Tax Day is Here!

Last-minute details, tips and freebies

With the individual tax-filing deadline on Monday, April 18, now is the time to complete all filing arrangements and payments. If you have not already done so, ask yourself these questions before it’s too late to act:

1. Do you need to sign your e-file authorization form? IRS Form 8879 needs to be signed by you before your taxes can be e-filed. If filing jointly, your spouse needs to sign as well. If you haven’t already, please return the signed form ASAP to ensure that your taxes can be e-filed on time.
2. Do you owe taxes on your 2021 tax return? If yes, make your tax payment now! The IRS has several payment options on their website. If mailing a payment, include Form 1040-V and ensure the mail is postmarked on or before April 18. Sending the payment certified mail will ensure you have proof of timely payment. Late payments, even by one day, are subject to IRS penalties and interest.
3. Do you need more time to file? If you are not ready to file your taxes before the initial April 18 deadline, you can file for a six-month extension. Be aware that it is only an extension of time to file — not an extension of time to pay taxes you owe. You still need to pay all taxes by April 18.
4. Do you need to deposit funds in your IRA or HSA? Did you claim an IRA or HSA contribution on your tax return? In order for the deduction to be valid for 2021, all deposits to those accounts need to be made by April 18. Once completed, save proof of the contribution with your 2021 tax files.
5. Do you need to make an estimated tax payment? The first quarter estimated tax payment for 2022 is also due on April 18. If you owe taxes for 2021, making 2022 estimated payments might make sense for you. A quick way to determine a first payment is to divide the taxes you paid by four, and then adjust the amount for any paycheck withholdings. Send your payment along with Form 1040-ES to the IRS by April 18. Then, schedule a tax-planning meeting to determine the best approach for the remainder of the year.
6. Do you like free stuff? Who doesn't?! From free sub sandwiches and smoothies to discounted furniture and delivery services, tax day deals are out there waiting to be found. Check out the list from hey it's free to see if there are any deals you can enjoy!

If you miss a deadline, file your return and pay the taxes as soon as you can to stop accruing interest and penalties.


"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.  
 
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For more free resources, such as Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Mia Verc, CPA;  Janice Papais, CPA