Most of the taxpayers have not yet sent their returns. Getty Images
The filing deadline for the 2022 tax year is April 18, 2023. Washington, DC If you are a resident of California or parts of Alabama and Georgia, you have until October 16, 2023, to file your federal taxes as a result of the 2022-23 winter storms.
The IRS expects about 168 million households or individuals to file taxes this year. And as of the most recent available data, only about 63 million returns had been received as of March 10, 2023. This means that most of the taxpayers have not sent their returns yet.
If you are one of these taxpayers, don’t panic. There is still plenty of time to file the return. We’ll break down some quick ways to do it in this article.
Get started filing your tax return today with TurboTax.
What to do if you haven’t paid your taxes yet
Here’s what you should keep in mind while preparing your 2022 tax return.
Take Advantage of Tax Filing Software
Filling out your tax return manually can be a pain. It can take a long time, you need to follow sometimes complicated instructions, and you must do all the calculations yourself. Save time, stress, and money by using tax software instead.
Sites like TurboTax, H&R Block and E-file.com go step-by-step through your return to make sure you don’t miss anything. Depending on how complex your tax situation is, you can be finished in as little as 15 minutes.
take your time
If you haven’t filed your taxes yet, you have a full four weeks until the deadline. So don’t be in a hurry to return. While tax software checks the information you enter for potential errors, it is not infallible. It is up to you to enter your information correctly and double check it before submitting your return.
Make sure you’ve entered all the numbers correctly, from your income to your Social Security number, and that you’ve selected the appropriate fill status. If you do not do this, it may delay your refund or result in an incorrect amount. It could also trigger a tax audit, which no one wants to deal with.
Don’t Forget Deductions and Credits
Tax software covers possible deductions and credits that you may be able to claim. But you can have the option of leaving people whom you don’t think are worthy of you. It’s best to take a few extra minutes to go through each one, just in case you can qualify for one you weren’t expecting. That said, it may be obvious to leave something out. If you don’t have any children, it’s pretty safe to assume that you won’t be eligible for the Child Tax Credit.
Be prepared for diminishing returns
If the return calculated by you is less than what you expected, it does not mean that you have entered something wrong. Tax breaks and credits introduced during COVID are no longer in effect, so don’t count on your refund to be the same amount as years past.
So far, the average 2022 refund is 11% lower than the 2021 tax year, according to the IRS. You can count on tax software like TurboTax to give you the correct refund amount as long as you’ve entered your information correctly.
request an extension
You can request an extension from the IRS, if necessary. Just keep in mind that while an extension pushes back your filing deadline, it doesn’t give you extra time to pay your taxes. You must pay your estimated tax debt by the April 18 deadline or you will face late payment penalties and interest.
Bottom-line
If you haven’t filed your 2022 tax return yet, don’t worry. You have plenty of time to do this, especially if you use tax software that simplifies the process for you.
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Source: www.cbsnews.com
