New York (CNN) So far, the IRS has received over 100 million tax returns for 2022.
That means tens of millions of households have yet to file their returns. If you’re among them, here are some last-minute tax filing tips to keep in mind as the Tuesday, April 18th deadline approaches.
Not everyone has to submit on April 18th. If you live and have a business in a federally declared disaster area, or if a business in that area keeps relevant tax documents, the IRS has already extended the filing and payment deadlines. There is a possibility that here you can check the specific extension dates for each disaster area.
For example, due to a series of extreme weather events in recent months, most tax filers in California (which make up 10% to 15% of federal filers) have decided to extend their filing and payment until October 16th. Already allowed. According to an IRS spokesperson.
If you were in the military and were currently or recently stationed in a combat area, the deadline for filing and paying your 2022 taxes is likely to be extended by 180 days. However, specific extended filing and payment deadlines depend on the date you leave (or leave) the combat zone. This IRS publication provide details.
Finally, if you have little or no income in the last year (usually less than $12,950 for singles and $25,900 for couples), you may not need to file a return. But you may want to do it anyway if you think you’re eligible for a refund thanks to, for example, refundable tax credits such as: income tax deduction. (using This IRS tool to determine if you should submit this year. ) and may be entitled to use IRS Free File (Intended for those with an adjusted gross income of $73,000 or less) Therefore, there is no cost to file a return.
Your salary may not be your only source of income: If you only have one full-time job, you may think that it is your only source of income and should be reported. However, this is not always the case.
Other potentially taxable and reportable sources of income include:
- interest on savings
- Investment income (dividends, capital gains, etc.)
- Pay for a part-time job, seasonal work, or a side job
- unemployment income
- Social security benefits or distributions from retirement accounts
- chips
- gambling winnings
- Income from rental property owned
Organize your tax documents. By now, you should have received all the tax documents that third parties (employers, banks, brokerages, etc.) need to send.
If you don’t remember receiving a hard copy of your tax return in the mail, check your email and online account. Documents may have been sent electronically.
Here are some of the tax forms you may have received.
- W-2 from your wages or salaried work
- 1099-B capital gains and loss about your investment
- 1099-DIV From a brokerage firm or company that owns shares for dividends or other distributions from investments
- 1099-INT $10 or more in interest on deposits at financial institutions
- 1099-NEC From a client if you worked as a contractor
- 1099-K Payment for goods and services through third-party platforms such as Venmo, CashApp and Etsy.of 1099-K Required if you have earned $20,000 or more from 200+ trades per year. (Based on the following year’s reporting Dropped to $600.) However, you must report all income earned on third-party platforms in 2022, even if you have not earned a 1099-K.
- 1099-Rs Distributions over $10 received for pensions, annuities, retirement accounts, profit sharing plans, or insurance policies
- SSA-1099 or SSA-1042S For social security benefits received.
According to the Illinois Institute of Certified Public Accountants, “Please note that taxable income, such as income from renting out vacation property, has no formality, which means you are responsible for reporting it yourself.”
Last minute ways to reduce your tax bill for 2022: if you are qualified to make Tax deductible contribution to IRA If you haven’t already done so last year, you need to donate up to $6,000 ($7,000 if you’re over 50) by April 18th. Doing so will reduce your taxes and increase your retirement savings.
Proofread the return before submitting. Are you using tax software? professional tax accountant.
Minor mistakes or oversights can delay the processing of your return (and your refund if rented). You don’t want typos in your name, date of birth, social security number, or direct debit number. Selecting the wrong application status (e.g. Married vs Single). A simple miscalculation; or leaving a required field blank.
What to do if you can’t submit by April 18th: If you can’t turn it in by next Tuesday, please fill it out Form 4868 Submit electronically or on paper and send by April 18th. His six month automatic extension of the file is granted.
However, please note that file extension is not a paid extension. Interest (currently 7%) and a penalty for the amount still outstanding in 2022 and he has not been paid by April 18 will be charged.
So if you think you still owe taxes (perhaps you had income that wasn’t withheld outside of work or a large capital gain in the last year), estimate how much you owe and submit that amount to the IRS by Tuesday. Please send money to .
You can also check the extension application form and mail it. Please make sure the envelope is postmarked by his April 18th.
Or the more efficient route is Pay for what you owe electronically Speaking to IRS.gov, EY tax partner and CPA Damien Martin said: If you do, the IRS says you don’t need to file Form 4868.
If you choose electronic pay directly from a free bank account, Select “Extension” If the option is given, it will be the 2022 tax year.
You can pay by credit card or debit card, but you will be charged commissionHowever, if you claim your taxes but don’t pay your credit card bills in full each month, you’re likely to pay high interest on the outstanding balance, so doing so is much more than just a fee. It may stick.
Keep in mind that if you still owe the state income tax, you may need to go through a similar process of applying for an extension and making a payment to your state’s Department of Revenue.
Use this interactive tax assistant to answer basic questions like: The IRSinteractive tax assistantcan answer over 50 basic questions about your individual situation regarding income, deductions, credits, and other technical questions.