TaxWatch: ‘A Iot of taxpayers have procrastinated’: As the 2022 income-tax season ends, make these 3 smart tax moves for the current year

by | Oct 16, 2023 | Stock Market

Time’s up. Hit “send” on that 2022 tax return or have your accountant do it. Today — Monday, Oct. 16 — is the deadline to file federal income taxes for taxpayers who received an extension from the Internal Revenue Service.

This year, the millions of taxpayers who had extra time to turn in their 2022 returns include most California residents and businesses after winter storms deluged the Golden State. In fact, the IRS announced Monday it was giving California taxpayers extra time at the last minute. California residents and businesses now have a Nov. 16 deadline, the IRS said. The extra month allows more time to file tax returns and payments that would have been due in April, as well as more time for other tax bills like quarterly estimated payments running through mid-September. The extra time was granted automatically, applying to people and businesses in 55 of California’s 58 counties. But the announcement only applied to California taxpayers. Extensions generally do not buy people more time to pay any taxes due, though natural-disaster-related extensions also pushed back the payment deadline for affected taxpayers. People in some Georgia and Alabama counties also had filing and payment deadlines pushed back to Oct. 16 after winter tornadoes. In addition to those coping with the aftermath of such disasters, “a Iot of taxpayers have procrastinated up to this point. They are not going to get another extension,” said David Hilliard, an enrolled agent at Chatterton & Associates in Anaheim, Calif. “For us, it’s not too …

Article Attribution | Read More at Article Source

Share This