DON’T FORGET…. QUICK TAX REMINDERS

Another season has just about flown by. With less than 18 days left until the filing deadline for all tax filers except majority of California and parts of Georgia and Alabama. The last-minute scramble has begun. We wanted to give you a few things to remember before filing and possibly help reduce some stress.

• The deadline is April 18th not the 15th (Except in CA, parts of GA & AL-October 16th)

• If your return is due on April 18th, you can file an automatic 6-month extension to file. This is for filing only, your time to pay is not extended. Any estimated tax liability is due on the filing deadline. If not paid you will incur a late payment penalty and interest will be accrued.

• If you have tax liability you can request an Installment Agreement (form9465).

Make sure you have reviewed your returns for all available deductions and credits.

Do not forget to check the following credits to see if you qualify,

• Energy Efficient Home Improvement Credit

• Residential Clean Energy Property Credit

• Savers Credit

Remember all income must be reported. This includes all side hustle income even

if it did not reach the threshold for a 1099 or 1099-k issuance. However, this

income can be offset by the business expenses you incurred generating this

income. You may be surprised to see you actually incurred a business loss that can

offset your other reported wages.

Lastly, remember you need to answer the digital assets question. If at any time in

2022 you purchased, sold or just maintained a digital currency (i.e. Crypto )

account you will want to answer yes to this question.

These are just a few quick reminders. Always remember Tax Professionals are

ready to assist you even in the final days or hours before the filing deadline. As my

Aunt Myrtle use to say “Having a fresh pair of eyes look at something can never

hurt and could result in a fresh new result. “