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Simplify Tax Filing for Peace of Mind

They say April showers bring May flowers, but we need to get our taxes in order before that can happen! Whether it’s your first time filing or your fiftieth, we understand it can be daunting. Thankfully, we’re here to simplify the process.

File on Time

The Internal Revenue Service (IRS) announced the official 2022 tax season beginning January 24. As we’re in the thick of it, here are some important dates to keep in mind:

•          April 18, 2022: Due date to file 2021 tax return or request extension for most taxpayers

•          October 17, 2022: Due date to file for those requesting an extension on their 2021 tax returns

How to File

There are several ways to file taxes. You can complete IRS Form 1040 or Form 1040-SR by hand and mail it in (least recommended), use tax software to file online, or hire someone to file for you. Nowadays, filing taxes has never been easier. With services like TurboTax and H&R Block, filing online is a viable option that many opt for. If you’re worried about missing something, hiring a tax preparer for professional guidance may be a better fit. No matter which method you choose, what’s most important is having an accurate tax return to avoid delays and IRS notices.

Implications of the ARPA

The American Rescue Plan Act (ARPA) provisions provided 2021 tax relief in the wake of COVID-19. The impact of ARPA will be largely seen on your 2021 tax return. Changes will also be in effect regarding the Recovery Rebate Credit, Earned Income Tax Credit, and Child and Dependent Care Credit. Learn if you qualify for increased tax benefits in regards to these changes.

Expecting a Refund?

According to the IRA, you can accelerate your refund by following three simple steps:

1.         File taxes online

2.         Request your refund is sent by direct deposit

3.         Track your refund online

To access personal tax account information, including balance, payments, and tax records, you can set up a secure account at IRS.gov/account. For more information on the 2022 tax season, please visit IRS.gov or talk with your tax professional.

Brought to you by West Gate Bank.

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