![]() STOLE SOMETHING? IRS says stolen property and bribes must be reported as income Free tax filing 2022: Who qualifies to use IRS Free File? TAX SEASON CHALLENGES: The IRS is 'buried' in paper after 'most challenging' year for taxpayers. TAX RULES: New rules for 2021 taxes may mean bigger refund for young workers, retirees with side jobsīONUSES AND REFUNDS: Did you get a sign-on bonus in 2021? You may be eligible for a big tax refund What is the tax extension deadline?Īpril 18 also is the deadline for requesting an extension, which gives taxpayers until Oct. The extension applies to various individual and business tax returns and tax payments deadlines. The IRS has extended the deadline until May 16 for victims of the late 2021 Colorado wildfires as well as victims of the December tornadoes in parts of Illinois, Kentucky, and Tennessee. Taxpayers who live in Maine or Massachusetts have until April 19 to file because of a holiday celebrated in those states, Patriots' Day. By law, Washington, D.C., holidays affect tax deadlines for everyone the same way federal holidays do. The later date is a result of the Emancipation holiday in the District of Columbia. The deadline to file 2021 income tax returns is Monday, April 18, for most people, three days later than the normal April 15 deadline for filing taxes. Sign up here What is the last day to file taxes in 2022? Has the tax deadline been extended? SAVE BETTER, SPEND BETTER: Money tips and advice delivered right to your inbox. The IRS says refunds can be deposited directly into bank accounts, prepaid debit cards or mobile apps as long as a routing and account number is provided, the IRS said.Ģ022 TAX ADVICE: How to get child tax credit cash, charitable deductions and free help The IRS advises filing taxes electronically and having the refund direct deposited into a financial account. "The question must be answered by all taxpayers, not just taxpayers who engaged in a transaction involving virtual currency."ĬRYPTO TAXES: Not as easy to hide from as you'd imagine What is the fastest way to get a refund? "Do not leave this field blank," according to an IRS alert called "What's New" in the instruction booklet for the current tax season. Those who engaged in a transaction involving virtual currency in 2021 must say "yes" to a question on of Form 1040 or Form 1040-SR. The IRS asks: "At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” TAX DEDUCTIONS: Self-employed tax deductions: You may qualify for tax write-offs for starting a businessĢ022 TAX SEASON: How deductions, exemptions during the 2022 tax season could worsen inflation's bite What does the new cryptocurrency question on 1040 tax form mean?Ī question is now listed on the front of the 1040 form, right above the section for providing information on dependents about cryptocurrency. It now also applies to childless workers from age 19 to 24 who are not half-time or full-time students and are claimed as dependents on their parents' tax return. The earned income credit (also called EITC or EIC) has been expanded so that the credit can apply on 2021 federal returns to workers who are 65 or older, even if they do not have dependent children, thanks to the American Rescue Plan passed last year. It's a one-time-only deal, but the AARP is pushing to extend the tax break for older workers beyond 2021 tax returns. On 2021 returns, there's no longer an age cap or ceiling set at 64 or younger for workers to qualify for the earned income tax credit. ![]() Pandemic-related relief changed many rules for 2021 tax returns. STIMULUS MONEY: New parents, college grads get extra refund cash when they claim recovery rebate credit How did COVID relief change tax rules? TAX GUIDE: Reviewed's guide to filing taxes in 2022 You'll also need to account for advance Child Tax Credit payments, the return of the Recovery Rebate Credit, and a special break for charitable contributions among other things.Īs you get started putting together your returns, here are a few things to keep in mind: This tax season, there are key differences in how jobless benefits will be treated compared with the 2020 returns. USA TODAY will be answering top reader questions as we go through the 2022 tax season.) (If you have any tax questions, feel free to fill out this form, which also is below. 24, 17 days earlier than last tax season’s late start of Feb. The IRS started accepting and processing 2021 tax returns Jan. It’s the earliest deadline since 2019 after extensions over the last two years amid the pandemic. Tax season is in its final weeks with the Internal Revenue Service‘s deadline April 18 for most states.
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