March Tax Season Update

March Tax Season Update

March 16, 2022

The 2021 tax season is upon us and the 2022 tax filing season began on January 24th. Regardless of where you are in the filing process, we at Applied Financial Wisdom are here to help. Below you will find insight on how to prepare for the upcoming filing deadline and content we have compiled to make this tax season as easeful as possible.

In case you were unaware, the 2021 tax year filing deadline is Monday, April 18, as opposed to the usual deadline of April 15th. If you must file late, you can get an automatic extension by filing IRS Form 4868. The automatic extension typically gives you until Oct. 15 to file your return, but since Oct. 15 falls on a Saturday this year, the extended deadline is Oct. 17. Please note, an extension to file doesn’t grant an extension to pay.

While the IRS began accepting and processing new returns on January 24th, that does not mean you are necessarily behind if you still have to file. With that being said, it is our advice to not delay any longer if possible, as the IRS faces staffing and other pandemic-related challenges that might make the process a bit more frustrating this year. Two recommendations for you are to ensure you have all your paperwork together during the process and to file taxes online. If you are unsure about the documents you may need to file, we advise you to review our Tax Prep Checklist. If you are weary about filing online due to privacy concerns, click here for information on how to file online safely

We hope this information has been helpful, but if you still have questions please understand that our service does not end here. Contact us or book a meeting for further clarity on this year's tax season or any other financial concerns.