TAX FILING REMINDERS

STRENGTH IN NUMBERS

Tax Filing Reminders

By Lauren Buzzelli Fuchs, CPA, CVA

Tax season is in full swing. Have yet to file? Don’t panic. Here is a rundown of what to consider when preparing to file your 2021 tax return:

The Federal 2021 tax filing and payment deadline (aka Tax Day) is Monday, April 18, 2022. This year, the standard April 15th deadline falls on District of Columbia Emancipation Day, a legal holiday.

Review last year’s tax return and use it as a guide to gathering the necessary information to prepare and file the current year's return.

Don’t think you’ll have enough time to collect tax documents, sift through that shoebox of receipts and file your return by Tax Day? File Form 4868 by April 18th to receive an extension of the filing deadline until October 17, 2022.

It is important to note that the extension applies only to filing, not for paying; that is, if you anticipate a tax balance due, you need to pay that amount by April 18th.

Whether filing a completed tax return or extension, opt for electronic filing, or e-filing, over filing by paper. If you are unable to e-file, it is strongly suggested to mail respective forms with a tracking number for proof of timely filing. Then, be patient as the Internal Revenue Service (IRS) works through the backlog of returns resulting from Covid-19 shutdowns.

If you experienced a significant event in 2021 (i.e. birth of a child, marriage, retirement, divorce, bankruptcy, death of a spouse or partner, etc.) that may impact your tax return, consider hiring a certified public accountant (CPA) or credentialed tax preparer to handle the complexities of the issue(s).

"We delight in the beauty of the butterfly,

but rarely admit the changes it has gone through to achieve that beauty.”