Key Points to Remember if You Haven’t Filed Your Taxes Yet | CNN Business

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        The IRS has already received over 100 million income tax returns for 2022 this tax season. 
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        However, many households are yet to file their returns. If yours is one of them, here are some last-minute tax-filing tips to consider as the April 18 deadline approaches.
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        <strong>Extensions Available:</strong> If you live in a federally declared disaster area or have relevant tax documents stored there, the IRS might have extended filing and payment deadlines for you. Check <a href="https://www.irs.gov/newsroom/tax-relief-in-disaster-situations" target="_blank" rel="noopener">here</a> for specific extension dates by disaster area. 
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        Due to multiple recent weather events, tax filers in California have been granted an extension until Oct. 16 to file and pay, according to the IRS.
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        Members of the armed forces stationed in a combat zone may have an extension of 180 days for filing and payment, depending on departure dates. Check out <a href="https://www.irs.gov/pub/irs-pdf/p3.pdf" target="_blank" rel="noopener">this IRS publication</a> for more details.
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        Individuals reporting little to no income last year (<strong>e.g., less than $12,950 for single filers and $25,900 for married couples</strong>) may not be required to file. However, consider filing if you may be eligible for a refund, such as the <a href="https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/who-qualifies-for-the-earned-income-tax-credit-eitc" target="_blank" rel="noopener">Earned Income Tax Credit</a>. Use <a href="https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return" target="_blank" rel="noopener">this IRS tool</a> to determine your filing requirement. You can also use <a href="https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free" target="_blank" rel="noopener">IRS Free File</a> if eligible (for adjusted gross income of $73,000 or less) to file for free.
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        <strong>Consider All Income Sources:</strong> Your primary job is not the only source of taxable income. Other sources include: 
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        <strong>Get Organized:</strong> Ensure you have received all necessary tax documents from third parties like employers, banks, and brokers. 
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        If you are missing any hard copies of tax forms, check your email and online accounts for electronic copies.
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        Some common tax forms include:
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Frequently Asked Questions (FAQs)

1. Do I have to file my taxes by April 18?

If you live in a federally declared disaster area or have relevant tax documents stored there, the IRS might have extended filing and payment deadlines for you. Check the specific extension dates for each disaster area here.

2. What if I made little to no money last year?

If you earned less than $12,950 as a single filer or $25,900 as a married couple, you may not be required to file. However, consider filing if you think you are eligible for a refund, like the Earned Income Tax Credit. Use the IRS tool here to determine your filing requirement.

3. What income sources should I consider for tax purposes?

Income sources to consider include interest earned on savings, investment gains, part-time or seasonal work income, unemployment benefits, Social Security payments, tips, gambling winnings, and rental income from properties owned.

1099 Tax Forms You Should Know About

• 1099-DIV: This form is from your brokerage or company where you own stock for dividends or other distributions from their investments.
• 1099-INT: You will receive this form for interest over $10 on your savings at a financial institution.
• 1099-NEC: If you worked as a contractor and received payments from clients, you will get this form.
• 1099-K: You will receive this form for payments for goods and services through third-party platforms like Venmo, CashApp, or Etsy. This form is required if you made more than $20,000 in over 200 transactions during the year.
• 1099-Rs: This form is for distributions over $10 that you received for a pension, annuity, retirement account, profit-sharing plan, or insurance contract.
• SSA-1099 or SSA-1042S: You will receive this form for Social Security benefits received.

FAQs

What should I do if I can’t file my taxes by April 18?
If you’re unable to file your taxes by April 18, you can fill out Form 4868 electronically or on paper and send it in by April 18 to be granted an automatic six-month extension to file.

Is an extension to file also an extension to pay?
No, an extension to file does not extend the time to pay. You will be charged interest and a penalty on any amount you still owe for the tax year.

In case you suspect you still owe tax, it’s advisable to estimate the amount you owe and send that money to the IRS before the deadline to avoid additional charges.

What are the payment options available for tax payments?
You can choose to pay what you owe electronically on the IRS website or by mail with a check attached to your extension request form. Payment by credit or debit card is also an option, but a processing fee will be charged.

Are there any state taxes to be aware of?
If you owe income taxes to your state, you may need to file for an extension and make a payment to your state’s revenue department.

Seeking Further Assistance
For more personalized assistance and answers to specific tax questions, consider using the interactive tax assistant provided by the IRS. This tool can help with a wide range of basic questions related to income, deductions, credits, and other technical tax inquiries.