Haven’t Filed Your Taxes Yet? The Deadline Is April 18 – Check Out Some Last-Minute Tips

So far, the Internal Revenue Service (IRS) has received over 90 million tax returns. This means that tens of millions of families have yet to file their returns. The deadline for filing the 2022 return is April 18, next Tuesday.
Stay tuned for the tips below
Not everyone needs to file by April 18
If you live or have businesses in an area affected by a natural disaster, the federal government has extended the deadline for filing and paying taxes. Click the following link to find out the deadline for your region: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations.
Your paycheck may not be your only source of income
If you had a full-time job, you might think that just reporting that income is enough. It’s not that simple.
Other potentially taxable and reportable sources of income include:
• Interest from your savings
• Investment income (e.g., dividends and capital gains)
• Part-time or seasonal work income
• Unemployment benefits
• Social Security benefits or distributions from a retirement account
• Gambling winnings
• Income from a rental property you own
Organize your tax documents
You should have received all the tax documents that third parties are required to send (your employer, bank, brokerage, etc.).
If you don’t remember receiving a printed copy of a tax form in the mail, check your email and online accounts.
Here are some of the tax forms you may have received:
• W-2 from your employer
• 1099-B for capital gains and losses on your investments
• 1099-DIV from your brokerage or company where you own stocks for dividends or other distributions from your investments
• 1099-INT for interest over $10 on your savings at a financial institution
• 1099-NEC from your clients if you worked as a contractor
• 1099-K for payments for goods and services through third-party platforms like Venmo, CashApp, or Etsy. The 1099-K is required if you earned more than $20,000 in over 200 transactions during the year. (Next year, this amount drops to $600.) But even if you didn’t receive a 1099-K, you still need to report all income earned on third-party platforms in 2022.
• 1099-Rs for distributions over $10 that you received from a pension, annuity, retirement account, profit-sharing plan, or insurance contract
• SSA-1099 or SSA-1042S for Social Security benefits received.
There is no form for some taxable income, such as rental income from your vacation property, which means you are responsible for reporting it yourself.
A last-minute way to reduce your tax payment for 2022
If you are eligible to make a deductible contribution to an IRA (Individual Retirement Accounts), you have until April 18 to contribute up to $6,000 ($7,000 if you are 50 or older). This will reduce your tax bill and increase your retirement savings.
Review your return before submitting it
Do this if you are using tax software or working with a professional tax preparer. Small mistakes and oversights can delay the processing of your refund, if one is due. Common errors include typos in your name, date of birth, Social Security number, or incorrect direct deposit account number and mixed-up marital status.
What to do if you can’t file your return by April 18
If you cannot prepare and file your return by next Tuesday, fill out Form 4868 electronically or on paper and submit it by April 18 requesting an extension.
However, note that an extension for filing your return is not an extension for paying taxes. You will be charged interest (currently at 7%) and a penalty on any amount you still owe for 2022 but did not pay by April 18.
So, if you suspect you still owe taxes—perhaps you had some income outside of your job for which tax was not withheld or had a large capital gain last year—calculate how much more you owe and send that money to the IRS by Tuesday to avoid interest and penalties.
The most efficient way is to pay what you owe electronically on the IRS.gov website. The IRS will automatically process an extension of time for filing your return.
If you still owe income tax to your state, remember that you may need to go through a similar process to request an extension and make a payment to your state’s revenue department.
Use this interactive tax assistant for basic questions you may have
The IRS provides an “interactive tax assistant” that can help you by answering over 50 basic questions related to your individual situation regarding income, deductions, credits, and other technical issues. The link is this: https://www.irs.gov/help/ita
Source: CNN