Terry Savage: Tips for tax filers
It’s that time of year again — income tax time. If you’ve already filed your return, pat yourself on the back. But if you’re one of the millions who procrastinate, here are some helpful reminders along with some tax changes that you might not have noticed yet.
This year's tax filing deadline is Tuesday, April 18th.
You can get an extension by filing IRS Form 4868 — but you must pay all the taxes you would owe or face stiff penalties.
File your return electronically. Not only will you get your refund faster, you will have proof of filing.
Electronic filing isn’t more expensive. In fact, if your adjusted gross income is under $73,000 you can use IRS.gov/Freefile — a partnership with well-known tax preparers. Or search IRS.gov for the VITA program, an in-person source of help for elderly and low-income people.
Set up direct deposit if you expect a refund. Double-check the bank routing number, and make sure the account you specify is current and open.
If you insist on filing a paper return, use Certified Mail, with Return Receipt Requested. You’ll have to stand in line at the post office!
If you follow those basic steps to filing, you’ll avoid a lot of aggravation over whether the IRS received your return and where your refund went!
But right now your biggest question is how you can possibly find more deductions, since the tax year has ended.
Don’t miss this big one: You can still contribute to a traditional tax-deductible IRA for 2022 — up until the April 18 due date of your return. The allowable amount is up to $6,000, or $7,000 if you’re 50 or older.