Last-minute tax tips for 2022
The deadline to file taxes is Monday, April 18
Last-minute tax tips
The Marks Group President Gene Marks, CPA, discusses last-minute tax tips ahead of Tax Day 2022.
The deadline to file your taxes, Monday, April 18, is quickly approaching.
Gene Marks, CPA, shared his tax tips on "Mornings with Maria" for those last-minute filers.
TAX SEASON 2022: HOW TO FILE FOR AN EXTENSION WITH THE IRS
Marks’ first tip is to contribute the maximum to your IRA account.
"If you haven't contributed the maximum to your IRA, do it today. An individual can put away $6,000 into your IRA retirement account – $7,000 if you're over the age of 50, and you can take a deduction for that," he explained.
Inflation taking a ‘lot of people by surprise’ this tax season: Expert
The Marks Group President Gene Marks, CPA, discusses the inflation has on taxes.
Like the IRA account, you can maximize your health savings account.
"That's like $3,600 for an individual," he said. "And if you do that, you can take a deduction for that as well. It carries over to next year. You can use it for your health expenses."
You can also file your taxes electronically to ensure the fastest refund, he said.
"The IRS is still millions of returns behind in their processing, but they are escalating their efforts on e-filing returns. So, if you want your refund quicker, make sure you file it electronically," Marks explained.
The tax filing deadline for 2022 is April 18. (iStock)
Last, Marks said to make sure that all your estimated payments are paid and consider filing for a tax extension if necessary.
"If you still can't get it all together, it's ok. File an extension, and then you can file your final returns by October 15… as long as you've got all of your taxes paid in."