Last-minute tax-filing tips | CNN Business

new York
Cnn
–

So far, this tax season, the IRS has received more than 100 million income declarations for 2022.

This means that tens of millions of households have not yet produced their feedback. If yours is among them, here are some last -minute tax tips to keep in mind when approaching the deadline on Tuesday April 18.

Not everyone has to deposit on April 18: If you live in a federal declared disaster area, have a company there – or if you have relevant tax documents stored by companies in this area – it is likely that the IRS has already extended the time for deposit and payment for you. Here is where you can find the specific extension dates for each disaster area.

Thanks to many extreme time cycles in recent months, for example, declarants of most of California – who represent 10% to 15% of all federal declarants – have already obtained an extension until October 16 to deposit and pay, according to an IRS spokesperson.

If you are in the armed forces and you are currently parked or recently parked in a combat zone, the deadlines for deposit and payment for your taxes in 2022 are most likely prolonged by 180 days. But your specific deposit and payment deadlines will depend on the day you leave (or left) the combat zone. This IRS publication offers more details.

Finally, if you have earned little or no money last year (usually less than $ 12,950 for single declarants and $ 25,900 for married couples), you may not be able to produce a statement. But you may want anyway if you think you are eligible for a refund thanks, for example, to reimbursable tax credits such as the income tax credit won. (Use this IRS tool to assess if you need to deposit this year.) You are also eligible to use the IRS file (intended for those with a gross adjusted income of $ 73,000 or less) so that it does not cost you to submit a declaration.

Your pay check may not be your only source of income: If you had a full -time job, you may think that this is the only income you have made and that you should report. But this is not necessarily the case.

Other sources of potentially taxable income and to report include:

Organize your tax documents: You should now have received all the tax documents that third parties are required to send you (your employer, your bank, your brokerage, etc.).

If you do not remember having received a paper copy from a tax form by post, see your email and your accounts online – A document may have been sent to you electronically.

Here are some of the tax forms you may have received:

“Know that there is no form for taxable income, such as the product of the rental of your vacation property, which means that you are responsible for reporting it for yourself,” according to Illinois CPA Society.

A whole last minute means to reduce your tax bill by 2022: If you are eligible to make a tax deductible contribution to an IRA and you have not done so for last year, you have until April 18 to contribute up to $ 6,000 ($ 7,000 if you are 50 or more). This will reduce your tax bill and increase your retirement savings.

Reread your declaration before submitting it: Do it, whether you use tax software or work with a professional income trainer.

Small errors and supervisors delay the treatment of your return (and the delivery of your refund if you have one). You want to avoid things like having a typo for your name, a date of birth, a social security number or a direct deposit number; Choose the bad deposit status (for example, married vs single); Make a simple mathematical error; or leave an empty required field.

What if you can’t deposit by April 18: If you are unable to deposit next Tuesday, fill out the 4868 form electronically or on paper and send it by April 18. You will receive an automatic extension of six months in the folder.

Note, however, that a file extension is not an extension to pay. You will be charged with interest (currently depending on 7%) and a penalty on any amount that you still need for 2022, but you have not paid by April 18.

So, if you think you still need tax – you may have income outside your job for which the tax has not been selected or that you had a big capital gain last year – approximately how much you need and send this money to IRS on Tuesday.

You can choose to do so by mail, by attaching a check to your extension request form. Make sure your envelope is hidden from the post at the latest on April 18.

Or the more efficient route is to pay what you need electronically on IRS.GOV, said CPA Damien Martin, a tax partner in EY. If you do this, the IRS notes that you will not have to file a form 4868. “The IRS will automatically process an extension of the deadline to file,” notes the agency in its instructions.

If you choose to pay electronically directly from your bank account, which is free, select “Extension” then “Fishing Year 2022” when you have the option.

You can also pay by credit or debit card, But you will be charged treatment costs. This, however, can become much more expensive than simple costs if you charge your tax payment, but do not pay for your credit card bill in full each month, because you are probably paying a high interest rate on current sales.

If you still owe income taxes to your condition, don’t forget that you may need to go through a similar exercise of deposit for an extension and make a payment to the income service of your condition, said Martin.

Use this interactive tax assistant for basic questions you may have: The IRS provides an “interactive tax assistant” which can help you answer more than 50 basic questions concerning your individual circumstance on income, deductions, credits and other technical questions.