshire, New York, Vermont, and the District of Columbia because the IRS processing center for these areas was located in Andover, Massachusetts and the unionized IRS employees got the day off.

The 1095 forms which you’ll have to file describing where you purchased your health insurance are also changing.

The penalty for not having health insurance goes up considerably, to $325 or two percent of taxable income, whichever is greater.

Also going up is the number of taxpayers who file electronically, which means those due a refund will get them quicker.

Read more: http://nbcnews.to/1K1pDuk

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