Last Minute Tax Tips

The official IRS tax filing deadline is less than a week away on April 18th, 2022. For last minute tax filers, here are a few items to consider while preparing or having your taxes prepared.

1- Tuition Credit for Undergraduate and Graduate students form 1098T.

2- Student Loan Interest is a deduction whether you itemized or use the Standard Deduction.

3- IRA/SEP contribution must be made by the April 18th tax filing deadline.

4- You can claim Childcare expenses for children under the age of 13.

5- Make sure you include your unemployment benefits for 2021.

6- Cancellation of a debt maybe taxable.

7- First quarter estimated individual tax payment is due by Next Monday April 18th.

8- Charitable Contributions, not only cash but the value of furniture, clothing, artwork, etc.

9- Home office and other expenses i.e. cell phones, internet, cable, mileage, studio cost, local transportation etc. For small business and other Self-Employed individuals.

10- Homeowners – Mortgage Interest, Real Estate Taxes, vacation homes & time Shares.

11- Gambling Winnings W2G and Gambling losses.

12- Did you buy a house in 2021? Points paid at closing, Interest and Taxes may be deductible.

13- C-Corporations- Must be filed or an extension filed (form 7004) by Next Monday April 18th.

14- College Students, Teenagers and other young adults may be able to file a tax return even if they were claimed on their parent’s tax return. These young people may be entitled to a refund.

15- Claim a tax refund for 2018 tax returns or for Amended tax returns for 2018. To claim these refunds, the 2018 tax returns must be postmarked by April 18th, 2022.

16- Interest Income, Dividends, Sale of Stocks must be included on your tax return.

17- If you itemized your 2020 income tax return and received a state refund, the amount of that refund must be included on your 2021 income tax return as income.

18- If you are unable to file your tax return, file for an extension (form 4868) by Next Monday April 18th especially if you think you might owe. There is a penalty for not paying the amount due by the deadline and there is a penalty for not filing or filing for an extension.

19- If you claim the standard deduction you can claim up to $300 (or up to $600 for married couples filing jointly) for cash contributions made to certain qualifying charitable organizations in 2021.

20- Make sure to include all W2s, 1099 Misc., 1099 R on your returns. Those forms are filed with IRS.

21- For taxpayers with children under 18, most of you received payments from July to December 2021. IRS sent you a letter with the amount of Advance Child Tax Credit you received.

Gordon Jackson – Unified Financial Group, Inc.

GordonJackson1257@gmail.com Phone# 917-454-8690 Fax# 917-775-6093