All state tax forms are different and definitely depends on the state in which you claim residency.
States Without Income Tax
There are currently seven states that do not have astate income tax, which include:
- South Dakota
In addition to these seven states, there is New Hampshire and Tennessee only tax interest and dividend income instead of their resident’s earnings. There are benefits to living in these states with no state tax, but the residents of these states are also missing a larger refund. Individuals who itemize and are residents of the nine sates stated previously don’tnot have the opportunity to deduct the state taxes that have been paid, and they are missing a larger refund.
Extensions on State Taxes
Not all people are ready to have their state taxes completed by April 15, 2017 so these individuals have the opportunity to file for an extension. In order to receive an extension, the taxpayer must file form 4868 to the IRS, and each state has their personal requirements for the taxpayer. Most states will allow the taxpayer up to six months to file their tax forms, but it is important to apply for an extension so that you do not have to incur late filing penalties and fines.
When looking for the form to file for your specific state, make sure to go to the state authority website so that you have the proper form along with the IRS’s form 4868. With the six-month extension, taxpayers have until October 15 to file their state taxes before being fined.
TurboTax and State Taxes
Turbo Tax allows their customers to file their state taxes and offers step by step guidance. All the fees will be different, because all states have different taxes along with various tax forms. Turbo Tax offers an easy extension for state and federal taxes, for those individuals who know they will not have all of the proper documents in order by April 15, 2017.
With TurboTax 2017, all the state forms that are needed to file your taxes will be automatically generated for the customer. Some people are scared that they will overpay their state taxes, and if this is the case, there should be no worries because Turbo Tax will ensure that their customers will receive the overpaid money back in their tax refund.
Now or Later
Filing taxes is important to avoid penalties and fines. Luckily, people in same sex marriages are finally about to enjoy the tax benefits of being married if they are residents of the proper state. If you live in a state that does not have state income taxes this equals less frustration on you and your tax preparer during the tax season.
Those individuals who live in states that have state income taxes need to know that it is important to file their taxes before April 15 or at least apply for an extension so they will not be fined. TurboTax is a company that will help make sure state taxes are filed properly, and they are the only company that guarantees they have the ability to get you the largest refund possible.