Time to File Those 2022 Tax Returns

It is down to the wire at the time of this writing (April 14, 2023), so it is time to file your 2022 tax return (Form 1040, Individual Income Tax Return) and do it with a sense of urgency. The deadline to file is April 18 (Tuesday), 2023. Of course, you can always request an extension of time to file your tax return you can do that by using IRS Form 4868 – Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. The best place to get this form is to go to www.IRS.gov and just type in that form number in the search bar. Make sure that you get the form applicable to tax year 2022.

Filling Out Form 4868

The form itself should only take you about a minute or two to fill out. You may need to grab a couple of numbers from your tax documents (W-2’s / 1099’s, etc.) if you have them. Once you have those numbers filled in, and you have written in your SSN (and the SSN of your spouse, if applicable), then just send it in. You are not even required to sign the form before sending it in. If you have questions about how to fill out the form, simply refer to the form instructions.

Filing is Not the Same as Paying

By requesting an extension, you will automatically be granted an extension to file your tax return until October 15, 2023. Keep in mind, however, that this extension only covers you for filing your tax return, not paying the taxes that you may owe. That means that if you think you will be owing Uncle Sam some amount after you do complete your tax return, then you may want to estimate what that amount may be and send a payment to the IRS along with your request for extension form.

Where to File

When you are ready to send the form, please pay particular attention to page four of the instructions for Form 4868 to make sure that you are sending it to the right IRS address if you are sending in a paper Form 4868. If you are sending the form only (no payment), then the address will likely be different than if you are sending the form along with an estimated tax payment check. Just look in the table within the instructions for the form and find your state.

There is also an online way to file an extension, instead of the tried-and-true method of paper filing. Check out this link to the IRS website page where you can accomplish this. They are calling this service “Free File.” It is free for all to use service to file your extension.

Loose Strings

Alternatively, you could always try to get your taxes completed before the filing deadline on Tuesday, April 18, 2023. But, if your taxes have any complexity to them then at this late date it may be best to file for the extension. To discuss this decision, you may want to seek a tax professional to help you with the answer.

If you request the extension, be sure to make plans to have your taxes prepared so that you can file the four the expiration extension in October. After the April filing deadline, many tax professionals will start to have time to accept new clients and they may be able to get you in quickly.

Hope this helps, and good luck with your taxes for 2022!

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