Happy New 2022 Tax Year!
Stop me if you're heard this before, but it's got to be better than 2021, right? Right?!?
Unfortunately, while last year started out with promise, continuing COVID concerns wrecked the year and the tax season, which for some is still ongoing.
But each end of a year brings hope. And I'm trying to be hopeful about 2022. The Internal Revenue Service is, too, as it is planning on Tax Day 2022 happening in April.
Please, brand spanking new 2022, don't disappoint us! Again.
Before we get to Tax Day, though, we have to get the 2022 filing season started. That will be the focus of most of this month's tax tips.
Still not necessarily daily: Over the years that Tax Tips has been a regular feature on the ol' blog, it's undergone some changes. This year, though, we're sticking with the schedule established for the last couple of years.
There's no firm posting schedule, but I'm aiming for at least one a week. During high filing season of January through Tax Day in mid-April, that likely will exceeded.
Most of them, as noted, will focus on getting that 2021 Form 1040 and schedules filled out and to the IRS. But since we're already in a new tax year and our tax liability is now accruing, we'll look in January and every month at some ways to reduce next year's tax bill, too.
And as has been the case for more than a decade, posts that earn the honor of being dubbed official tax tips will be highlighted at the top of the ol' blog's right column, just under the old-school yellow No. 2 pencil tip image.
New monthly tip collections: Another continuation, this one instituted just last year, is the monthly collections of tax tips, where the featured tax tips are archived by month.
Since you're reading this, you know the January 2021 is live. The subsequent months' tip collections will go up when those months arrive. You'll find the links at the bottom of this page.
The change to not call tips simply during or post filing season tips was made because in reality, taxes affect our lives year-round. Some people file in January. Others make the April due date. Some — OK, millions of procrastinators — push their filing back to October by getting an extension.
Then Mother Nature sometimes throws destructive fits. Major disasters delay tax tasks for those in her tornado, flooding, hurricane, blizzard, and more paths.
And, of course, there's unforeseen circumstances, like a global health crisis and pandemic. Will coronavirus cause additional tax trouble this year like it did in 2020 and 2021? I hope not, but….
But let's not dwell on that now. Instead, as noted earlier, let's get this tax tips party started!
- Don't miss the Jan. 3 deadline — Yes, 2022 just started, but some taxpayers are facing a very early January tax deadline. Monday, Jan. 3, is the date the Internal Revenue expects filings and payments from businesses and self-employed workers who deferred Social Security tax payments as allowed by a COVID-19 relief law. Also, California taxpayers affected by wildfires in seven counties in the northern part of the state must complete some 2020 tax tasks by Jan. 3. (Jan. 1, 2022)
- 4 tax moves to make in January 2022 — Ready to welcome New Year 2022 by making some tax moves? Sure you are! Here are four tax tasks to take care of in January. Plus, a look at where you can find even more tax moves for this first month of a brand spanking new year. (Jan. 3, 2022)
- Tax rates and income brackets for 2021 & 2022 — January is the month when tax years collide. We're getting ready to file our 2021 tax year returns, but we're also starting to make plans that, if implemented properly, will reduce our 2022 tax bills. Key information for both years includes the tax rates and income brackets they encompass. You can find 2021 and 2022 tax rates and brackets in the first of the ol' blog's 10-part annual inflation series. At the end of that post, there's a directory to the nine other tax areas affected by annual inflation adjustments. (Jan. 6, 2022)
- Business tax returns now can be e-filed — Ready to file your 2021 tax return? If you're an early-bird business taxpayer, then you're in luck. The Internal Revenue Service starts accepting e-filed business tax returns on Friday, Jan. 7, 2022. (Jan. 7, 2022)
- Key 2022 tax year dates — The Internal Revenue Service started accepting e-filed business tax returns last week, and the 2022 filing season for individual taxpayers begins Jan. 24. And Free File returns on Jan. 14. In addition to these 2022 tax season filing dates, there also are plenty of other tax deadlines we can mark on our 2022 calendars. Here's a look at some key ones for the full year. (Jan. 10, 2022)
- Tax statements needed to complete returns — You fill out IRS forms to file your taxes. But to do that, you need other forms, also known as tax statements, that have specifics on last year's income and expenses. Here's a look at two new federal tax notices for 2021 returns, and some of the most common tax documents that you could/should get this month. (Jan. 14, 2022)
- 4th 2021 estimated tax payment due Jan. 18 — Do you pay estimated taxes? Your final 2021 tax year payment is due on Tuesday, Jan. 18. You get a few more days to come up with the money this year thanks to 2022 tax calendar and holiday convergences. (Jan. 15, 2022)
- Volunteering tax rules on MLK Day — If you're celebrating the Dr. Martin Luther King holiday by volunteering at your favorite nonprofit, thank you. The time you give on this day of service won't get you a tax break, but some related charitable acts of assistance could be tax deductible. (Jan. 17, 2022)
- Why you should file your tax return early — Taxpayers expecting tax refunds typically file their annual returns as soon as they can. But there are some other reasons you might want to get to work on your 2021 Form 1040 sooner than later. Check out these 8 reasons to file early. (Jan. 19, 2022)
- Why you should wait to file your tax return — There are lots of procrastinators, especially where taxes are concerned. But sometimes it is a good idea to take your time to finish your Form 1040. Here are 8 reasons to wait to file your 2021 tax return. (Jan. 21, 2022)
- Tax Season 2022 is official — Ready, set, file your taxes! You now can, since the 2022 tax season for individual taxpayers officially kicked off today, Monday, Jan. 24. (Jan. 24, 2022)
- Why to file, even if you don't have to — Nobody likes filing a tax return, so why should someone who isn't legally required to do so send in a 1040? Because it might mean a tax refund. Here are 10 situations where filing taxes even if you don't have to legally do so can pay off. (Jan. 26, 2022)
As I mentioned earlier on this inaugural 2022 tax tips page, as soon as January wraps and all this month's tips fill up this page, I'll move on to separate February through December pages.
You can, however, find on every monthly tax tips page links to all the already posted and yet to come collections.
And yes, you can click on the February through December links below. They are live. But you'll just be greeted by an animated fellow making good use of one of my favorite Texas sayings. Tax info will replace that fun and folksy GIF as the months arrive.