For those of you who have yet to file your 2021 tax return, there is a little under one month until the October 17th tax deadline extension. If you are utilizing the tax extension this year, now is the time to prepare and make sure you have everything you need in order, which includes getting organized, communicating with your financial advisor and tax preparer, or CPA.
For those of you working with a CPA or tax professional, make sure you are promptly providing them with all the information necessary to file your return. Surprisingly, according to the IRS, an estimated all-time high of 19 million American taxpayers filed an extension for their 2021 returns. With these shockingly high numbers, think about filing your return as quickly as possible to try to avoid any complications or hiccups.
Before filing this year, make sure you are accounting for all COVID-19 reliefs, such as the stimulus checks and the child tax credits. Make sure all your deductions and withholdings are in order and that you are aware of and prepared for any tax payments due or returns. In all, when dealing with your tax return, whether you file it on time or on the extension, it’s important you are prepared and aren’t waiting til the last minute to get your documents in order.
If you have any questions about your tax return or are looking for tax advice, email us at info@shermanwealth.com and we are happy to help or refer you to a tax professional. If you would like to schedule a complimentary 30-minute intro call, schedule it here.
