tax deadline
11 Money Management Tips for Military Members
Are you a member of the military? Whether on active duty or a veteran, in the Reserve or National Guard, you have unique opportunities to improve your money management. Taking advantage of things like military discounts and special mortgage loans are smart ways for military members to prioritize their finances. Whatâs more, there are additional […]
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New Year Financial Checklist: 7 Things to Do in 2023
As 2023 kicks into gear, nowâs the perfect time to refresh your finances, particularly in light of recession and inflation fears that continue to plague us. Hence, weâve put together this top-of-year financial checklist. Now, admittedly this isnât an activity that most of us look forward to, but rest assured that completing this checklist will […]
The post New Year Financial Checklist: 7 Things to Do in 2023 appeared first on SoFi.
Double Your Tax Refund in This Jackson Hewitt Sweepstakes
Unfortunately, federal income tax refunds are expected to be smaller this year for millions of Americans. Wouldnât it be nice to double your refund? Thatâs the idea behind a new sweepstakes contest from Jackson Hewitt, the second-largest tax preparation company in the U.S. (The biggest is H&R Block.) To celebrate its 40th anniversary, the company […]
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
How Early Can You File Taxes?
Contrary to general belief, you cannot file your taxes on Jan. 1. Although April 15 is the standard deadline for the latest day you can file your taxes, the IRS also has deadlines for the earliest it begins accepting returns ⦠Continue reading â
The post How Early Can You File Taxes? appeared first on SmartAsset Blog.
Quarterly estimated tax payments: Who needs to pay them, when, and why
If you own a business or earn money as a freelancer, you’ll need to make estimated tax payments every quarter to avoid penalties and interest. Here’s how.Anyone who earns money outside of a traditional W-2 job has to pay income taxes. It is their responsibility to make on-time payments.
The post Quarterly estimated tax payments: Who needs to pay them, when, and why appeared first on Money Under 30.
Montana Storm and Flooding Victims Get More Time to Pay Taxes
The IRS has granted victims of the recent Montana severe storms and flooding more time to file various individual and business tax returns and make tax payments. Specifically, victims of the storms and flooding that began on June 10, 2022, have until October 17, 2022, to file and pay tax returns and payments due between June 10 and October 16.
- SEE MORE 2022 Tax Calendar: Important Tax Due Dates and Deadlines
The tax relief is available to anyone in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. At this point, only affected taxpayers who live or have a business in Carbon, Park and Stillwater Counties qualify for the extensions, but the IRS will offer the same relief to any taxpayers in other Montana localities designated by FEMA later.
The IRS will also work with other people who live outside the disaster area but whose tax records are in the disaster area. Call the IRS at 866-562-5227 if you face this situation. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization, and anyone visiting the area who was killed or injured as a result of the disaster.
Deadlines Extended
The deadlines that are pushed back for Montana storm and flooding victims include the quarterly estimated tax payments that are due on June 15 and September 15, 2022. The due date for quarterly payroll and excise tax returns normally due on August 1, 2022, are extended to October 17, too. Penalties on payroll and excise tax deposits due from June 10 to June 26 are also waived as long as the deposits were made by June 27, 2022.
The due date for 2021 business tax returns that were properly extended to September 15, 2022, are now due by October 17 for the storm and flooding victims.
Taxpayers don’t need to contact the IRS to get this relief. However, if an affected person receives a late filing or payment penalty notice from the IRS, he or she should call the number on the notice to have the penalty abated.
Deduction for Damaged or Lost Property
Victims of the Montana severe storms and flooding may be able to claim a tax deduction for unreimbursed damaged or lost property. To do so, they typically must itemize and file Schedule A with their tax return. However, victims who claim the standard deduction may still be able to deduct their losses if they can claim them as business losses on Schedule C.
