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“Tax preparation software is well-suited for taxpayers with straightforward tax situations, especially if they do not have a complicated business tax situation and take the standard deduction or limited itemized deductions,” Watson said. What’s the difference between using tax software and hiring an accounting firm? If you have self-employment income, having a good understanding of your total gross income and expenses that can be deducted from that gross income helps ensure you’re not overpaying or underpaying in taxes, too. “It’s important to have on hand all of the relevant income sources when filling out your tax return, including but not limited to W2 forms for wage income and any taxable benefits, interest income from sources like a savings account and self-employment income,” Watson said.
What information do I refer to when filing taxes? Taxpayers may also deduct up to $3,000 in capital losses from ordinary taxable income, but must carry over any additional losses to be used in future tax years, he notes.
That said, taxpayers should submit a Schedule D form with their individual income tax return (or directly on Form 1040 if applicable). “Capital gains from investments are taxed as ordinary income if they are realized on an asset owned for less than one year, while capital gains from assets held for longer than one year are subject to lower tax rates,” Watson explains. The best practice this year is to try and file electronically as much as possible, as the IRS has a large paper return backlog that may increase your risk of delays if you file a return on paper.” How should I file taxes if I invest?
“This means that payments remitted after this date for taxes owed may be subject to penalties and interest. “Taxpayers can request a six-month extension for filing tax returns, but it does not change the payment deadline of April 18,” he adds. This year’s national deadline is April 18, while residents of Maine and Massachusetts have an April 19 deadline because of the Patriot’s Day Holiday, according to Watson. Getty Images What is the deadline to file taxes? An FAQ with a Tax ExpertĪhead, find the answers to your top tax questions below from Garrett Watson. It’s that time of year again, folks, whether we like it or not - tax season.īefore you click out of another mundane article about filing taxes (ahem, don’t), we’re here to bring you the five best tax software programs to file your income and other commitments before the 2022 deadline.Īnd, we’re well-versed on the topic for this quick guide, Garrett Watson - a senior policy analyst at The Tax Foundation who conducts research on federal and state tax policy - answers an FAQ on taxes below.įind the best tax software of 2022 to file your taxes and rest assured that all is complete before the deadline (which is Monday, April 18 for most states).Īdd at least one to your cart now so you’re well-equipped to do that money crunch. Porn star Cherie DeVille drops tax day video focused on, er, responsible investing It’s Taurus season! The bull’s beauty, finance, fitness and more 2022 trends What to expect – good and bad – for your zodiac sign in May 2022 Here’s how the spring 2022 Mercury retrograde will affect your zodiac sign