Happy Lunar New Year and welcome to six more weeks of winter, according to Punxsutawney Phil!
By now tax forms should be trickling in, and you have likely received your W-2s from 2021, and maybe a few 1099s. The IRS is still reporting heavy backlogs in processing 2020 tax returns and has advised that filing your 2021 tax return as early as possible will help to speed up any refunds that may be due.
Some reminders and advice for February 2022:
- Taxpayers that received filing relief due to Hurricane Ida have until February 15, 2022 to file any returns, and make any payments that have been deferred.
- Taxpayers have until the filing date of their returns to contribute to a traditional or Roth IRA.
- If you are self-employed, you may be eligible to contribute additional amounts to a Keogh or SEP. Reach out to us to learn more about these options.
- Did you move in 2021, or are you planning on moving soon? Did you have a child, or care for a dependent relative? Don’t forget to let us know. As simple as it may seem these are commonly missed life events.
- Electronic filing and electronic refunds or payments are simple ways to speed up the whole process. Refunds will be received quicker, and we can set up payments to be automatically withdrawn on the filing due date, so you won’t have to remember to send out a check.
We are looking forward to helping our clients have a smooth 2022 filing season. Please reach out to us with any questions you may have.
FREDERICK P. BARA. CPA
Tax Practice Leader
T 732 383 8880 | M 908 200 9133 | F 732 268 7388