Top Tax Tips According To The IRS
With the 2022 tax day quickly approaching, there are still quite a few people in New York and the entire country who haven't filed their tax returns.
Normally the deadline to file and pay your federal and state taxes is April 15th every year, but this year it's been extended until April 18, 2022.
That extension gives you a little more time to get things together for tax day.
So if you're having some trouble with your taxes, or if you've already filed and you haven't received your refund yet, here are some tips directly from the Internal Revenue Service to help you get back on track.
Don't Wait Until The Last Minute
Since tax day has been extended many people, myself included, are tempted to wait until then to file. However, that's not a great idea, especially if you are expecting a refund. It may take longer than 21-days for the IRS to process your return and issue any refund if one is due. Plus if there are any errors on the refund or if you've been impacted by identity theft or fraud, the IRS will need more time to review your return. If you still need to file, do it now.
Time Is Running Out To File for 2018 and Collect Any Unclaimed Refunds
The IRS estimates that there is more than $1.8 billion in refunds that people have not collected. If you haven't filed for 2018, you have to submit your tax return requesting your refund by this year's tax day. We, the people, usually only have 3 years to file a return and claim any funds we're owed by the IRS. After those 3 years, the money becomes property of the US Government. Don't leave any money on the table if you don't have to, hurry up and file those 2018 returns.
If You Owe Money This Year But Can't Pay
Believe it or not, the IRS wants to help people who cannot pay their tax bills. There are long-term and short-term payment plans that are available, you may be able to qualify for delayed collection if you are having a financial issue, you may ever be able to negotiate the tax bill with an Offer in Compromise. The most important this is to not ignore it.
These are just a few tips to help you get going if you have questions. You can find more tips on the IRS Website here. You can also ask your tax professional.