Tax Moves to this October

Tax Moves to this October

Tax Moves to this October, Between picking out your Halloween outfit and locating a secure hiding place for the holiday treats that your family can’t find, it’s time to make some tax moves.

Here are four tax moves to this october need to check out:

1. File your 2020 tax return

Are you one of the estimated, and record-breaking, 19 million taxpayers who asked the Internal Revenue Service for an extension to file your 2021 tax return? Your procrastinating time is running out. The deadline is Monday, Oct. 17. Yes, that’s a couple of days later, since the normal Oct. 15 filing extension due day this year is on Saturday.

If your adjusted gross income is $73,000 or less, you can use the IRS’ Free File to finish and electronically submit your Form 1040. This year, eight tax software companies are available through Oct. 17 to help you meet your filing obligation.

2. Make sure Oct. 17 is your extended filing deadline.

Or don’t file yet. That’s an option for some taxpayers whom the IRS has given even more time.

Of course, their added postponement reason is not one any of us would want. They’ve endured major disasters this year.

People who’ve been through a major disaster also usually are provided extra time to file. That’s the case for some individuals and business owners in the wakes of major disasters so far this year.

The box below lists the dates for six states and two territories, along with links for more information, where some residents have more time to file.

3. Get ready for cold weather.

If you live in an area where Old Man Winter likes to drop by for longer stays, now is the time to get ready for those visits. The tax code might be able to help here.

The Inflation Reduction Act of 2022, the Biden Administration’s revised economic and tax package that became law on Aug. 16, resurrected some residential energy related tax breaks that had expired at the end of 2021. Now, you can still get a 10 percent tax credit for replacing drafty portals with new energy-efficient windows and doors, as well as roofing.

If you need more winterization help, for example, a new furnace going into this winter, the revived credit provides help in installing a new energy-efficient system.

Note, however, that the prior lifetime limits on the tax breaks also were brought back for 2022. But if you never took advantage of the home energy tax credits earlier and need to do some work this year, be sure to claim the credit.

4. Review your workplace benefits.

Fall also is workplace benefits enrollment season. In some cases, just letting your current employer-provided benefits roll over into the next year works well. But if your life or finances have changed, you might want to tweak your coverage.

Companies offer their workers myriad perks, many with tax advantages. Among the most popular are 401(k) retirement plans, high deductible health plans and associated health savings accounts, and health care flexible spending accounts for traditional workplace medical coverage.

If any of these actions or deadlines apply to you ,tax moves to this october. And definitely by the appropriate deadline(s). This month’s list is in its usual place, noted by the bright read headline just under the digital clock counting down to the even closer Oct. 17 extended filing deadline.

Taxes