New York CNN — As the Tuesday, April 18 deadline approaches, the IRS has received over 100 million income tax returns for 2022. If you haven’t filed yet, here are some last-minute tax-filing tips to keep in mind.
1. Extended deadlines for disaster areas and armed forces: If you live in a federally declared disaster area or have relevant tax documents stored in that area, the IRS has likely extended the filing and payment deadlines for you. The same applies if you’re in the armed forces and stationed in a combat zone, with filing and payment deadlines likely extended by 180 days.
2. Not everyone has to file on April 18: If you made little to no money last year, you may not be required to file a return. However, you may still want to file if you’re eligible for a refund thanks to refundable tax credits such as the Earned Income Tax Credit. Use the IRS tool to determine whether you are required to file this year.
3. Report all sources of income: Don’t forget to report all potential taxable and reportable income sources, including interest on savings, investment income, part-time or seasonal work, unemployment income, Social Security benefits, tips, gambling winnings, and income from a rental property you own.
4. Organize your tax documents: Make sure you have received all necessary tax forms from third parties. Check your mail, email, and online accounts for documents like W-2s, 1099 forms, and others that report income and financial transactions.
5. Consider making a last-minute contribution to an IRA: If you’re eligible, you have until April 18 to make a tax-deductible contribution to an IRA for the previous year. This can help reduce your tax bill and boost your retirement savings.
6. Proofread your return: Review your return for any errors or mistakes before submitting it. Typos, incorrect information, and omissions can delay processing or lead to issues with your refund.
7. Request an extension if needed: If you can’t file by April 18, fill out Form 4868 to request an automatic six-month extension. However, keep in mind that an extension to file is not an extension to pay. You will still be charged interest and penalties on any amount owed but not paid by April 18.
8. Pay what you owe: If you anticipate owing taxes, estimate the amount and send it to the IRS by April 18 to avoid additional charges. You can pay electronically through IRS.gov or by mail with a check attached to your extension request form.
9. Don’t forget about state taxes: Remember that you may need to file for an extension and make a payment to your state’s revenue department if you owe state income taxes.
10. Use the IRS interactive tax assistant: For basic questions about your individual tax circumstance, use the IRS interactive tax assistant to help you find answers. It covers topics like income, deductions, credits, and other technical questions.