Tax Day Approaching So Does The Tension

Tax Cap Tax Day

The usual tax day is on 15th April. This year is different given the holidays and it falls on Saturday. So the government pushed it till 18th April to lighten the burden.

The IRS previously announced this year tax returns would be less. Many expressed their anger. However, the IRS did clarify why and how it is lower than they expected. The extra money proved to be the extra tax they had paid earlier. The lower tax returns are nothing but key credit which was eliminated last season. Taxpayers must remember there would be heavy consequences for their delayed filing, which would cost them penalties.

Tax Day Can Only Be Extended If You Have Already Applied For An Extension

While paying taxes this season. Many came up with a lot of queries and confusion as well. There is an IRA and IRS. 18th of April is also the last date for 2022’s tax deduction. If you have filed for an extension, or where you live, extend the dates of the taxes with the IRS. Then late payment won’t be an issue.

Otherwise, there would be penalties which according to the IRS is 5% for late payment. Which could lead to up to 25%. They also assure us it would definitely not go beyond that.

This season tax day ends on the 18th of April. Last year’s tax returns were nearly $3175, which has lowered to $2878 this time.

This tax day was all about first come first serve. Tax season started on 23rd January. Many people filed earlier hoping to get a return early perhaps. But the IRS also declared this scheme has many constraints. And the taxpayers would not like it. They were continuously asked to consult a financial advisor. Twenty-one states last year sent out checks to their residents. However, they do not need to pay taxes on those checks.

Previous articleJoe Biden’s Age Is Not An Issue But An Opportunity
Next articleChild Tax Credit Is Still A Feasible Option