As the end of the year approaches, it’s a great time to consider important tax tips for the New Year. So much has changed regarding our work force and work flow that we thought it might be helpful for you to refresh yourselves on preparing and filing taxes and learn new information.
Regardless of your tax status, we encourage you to always seek advice from your CPA, tax attorney, enrolled agent, financial advisor, or tax consultant.
Important Filing Dates for the 2022 Tax Year
The official start of the 2022 tax season begins on January 24, 2023 for the 2022 tax year, and the last day to file your taxes is, for most people, on April 18, 2022. For those taxpayers looking to file an extension, the last day to file is Monday, October 17, 2022.
Tips from the IRS to Make Your Tax Process Smooth
According to the official IRS website, the tips they give to make your tax process smooth included the following:
- Refer to online resources when asking for help. Phone lines are impacted and some of the most frequently asked questions are available online. The best resource for tax assistance is IRS.gov.
- Make sure all important documents are in order and accurate. Some child tax credit payments and third economic impact payments were not mailed until January of 2022.
- Organize all of your tax documents and print out a tax checklist to help.
- File electronically for speedier service.
- Choose direct deposit to obtain any tax refunds faster.
- Be diligent about checking the mail for important tax documents.
- Bookmark IRG.gov on your computer and refer to the website for more information regarding your personal tax status and prior payments.
Smart Tax Tips to Reduce Taxes, Save Money, and Avoid Penalties
Advice from Turbo Tax suggests that these smart tax tips may help reduce taxes, save money, and avoid penalties. Again, we strongly recommend you consult a professional regarding your personal tax status, but we thought these were some smart tax tips.
- Consider contributing to your Retirement Account so you are fully funded for the year.
- Make a last minute estimated tax payment to avoid a possible underpayment penalty.
- Itemize your tax deductions and educate yourself about what is tax deductible in your situation.
- Consider a home office tax deduction if you worked from home as many people did.
- Be diligent that all account numbers are accurate and all social security numbers for dependents are entered.
- File your taxes on time and if you do owe money, file on time.
We hope these 2022 tax tips will be helpful for you and wish you much success and less stress as you embark on your tax filing journey.