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Deadline for confirmation is approaching! It may not be the most enjoyable financial job, but it’s an obligation that each of us must undertake each year.
But tax filing time is not just about filing returns. There are things you can do today to save your 2022 tax bill and save time filing your taxes.
Here are some last-minute tax tips to consider this season.
Don’t miss the tax filing deadline
First, the tax filing deadline will be later than usual. This year, most filers are Federal Tax Deadline for Tuesday, April 18, 2023. There are some exceptions to this rule.
- October 16 is the federal and state filing deadline for California storm victims in certain counties.
Most states that impose income taxes require you to pay your taxes by April 18th. However, some states have set filing deadlines later.
Please double check your return before submitting
When you’re rushing to the final line of taxes, don’t rush over important details. Mistakes in your tax forms can cause you big headaches later.
Every year we read stories of people who have mistyped their name, address, or phone number. Tax software can help you spot obvious errors, but it can’t detect mistakes like entering the wrong bank account information.
So don’t rush! Be sure to submit with the correct social security number and include all required signatures.
We also recommend reviewing the various sections of your return to ensure there are no serious typos. For example, $8,000 and $80,000 are separated by a single zero. Entering one value incorrectly can result in under- or over-declaring your income, and this type of error can delay the processing of your tax return.
When filing your return, take the opportunity to check your numbers. Double check that they make sense with your actual income. This can be easily done using software such as H&R Block Online, which provides summaries for income, deductions and credit sections.
Make sure you have all your tax returns
Last year most people settled into the new normal, but it was still very tumultuous. ” may have been an income. These are some tax forms you shouldn’t miss this year.
- 1099-G: Unemployed Income. The 1099-G form provides information about your unemployment income (and whether the income was withheld). Job numbers are strong now, but many will start unemployed in his 2021 and will have to claim their earnings. If you have not received this form, you should visit your state’s website to find out how to request an online copy of your letter.
- 1099-NEC: Form for reporting non-employee income. The 1099-NEC reports non-employment income. Filers with this type of income are considered self-employed and may be eligible for any type of self-employed deduction. If he earns more than $600 from a single entity, that entity is to provide his 1099-NEC.
File your taxes even if you haven’t paid them
Even if you owe taxes, you still want to file your tax returns on time. The interest on late tax is a reasonable rate, but the undeclared fines are high and the interest you pay on the late tax is high.
Filing your taxes also helps you identify the amount owed. So you can make a concrete plan to pay off your outstanding taxes.
Ask for proper deductions and credits
Good tax software makes it easy to claim legitimate tax credits and deductions. A good tax software like H&R Block Online makes it easy to classify your deductibles, claim deductions for student loan interest or charitable donations.
It can also help you find credits like:
If you’re not sure which credits you’re eligible for, H&R Block can help. H&R Block Online answers questions about common situations. You can always upgrade to include unlimited support from our tax experts. Click here for H&R Block Online >>
Don’t forget your self-employed expenses
Whether you are a full-time freelancer or have a side business, chances are you have some form of self-employed income. Also, most forms of self-employed income come with tax deductible expenses.
Before you file, comb through your electronic receipts to find tax-deductible expenses. Common deductible costs include some internet costs, website maintenance costs, educational materials, and direct costs of merchandise sold. You may be surprised at the sheer number of tax deductible expenses in your side hustle.
Recording these costs allows you to claim them on your tax return. H&R Block Self-Employed Online explains justifiable deductions so you can look for these charges in your past credit card statements and other records.
Consider getting professional help if your side hustle is becoming a full-time hustle. At H&R Block, we have tax professionals who can handle any situation, from filing your taxes this year to getting the help you need to be successful next year.
Claim Flexible Spending Account (FSA) costs
Many employers offer dependent care flexible spending accounts, health care flexible spending accounts, and other tax deductible spending accounts. The money in your flexible spending account is yours, but it’s up to you to receive the money. If you don’t claim the money by the tax deadline, you’ll probably lose the money in those accounts, even if you’ve set aside money for yourself.
If you’re lucky, you may have a few weeks left to spend money on your account. So stock up on contacts, clean your teeth, or do whatever it takes to use up that money. You can get a refund.
If you are unable to continue spending, you may still be eligible to submit receipts for reimbursement.
Each employer has different rules regarding flexible spending accounts, so check with your Human Resources representative to find out what you need to do to access these funds.
Contribute to an IRA or Roth IRA
An Individual Retirement Account (IRA) is a tax-advantaged investment account designed for retirees. People who donate to the IRA can claim tax credits on donated funds this year. The funds can be increased tax-free until you withdraw them when you retire. Contributions to the IRA are subject to income limits and the maximum he can contribute is $6,000 ($7,000 for him if he is over 50). Contributions don’t expire until tax date, so it’s a great way to save on taxes this year.
A Roth IRA is similar to a traditional IRA, but you cannot claim a tax credit this year. Instead, we pay taxes on your donations this year. In that case, profits and distributions are not taxed. You must complete your 2022 Roth IRA contributions by April 18, 2023, even if you do not receive the tax credit.
Conclusion
Consider saving money with these last-minute tax tips as we near the end of tax filing season. Helpful if you have However, general tips are not a substitute for assistance from tax professionals or tax reporting services. Our experts can help you with tax preparation and questions specific to your situation.