The tax extension deadline is developing. Typically it’s due on October fifteenth, however this 12 months it falls on a Saturday. That is nice information for tax filers who could have till October 17, 2022, to file all of their paperwork.
So, what do taxpayers have to do?
In the video above, Lisa Greene-Lewis, CPA and TurboTax skilled, has suggestions and examples of what has beforehand tripped up tax filers. Greene-Lewis additionally discusses the Advanced Child Tax Credit, stimulus funds, charitable deductions, and extra.
Quotes| Tax Extension 2022 – Tips for Last-Minute Filers
Lisa Greene-Lewis, CPA and TurboTax Expert
Lisa Greene-Lewis, CPA and TurboTax Expert
Don’t fear about figuring out these tax legal guidelines. TurboTax has you lined. You can come to TurboTax and totally hand your taxes over to a TurboTax Live tax skilled and get your taxes performed from begin to end.Enjoy as much as an extra $20 off once you get began with TurboTax Live.
Recommended: What to Do After You’ve Filed an Income Tax Extension
Video Transcript:
Tracy Byrnes: If you set your tax return on the extension in April, I’m sorry, however you will have to concentrate to it. The deadline is developing. Now it is typically October 15, however as a result of that is a Saturday this 12 months, you truly get the weekend now to complete up your tax return. It is because of a full cease. No, fail. Midnight, October seventeenth. Lisa Greene-Lewis, CPA and TurboTax skilled, is right here with us to remind us of what we have to do and a number of the issues that tripped us up again in April. But let’s begin with what we’ve got to recollect to do, Lisa.
Lisa Greene-Lewis: So the very first thing you need to do, identical as for those who filed in April, collect all of your paperwork in a single place. But that is it. This is the final probability you have got. So you need to have paperwork that report your earnings, bills, and something associated to your dependents, like their Social Security numbers, have that multi function place.
Tracy Byrnes: Get your stuff collectively. And then there was a bunch of issues that form of tripped individuals up. One of them was the Advanced Child Tax Credit. Some individuals acquired cash, some individuals did not. You needed to get a type. What was the story? Refresh our recollections.
Lisa Greene-Lewis: Yes, so with the Advanced Child Tax Credit, you obtained half of the credit score. So once you go to file your taxes, you are eligible for the opposite half, however you need to report the correct quantity that you simply obtained in order that your tax return is not held up. So you need to have Letter 6419 in entrance of you so that you could enter the correct quantity.
Tracy Byrnes: Right and fortunately, TurboTax will determine that out for you, as a result of in any other case, it will get tremendous sophisticated. Same with the final stimulus fee, proper? That tripped individuals up as nicely.
Lisa Greene-Lewis: Yes, so for those who’re eligible for the final stimulus fee, for example you had a child, chances are you’ll be eligible for the final stimulus fee. And when the IRS issued it, they didn’t know that. So you possibly can declare that in your return. And additionally, for those who obtained a portion of it, you need to enter the correct quantity that you simply obtained. And you’ll have obtained a Letter 6475 from the IRS that stories the correct quantity that you simply obtained. So you need to have that in entrance of you. One factor to recollect, you needn’t know these tax guidelines. You can come to TurboTax and you’ll totally hand your taxes over to a TurboTax Live skilled, and so they’ll do your taxes from begin to end.
Tracy Byrnes: All proper. So that goes again to getting all of your paperwork collectively, begin excited about this as a result of October goes to come back prior to all of us would really like sadly. And lastly, we had a possibility, if we did not itemize, to get a bit of little bit of a charitable deduction, did not we, in 2022?
Lisa Greene-Lewis: Yes, so there was one other provision, underneath Covid aid, that allowed you to say money charitable contributions as much as $300 for those who’re single, $600 married, submitting collectively. And you would do this even for those who declare the usual deduction. So this would be the final time that you simply’re ready to try this.
Tracy Byrnes: Yeah, so whereas nobody needs to return to the Covid days, this stuff are vital in your tax return functions at the very least. So remember about them. Lisa Greene-Lewis, thanks a lot for reminding us.
Lisa Greene-Lewis: Thank you for having me.
Editor’s observe: Video produced by TheRoad’s Zach Faulds
Source: www.thestreet.com”