Haven't filed your taxes yet? Here's what you need to know

New York
CNN
—

So far this tax filing season, the IRS has received more than 100 million 2022 income tax returns.

That means tens of millions of households have yet to file their tax returns. If you're one of them, here are some last-minute tax filing tips to keep in mind as the Tuesday, April 18 deadline approaches.

Not everyone must submit an application by April 18: If you live in a federally declared disaster area, have a business there, or have tax documents stored by businesses in the area, the IRS may have extended filing and payment deadlines for you. You can find specific extension dates for each disaster area here.

For example, due to rounds of extreme weather in recent months, tax filers in much of California (which accounts for 10% to 15% of all federal filers) have been allowed to extend their filing and payment deadlines to October 16, according to the IRS the spokesman said.

If you are a member of the armed forces and are currently or have recently been stationed in a combat zone, the deadline to file and pay your 2022 taxes will likely be extended by 180 days. But your specific extension application and payment deadlines will depend on the date you leave (or leave) the war zone. IRS publications provide more details.

Finally, if you made little to no money last year (usually less than $12,950 for single filers and less than $25,900 for married couples), you probably don't need to file a tax return. However, you may want to do this if you think you're eligible for a refund, such as a refundable tax credit (such as the Earned Income Tax Credit). (Use this IRS tool to gauge whether you need to file a return this year.) You may also qualify for free with the IRS (for those with adjusted gross income of $73,000 or less), so you don't have to file a return.

Your salary may not be your only source of income: If you have a full-time job, you may think that this is the only income you earn and must report it. But that's not the case.

Other potential sources of taxable and reportable income include:

Organize your tax documents: By now, you should have received all the tax documents that third parties (your employer, bank, brokerage firm, etc.) need to send you.

If you don't remember receiving a paper tax form in the mail, check your email and online accounts – the document may have been sent to you electronically.

Here are some tax forms you may receive:

“Please note that certain taxable income does not have a form, such as income from renting a vacation property, which means you are responsible for self-reporting,” the Illinois Society of CPAs says.

Last-minute ways to reduce your 2022 tax bill: If you are eligible to contribute to an IRA but did not contribute last year, you have until April 18 to contribute up to $6,000 ($7,000 if you are 50 or older). This will reduce your tax bill and increase your retirement savings.

Proofread your return before submitting: You can do this whether you use tax software or work with a professional tax attorney.

Small errors and omissions can delay the processing of your return (and your refund, if you are owed a refund). You want to avoid making typographical errors such as your name, date of birth, Social Security number, or direct deposit number; selecting the wrong filing status (for example, married vs. single); making a simple math error; or leaving required fields blank.

What to do if you can't submit your application by April 18: If you are unable to submit your application by next Tuesday, please complete Form 4868 electronically or on paper and send it by April 18. You will receive an automatic six-month filing extension.

Please note, however, that a document extension is not a payment extension. You will be charged interest (currently 7%) and penalties on any amounts still owed in 2022 that have not been paid by April 18.

So if you suspect you still owe taxes (perhaps you had some unwithheld income outside of work, or you had a large capital gain last year), estimate how much you still owe and submit it by Tuesday. This money is sent to the IRS.

You may choose to do so by mail and include a check with your extension request form. Make sure your envelope is postmarked by no later than April 18th.

A more efficient way is to pay your balance electronically through IRS.gov, said CPA Damien Martin, a tax partner at Ernst & Young. If you do this, the IRS will indicate that you do not need to file Form 4868. “The Internal Revenue Service (IRS) will automatically extend the filing time,” the agency noted in its instructions.

If you choose to pay electronically directly from your free bank account, select “Deferred” and then select “Tax Year 2022” when the options appear.

You can also pay by credit or debit card, But you will be charged a processing fee. However, if you collect taxes but don't pay your credit card bill in full each month, doing so may be much more expensive than collecting the fees because you may be paying a high interest rate on the outstanding balance.

If you still owe income taxes in your state, keep in mind that you may need to go through a similar process of filing for an extension and making payments to your state's tax department, Martin said.

Use this interactive tax assistant to answer basic questions you may have: The IRS offers an “Interactive Tax Assistant” that can help you answer more than 50 basic questions about income, deductions, credits and other technical issues related to your personal situation.