If you have not yet started working, let alone finishing your taxes this year, you are not alone. A recent analysis conducted by IPX: 1031® found that nearly one-third of Americans wait until the last minute to do their taxes, procrastinating for many reasons, with 32 percent believing they are not due a refund. Additional reasons cited in the survey for going into the finish line without filing taxes are related to stress (25%), accuracy (20%), length (11%), and worries about owing money (7%). When you schedule a tax planning and preparation appointment at a Houston CPA firm, a certified public accountant (CPA) can alleviate any stress you may feel by filing an accurate and timely return on your behalf.
Here are four tips for meeting the tax deadline.
April 18 is the Tax Deadline
The April deadline to file your tax return is less than two weeks away. They must be filed, or an extension requested no later than midnight on Monday, April 18, 2022. The IRS urges filers to file their returns and choose direct deposit electronically. Assuming you have a Houston CPA firm file an accurate return before the deadline, then the tax agency estimates that you should receive any potential refund owed to you within 21 days.
Gather All Required Documents
With time running out to file a timely return, it is essential to gather all tax-related documents, including letters 6419 and 6475. These letters detail the total amount of the advance Child Tax Credit and the third Economic Impact Payments you may have received. While everyone’s situation is unique, additional documentation you should bring to your appointment with a certified public accountant or upload that same day include the following:
- 1099 forms for other sources of income
- Proof of charitable contributions, whether monetary or property
- Other paperwork necessary to claim deductions and file an accurate return
File an Extension if You Need More Time
If you cannot meet the April deadline to file your return, you can request an automatic six-month extension from the Internal Revenue Service, although any taxes owed must still be paid before the 18th. Then, when you meet for your tax preparation appointment at a Houston CPA firm, you can request to have Form 4868 filed on your behalf, granting you additional time to file your tax return. You will then have until Monday, October 17, 2022, to file an accurate tax return.
The Internal Revenue Services writes in publication IR-2022-71 that:
“The IRS reminds taxpayers that a request for an extension provides extra time to file a tax return, but not extra time to pay any taxes owed. Payments are still due by the original deadline [Monday, April 18, 2022]. Taxpayers should file even if they can’t pay the full amount. By filing either a return on time or requesting an extension by April 18 filing deadline, they’ll avoid the late-filing penalty, which can be [ten] times as costly as the penalty for not paying” (IR-2022-71, IRS).
Schedule an Appointment at a Houston CPA firm
Hollis Lewis & Company, PLLC is a Houston CPA firm committed to providing our clients with professional and personalized tax preparation, business services, and accounting solutions. If you are looking for respected financial advisors in either Harris or Montogomery County, our certified public accountants have more than 90 years of combined accounting, business, and tax planning and preparation experience. Schedule an appointment by contacting us at either our Clear Lake location at (281) 461-7000 or our The Woodlands office at (281) 364-8888 and allow us to help you meet April 18, 2022, tax deadline.
COVID Tax Tip 2022-58. “Important reminders for people filing their tax return at the last minute.” Internal Revenue Service (IRS), April 7, 2022.
IR-2022-71. “Get an automatic six more months to file; all taxpayers can use IRS Free File to request an extension.” Internal Revenue Service (IRS), March 29, 2022.
“Tax Day 2022: America’s Biggest Procrastinators.” IPX: 1031 Insight Blog, n.d.