Personal taxes are required to be filed by Tuesday, April 18th. If you haven’t done them, please make sure to file for an extension. Please remember, an extension doesn’t mean you don’t have to send in money if you have a payment due. You’ll be charged penalties and interest for any payments you don’t make by the April 18th deadline.
Now might seem like an odd time to talk to you about your taxes, as you’ve all likely filed them already. But this is the perfect time to assess how tax season went for you. Were you scrambling? Did you have a lot of difficulty finding the information you needed? If so, now is the time to make changes to how you’re managing your money. At a bare minimum, if you are making quarterly tax payments (which you likely should be), mark your calendars for the following days your payments are due:
- June 15, 2023
- September 15, 2023
- January 16, 2024
While we’re talking about the IRS, they were granted 80 billion through the Inflation Reduction Act, and last week they announced how they are planning on spending it. 45B will be to support audits, 25B for operational support, 5B to update business systems, and 3B for taxpayer services. So more than half of the 80B will be to figure out who is cheating on their taxes. Don’t cheat but do make sure you have a good Accountant.
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