- SEE MORE Create a Financial Plan for Natural Disaster
The deduction can be claimed on the tax return for the year the damage or loss of property occurred or for the previous year. So, for any destruction in 2022, the deduction can be claimed on either a 2021 tax year return or a 2022 return. In either case, you must write the FEMA declaration number on the return claiming the deduction. For the recent Montana severe storms and flooding, the number is DR-4655-MT.
If you decide to claim a deduction for 2021, you can amend your 2021 return by filing Form 1040X. For this purpose, you must file the amended return no later than six months after the due date for filing your return (without extensions) for the year in which the loss took place. So, for Montana storm or flooding losses in 2022, you would need to file an amended 2021 return by October 16, 2023. Affected taxpayers claiming the disaster loss on a 2021 return should also put the Disaster Designation (“Montana Severe Storms and Flooding”) in bold letters at the top of the form. See IRS Publication 547 for details.
- SEE MORE 14 Must-Have Items for Your Home Emergency Kit
New Mexico Wildfire and Wind Victims Get More Time to Pay Taxes
The IRS has granted victims of the recent New Mexico wildfires and straight-line winds more time to file various individual and business tax returns and make tax payments. Specifically, victims of the fires and winds that began on April 5, 2022, have until August 31, 2022, to file and pay tax returns and payments due between April 5 and August 30.
- SEE MORE 2022 Tax Calendar: Important Tax Due Dates and Deadlines
The tax relief is available to anyone in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. At this point, only affected taxpayers who live or have a business in Colfax, Lincoln, Mora, San Miguel and Valencia Counties qualify for the extensions, but the IRS will offer the same relief to any taxpayers in other New Mexico localities designated by FEMA later.
The IRS will also work with other people who live outside the disaster area but whose tax records are in the disaster area. Call the IRS at 866-562-5227 if you face this situation. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.
Deadlines Extended
The deadlines that are pushed back include the April 18, 2022, due date for filing a 2021 personal income tax return and paying 2021 taxes. In addition, wildfire and wind victims in the designated area have until August 31 to make 2021 IRA contributions. They also get more time to make the estimated tax payments due on April 18 and June 15, 2022.
- SEE MORE When Mother Nature Hands You a Catastrophic Insurance Claim
The due date for quarterly payroll and excise tax returns normally due on May 2 and August 1, 2022, are extended to August 31 for New Mexico wildfire and wind victims, too. Penalties on payroll and excise tax deposits due from April 5 to August 30 will also be waived as long as the deposits are made by August 31, 2022.
Taxpayers don’t need to contact the IRS to get this relief. However, if an affected person receives a late filing or late payment penalty notice from the IRS, he or she should call the number on the notice to have the penalty abated.
Deduction for Damaged or Lost Property
Victims of the New Mexico wildfires and straight-line winds may be able to claim a tax deduction for unreimbursed damaged or lost property. To do so, they typically must itemize and file Schedule A with their tax return. However, victims who claim the standard deduction may still be able to deduct their losses if they can claim them as business losses on Schedule C.
- SEE MORE What Are the Income Tax Brackets for 2021 vs. 2022?
The deduction can be claimed on the tax return for the year the damage or loss of property occurred or for the previous year. So, for any destruction in 2022, the deduction can be claimed on either a 2021 tax year return or a 2022 return. In either case, you must write the FEMA declaration number on the return claiming the deduction. For the recent New Mexico wildfires and straight-line winds, the number is DR-4652-NM.
If you decide to claim a deduction for 2021, you can amend your 2021 return by filing Form 1040X. For this purpose, you must file the amended return no later than six months after the due date for filing your return (without extensions) for the year in which the loss took place. So, for New Mexico wildfire or wind losses in 2022, you would need to file an amended 2021 return by October 16, 2023. Affected taxpayers claiming the disaster loss on a 2021 return should also put the Disaster Designation (“New Mexico Wildfires and Straight-Line Winds”) in bold letters at the top of the form. See IRS Publication 547 for details.
