No April 🃏 Fooling!Tax Day is fast approaching,
and millions of us have put off dealing with our 1040 forms. So we definitely are
not in the mood for tax pranks or jokey misinformation.
That's why we're going to get down to just the tax facts in the following tax tasks to take care of over the next 30 days.
April 1: The first day of April definitely is not a day to fool around if you must make a
required minimum distribution (RMD). This year's deadline is for folks who turned
72 in 2022 and decided to delay that first RMD. Retirement law changes enacted late last year upped the RMD age to 73, despite the
wrong notices that some septuagenarians got earlier this year.
April 3: You made it through April 1 unscathed, but tax misconceptions persist year-round. Don't fall for any of these
10 tax myths as you work on finishing your return. Also make sure you don't make any common
filing mistakes, or
overlook any tax breaks.
April 10: Do you work as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation? I hope you got lots of financial thanks for doing your job well, but remember that those
tips are taxable income.
Whether you're dining in or, still COVID leery and getting food delivered to your home, if a tip isn't included on your restaurant or delivery bill, click the image above to calculate how much to tip the person who brought it to you.
And you, as the server or delivery person, must account for those tips. If you got at least $20 in gratuities in March, you must report the amount by today by using
Form 4070 to let your employer the total of the tips you took in last month.
April 11: Tax Day is just a week away. You really tried to do your taxes yourself, but you've realized you need help. It's probably too late to find a tax professional who'll do your taxes by April 18. Sorry. They tend to book up earlier in the tax year. But there's still help available, especially if you're older or don't make a ton of money. Check into
Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs in your area. These IRS-trained volunteers are happy to help eligible taxpayers fill out and file returns at no- or low-cost.
And, of course, there's
Free File, the no-cost online preparation and electronic filing web page for eligible taxpayers created by the IRS' partnership with the Free File Alliance. This year,
seven tax software companies are participating.
The Free File income threshold this year remains at adjusted gross income (AGI) of $73,000 or less, regardless of your
filing status.
April 18: Tax Day 2023 is here,
on schedule, sort of, a few days later than usual for the
third consecutive year.
via GIPHY
If you discover that you just can't complete all the necessary tax paperwork today, make sure you file Form 4868 to get an automatic six-month extension. Also be sure to pay any tax you owe. The extension only gets your more time file your forms, not extra time to pay your tax bill.
Remember, too, that April 18 also is the deadline for several other tax tasks. They include:
Making your first 2023 tax year estimated tax payment. There's no extension allowed here.
Contributing to contributing to an IRA. Putting money into a traditional IRA by today also could give you an immediate above-the-line tax deduction on your current return.
You also can contribute to a Roth IRA and have it count toward the prior tax year. While a Roth isn't deductible, when you max out your annual contribution amounts you'll have a bigger retirement nest egg. Plus, your contributions to either retirement account could help you qualify for the Saver's Credit.
And if you didn't file a 2019 tax return back in 2020 and were due a refund three years ago, file that old 1040 by today or kiss your unclaimed refund money goodbye.
April 21: Whew! Now that filing is done (except for tax procrastinators on extension) and you've had a few days to get settled, it's time to take care of your tax records. You need to hang onto some filing paperwork just in case the IRS has follow-up questions.
April 24: If you got or are expecting a big refund or ended up owing Uncle Sam a lot when you filed your return, now's the time for a paycheck checkup to see if you should adjust your withholding.
April 28-30: Congratulations! We made it through the biggest month of tax season. This calls for a tax-free weekend. No fooling! Enjoy!
Small Business Tax Calendar: Important filing, deposit and record keeping dates throughout the year that your company needs to know. You can get more tax calendar information at the IRS' online calendar page and view the full year's important business and individual tax dates in IRS Pub. 509.
The latest Carnival of Homeowners is now up at Homeowners Insurance Lowdown.
Hi
Our tax season is nearing. Hence missed blog surfing. Some interesting stuff up here, will look it up hopefully over the weekend.
cheers
Lubna
Posted by: Lubna | Thursday, September 13, 2007 at 12:19 PM