ICount4You Accounting & Tax Service

Tax Extension Deadline Is October 16,2023

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Money Monday. Keep and grow your money.

After hearing the topic of living off your interest earned, I often wondered how you do that….. Well I have since learned how one can live off interest of their savings or investments.

Today you can save your money earning an average APY of 4%. That means if put $1,000 into a savings with an APY of 5% you will earn $50. Your account will increase to $1,050.

So you imagine if you have $100,000 earnings 5%, at the end of the year you will have earned an additional $5,000. That’s approximately $416/mo.

So the take away is, if your money is not in earning interest- do your research and move your money to where it can grow.

Things for extension filers to keep in mind as they prepare to file: Many people requested an extension to file their tax return after the usual April deadline.

These filers have until Oct. 16, 2023, to complete and file their tax return. The IRS suggests that those who already have the forms and information they need file now – there’s no advantage to waiting until the deadline and filing now saves the worry that they may miss the deadline. There are a few things extension filers should know as they get ready to file. File by the deadline
Extension filers should file and pay any balance due by Monday, Oct.16, 2023.

Some tax credits return to 2019 levels. This means that affected taxpayers will likely receive a significantly smaller refund compared with the previous tax year. Changes include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit.

Those who got $3,600 per dependent in 2021 for the CTC will, if eligible, get $2,000 for the 2022 tax year.
For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get $500 in 2022.
The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.

2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline.

2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline | Internal Revenue Service IR-2022-08, January 10, 2022 — The IRS announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

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National Tax Security Awareness Week 2022 | Internal Revenue Service A compilation of products issued for National Tax Security Awareness Week 2022.