Categories
Tax

April 18th Tax Deadline

April 18th is the deadline to file your individual 2022 tax return and pay any tax due. If you can’t file on time, you can request a six-month extension to file. However, any tax owed is generally still due by April 18th to avoid interest and penalties. If you owe taxes and don’t seek an extension to file, the IRS encourages you to file and pay as soon as possible to limit interest and penalties.

 

Some taxpayers may automatically qualify for extra time to file and pay tax due without penalties. This includes military members serving in combat zones, certain disaster victims, and taxpayers living abroad. If you’re due a refund, there’s no penalty for filing late. Here’s more: https://bit.ly/3YASLjn

 

Do you have tax questions or need to file an extension? Contact one of our experts for help.

Categories
Financial News

IRS Extends Health, Retirement Contribution Deadline to May 17

The big news recently was an extension of the income tax filing and payment deadline for individuals from April 15 to May 17, 2021. But the IRS just announced the deadline is also extended to May 17 for tasks including:

1) making contributions to IRAs and Roth IRAs and

2) reporting and paying the 10% additional tax on 2020 distributions from IRAs or employer-based retirement plans.

However, the deadline for filing Form 5498, “IRA Contribution Information” series returns, is extended to June 30, 2021. The deadline also is extended to May 17 for making contributions to Health Savings Accounts, Archer Medical Savings Accounts and Coverdell education savings accounts. (Notice 2021-21)

Visit the IRS website for the official release. Contact your ATA representative if you have further questions about making contributions.