With so many “new normals” and changes happening this past year, one thing remains constant: Tax Season. The annual tax deadline in the United States is April 15. If you’re struggling to get everything together by then, there’s no shame in that! This last-minute tax filing primer will hopefully help you get things sorted out before the deadline.  

Tax Deadline Extension 

Often tax deadlines are extended due to natural disasters or other emergencies that happen throughout the country. If you have been affected by a disaster this year, go to https://www.irs.gov/newsroom/tax-relief-in-disaster-situations to find out if you are eligible for an tax extension.

Even if You Can’t Pay, FILE 

One of the most important tips that I can give you is this: Even if you cannot pay what you owe, please FILE. This is one point that I cannot stress enough. The penalties for not filing your tax return can be HUGE.  

On the other hand, the penalties for filing but not being able to pay are not that huge. Yes, they might accrue over time, but the amount is still nothing compared to the penalties for not filing. Also, keep in mind that there’s no statute of limitations if you failed to file. You can always work out a payment plan if you cannot make the tax payments now. 

Understanding the 2022 Tax Changes 

Here are some of the major tax changes that I discussed in the video above:  

• The difference between tax credits and tax deductions
• What has happened to the child tax credit and charitable tax deductions since the pandemic “ended”
• Clean and Electric Vehicle (EV) Tax Credits- are they worth it?
• Where are we on the Form 1099-K roll out? (Spoiler alert- it’s stalled, but you still need to report that income!)

Common Errors to Avoid 

Some of these may seem very simple to you, but you would not believe the number of people who get tax return issues because of these common errors: 

• Wrong Social Security Numbers 
• Flipping the Order of Your Names 
• Bad Account Numbers 
• No Signature 
• E-Filing PIN Errors 

Watch the full video above to learn more about these points that I discussed. If you are still confused when it comes to tax law changes, you can do a deeper dive on them and Inflation Reduction Act.

Or for even more help with taxes and setting up the money stuff in your business, join the FREE Biz Money Library for video tutorials, checklists, resources, and more.