Tax Season 2022: What You Need to Know
Tax season is officially underway in the United States. On January 13, the Internal Revenue Service (IRS) began receiving and processing federal tax returns for the tax year 2022. The deadline for filing taxes is April 18, with the possibility of requesting an extension until October 16. However, it is important to note that the extension only applies to declaring taxes, not to paying them. If you do not file your taxes or miss your tax payment, you could be subject to fines by the government agency.
Tips for Avoiding Tax Refund Delays
Are you anxiously awaiting your tax refund for 2022? You’re not alone. Here are some tips to help avoid any potential delays:
• File your taxes as soon as possible. The earlier you file, the sooner you can expect your refund.
• Make sure all your information is accurate and up-to-date. Double-check your Social Security number, bank account information, and any other vital details.
• Consider filing electronically. E-filing is faster and more secure than traditional methods.
How Many Years of Taxes Do You Need to Pay?
If you are wondering how long you need to pay taxes, the answer is: forever. In the United States, there is no limit on the number of years you may be required to file and pay taxes. Even if you retire or move out of the country, you may still be subject to U.S. taxes on certain types of income.
What’s the Minimum Age to Declare Before the IRS?
Although paying and filing taxes may seem like a process for adults, the truth is that everyone who meets certain requirements and conditions must pay taxes before the IRS, including teenagers – as long as they qualify. There is no specific age requirement for paying taxes. Here are the scenarios in which a person under 18 may have to pay taxes to the IRS:
• Earned Income: If the person in question has income greater than the standard deduction, they must file taxes. The standard deduction for a dependent child in 2022 is total earned income up to $12,950.
• Unearned Income: If the minor has more than $1,150 in unearned income from investments, such as taxes on capital gains and derivatives, they must pay taxes. If the value is less than this amount, the income can be reported on the parent’s form, although it will cause the taxpayer to fall into a higher tax bracket.
Tax season can be a stressful time for many people, but being aware of important deadlines and requirements can help make the process smoother. Remember to file your taxes early, double-check your information, and seek professional help if needed. It’s never too early (or too late!) to start thinking about your taxes.