It’s tax filing season again, which means it’s time to start preparing your taxes. There are some important updates for the 2022 tax filing season that you need to know about. In this article, we will provide details on these updates so that you can be fully prepared when it comes time to file your taxes.
Essential Updates to Know for Tax Filing Season 2022
- Start Date: The IRS announced that January 24th, 2022, is the start of tax filing season. This means taxpayers can start filing their 2021 tax returns.
- Closing Date: For most US taxpayers, the deadline to file their taxes is April 18th, 2022. The date this year was pushed from April 15th due to the Emancipation Day holiday. If you request an extension, the deadline date will be moved to October 17th, 2022.
4 Things to Do in Preparation for the Tax Filing Season
- Start Early: Filing your 2021 tax return early is a great way to ensure you receive a faster tax refund. It’s best to file electronically so you can receive a direct refund into your bank account. Also, filing early gives you extra time to pay taxes you owe until the deadline.
- Get a Copy of Your Tax Documents: To receive an accurate tax refund, taxpayers must collect all financial documents and forms that are necessary to file their tax return. For instance, if you’re employed, you should receive an official wage and tax statement (W2) from your employer which states your annual wages and taxes withheld from paychecks. In addition to income-related statements, be sure to have information available on Child Tax Credit and Economic Impact Payment Information if applicable.
- Get Financial Professionals to Help: Many taxpayers will opt to prepare and file their tax returns on their own. While this is fine, it’s always essential to seek guidance and assistance from tax experts like Tobin & Collins who will help ensure your information is accurate and your tax return is filed on time.
- Check for Outstanding Tax: A tax return that neglects outstanding taxes can result in a penalty. Hence, it is advised that any taxpayer with outstanding taxes should endeavor to pay those taxes before compiling and submitting their tax return statement.
Plan & File Your Taxes with the Best Tax Accountants in NJ
Tobin and Collins can help you create an effective tax planning strategy. Our tax consultants are ready and able to assist you. Contact us today!