Recent Posts:October 17 Deadline for 2021 Tax Return ExtensionsMonday, October 17, 2022, is the extension deadline for most taxpayers. Taxpayers are encouraged to file a complete and accurate return electronically as early as possible once they have gathered all their information. For those still waiting on their 2020 tax return to be processed, here's a tip to help with e-filing a 2021 tax return: To validate and successfully submit an electronically filed tax return to the IRS, taxpayers need their Adjusted Gross Income, or AGI, from their most recent tax return. Those waiting on their 2020 tax return can still file their 2021 return by entering $0 for their 2020 AGI on their 2021 tax return. Remember, if using the same tax preparation software as last year, this field will auto-populate. For taxpayers who have not yet filed, here are a few things to keep in mind about the extension deadline and taxes: 1. Taxpayers can still e-file returns. Electronic filing is the easiest, safest, and most accurate way to file taxes. 2. For taxpayers owed a refund, the fastest way to get it is to combine direct deposit and e-file. 3. Taxpayers who owe taxes can consider payment options. 4. Members of the military and those serving in a combat zone generally get more time to file. Military members typically have until at least 180 days after leaving a combat zone to file returns and pay any tax due. 5. Taxpayers should always keep a copy of tax returns for their records. Keeping copies of tax returns can help taxpayers prepare future tax returns or assist with amending a prior year's return. Do You Have Questions?
For more information on this or related subjects, please contact our experienced tax specialists at Mugford & DiBella. Call us at (860) 223-2701, or email us today at info@mugford.com.
09/09/2022
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