Tax time is drawing near once again and as April 2022 approaches, it's important to take note of all of the changes -- big and small -- that will affect returns this year. Most notably, is that the deadline is not April 15 but April 18. This also means the 6-month extension will move from October 15 to October 17.
As you prepare, this comprehensive income guide for 2022 can provide the basics you need to know from tax forms to credits to deductions for the 2021 tax year. Plus, dig deep into topics like what you can do if you can't pay your taxes by the deadline and what happens if you don't file on time. It can be hard to navigate through the many pages of the tax code or IRS website so here you have all you need to know in one convenient place.
The basics of income tax
Depending on your filing status and yearly income, you may not be required by law to file a return with the IRS. However, even if you don't have to file, it may still be in your best interest to submit a tax return. You may not owe any income taxes but you might be eligible to receive a refundable credit.
If your income for the year is above a certain amount, you must file a federal income tax return. This amount for which you are liable is dependent on several factors, including your age and the type of income you received. For instance, for the 2021 tax year, a single, independent adult under the age of 65 must file a return if they earned $12,400[1] or more gross income during the year.
Improperly filing your taxes could end up costing you more than