The 2022 tax season is upon us, and taxpayers should plan on spending at least 13 hours this year preparing their return, according to the Internal Revenue Service. Business owners should set aside roughly 24 hours to complete their tax return.
Those 13 hours include time for record keeping, tax preparation, form submission, and possibly writing a check to the U.S. Treasury.
This year taxes must be filed by Monday, April 18. While that may seem like a long way off, we all know that it can creep up on you fast. Being proactive and budgeting time for your taxes early will help you to ensure that you get them done on time.
Most of us have heard the stories of the victims of the recent wildfires in Colorado. We know that these victims did not have much time to gather the necessary files and many lost important documents including tax documents. Additionally, many of them continue to face the daily challenges of rebuilding their lives. For victims of the Marshall Fire, the IRS has granted an extension until May 16. This includes extensions for quarterly estimated income tax payments and various other personal and business taxes.1 For more information you can visit irs.gov
During the ups, downs, and busyness of life, we don't often take the time to pause and reflect on our financial goals. Tax time is the moment every year when your finances stop. It’s that moment when all revenue is counted, expenses are finalized, and your financial records are in one place.
Whether you are a fire victim looking to rebuild or busy professional with little time to spare, you can decide to take advantage of this time to see if you’re on track to pursue your financial goals. Need some help getting your financial house in order? We would love to help. Give us a call at 303-806-0988 or use this link to schedule some time with our Wealth Advisors: Free Financial Plan Assessment
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.
Tax Season 2022 | Help for Marshall Fire Victims
January 27, 2022