- SEE MORE Create a Financial Plan for Natural Disaster
File a Tax Extension Now to Beat Today’s Deadline
For most people, federal income tax returns are due today â April 18 (they’re due tomorrow for people who live in Maine and Massachusetts). However, if you can’t submit your return before the midnight deadline, you need to request a tax filing extension instead. The extension is automatic â you don’t even need a reason for putting off your tax return â but you still have to ask for it. Once you do that, you won’t have to file your 2021 federal tax return until October 17, 2022.
- SEE MORE Pros and Cons of Getting a Tax Extension
You still have to pay any taxes due, though. The extension is just for filing your returnâ¦not for paying what you owe. So, estimate how much tax you’ll owe (if any) when you do file your return and pay that amount today. But make sure you don’t estimate too low, because the IRS will charge you interest if you’re short. Penalties might be tacked on, too. When you file your 2021 tax return later (before October 17), you can subtract the amount you pay now from the overall tax due as shown on the return.
You can request an extension by filing Form 4868 or by making an electronic tax payment to the IRS. Either way, you need to act before your federal income tax return filing deadline expires tonight (or tomorrow night for residents of Maine and Massachusetts).
Special tax extension rules apply for Americans living abroad and people serving (or who served) in a combat zone or contingency operation. As a result, they might not have to file their 2021 tax return and pay whatever tax they are expected to owe by the end of the day today, and they could receive an extension past October 17. Victims of certain recent natural disasters also get more time to file their 2021 federal tax return and pay their tax bill. They can also wait until their new tax return filing deadline to request an extension to October 17.
And don’t forget about your state tax return. Unless you live in a state with no income tax, your state return may be due today as well (although some states have later deadlines) As for state tax return filing extensions, the rules and deadlines are often similar to the federal requirements. However, you need to check with the tax agency in your state to find out when your return is due and to see exactly how tax return filing and payment extensions work where you live.
For more detailed information about federal tax extensions and how to request them, see How to Get More Time to File Your Tax Return.
- SEE MORE 10 Tax Deadlines for April 18 (Today is Not Just the Due Date for Your Tax Return)
File a Tax Extension Now to Beat Monday’s Deadline
For most people, federal income tax returns are due on Monday, April 18 (they’re due April 19 for people who live in Maine and Massachusetts). However, if you can’t submit your return before the upcoming deadline, you need to request a tax filing extension instead. The extension is automatic â you don’t even need a reason for putting off your tax return â but you still have to ask for it. Once you do that, you won’t have to file your 2021 federal tax return until October 17, 2022.
- SEE MORE Pros and Cons of Getting a Tax Extension
You still have to pay any taxes due, though. The extension is just for filing your returnâ¦not for paying what you owe. So, estimate how much tax you’ll owe (if any) when you do file your return and pay that amount now. But make sure you don’t estimate too low, because the IRS will charge you interest if you’re short. Penalties might be tacked on, too. When you file your 2021 tax return later (before October 17), you can subtract the amount you pay now from the overall tax due as shown on the return.
You can request an extension by filing Form 4868 or by making an electronic tax payment to the IRS. Either way, you need to act before your federal income tax return filing deadline (April 18, or April 19 for residents of Maine and Massachusetts).
Special tax extension rules apply for Americans living abroad and people serving (or who served) in a combat zone or contingency operation. As a result, they might not have to file their 2021 tax return and pay whatever tax they are expected to owe by April 18, and they could receive an extension past October 17. Victims of certain recent natural disasters also get more time to file their 2021 federal tax return and pay their tax bill. They can also wait until their new tax return filing deadline to request an extension to October 17.
And don’t forget about your state tax return. Although state tax filing extension rules and deadlines are often similar to the federal requirements, you need to check with the tax agency in your state to see exactly how tax return filing and payment extensions work where you live.
For more detailed information about tax extensions and how to request them, see How to Get More Time to File Your Tax Return.
- SEE MORE 10 Tax Deadlines for April 18 (It’s Not Just the Due Date for Your Tax Return)