TAX SEASON 2022 – What You Need to Know
Important Dates
April 15: Deadline to file and pay taxes or request an extension.
October 15: Last day to file a tax return if you received an extension from the IRS.
The Pandemic and Your Taxes
Unemployment Benefits: While the first $10,200 of unemployment benefits were made tax-free in 2020, this does not apply in 2021. So plan to pay taxes if you were unemployed in 2021 and did not have taxes withheld from your unemployment payments. (1)
Paycheck Protection Program (PPP) Loans: In an effort to help small business owners stay afloat, the government offered them Paycheck Protection Program (PPP) loans. These loans will be fully forgiven as long as they were used for payroll costs, interest on mortgages, rent and/or utilities. (2)
Paycheck Protection Program (PPP) Loans: In an effort to help small business owners stay afloat, the government offered them Paycheck Protection Program (PPP) loans. These loans will be fully forgiven as long as they were used for payroll costs, interest on mortgages, rent and/or utilities. (2)
Stimulus Checks: Good news: If you received a stimulus check, it does not count as taxable income. (3)
Stress Less This Tax Season
Check out these five stress-busting tax time tips:
- Get a Head Start: To avoid feeling frazzled, don’t wait until the last minute to file. Instead, get it done early and break the task into small chunks.
- Get Organized: Keep all your paper documents in one place – a simple expanding file folder is a great option. Ensure that you also keep your digital documents organized together.
- Listen to Music: While you’re getting organized, play relaxing songs to keep your stress at bay. Or, if you need a little motivation while filing, turn on an upbeat tune.
- Take a Break: If you start to feel burnt out while filing, taking a quick 5 to 15-minute break can work wonders. Try taking slow, deep breaths, going for a walk or eating a healthy snack.
- Hire a Pro: If your taxes are complex or you’re worried about making mistakes, hiring a professional can eliminate errors and alleviate stress.
SOURCES: 1. “IRS offers overview of tax provisions in American Rescue Plan; retroactive tax benefits help many people now preparing 2020 returns,” IRS.gov. 2. “Small Business Paycheck Protection Program,” Home.Treasury.gov. 3. “Economic Impact Payments,” Home Treasury.gov.
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Are you or someone you know considering a home purchase? Don’t hesitate to call or text me, Michael Archbold, at 260-579-1516 and I will connect you with the best mortgage professionals in the business who can get you your score, discuss ways to improve it if necessary, and put you on the path to home ownership. Click here to read more about our Buyer Services. Click here to browse listings NOW! Looking to sell your home? Call today to set up an appointment to begin developing your customized marketing plan. Click here to read more about our Seller Services.
Hoosier Home Listings by RE/MAX Results is a full service real estate Web site serving Northeast Indiana. We assist residential and commercial clients in locating, buying, and selling real property in the State of Indiana including but not limited to the counties of Allen, Huntington, Wells, Adams, Whitley, Wabash, Kosciusko, Noble, Dekalb, Lagrange, Steuben and cities including Fort Wayne, Decatur, Bluffton, Huntington, Warsaw, Columbia City, Butler, and Angola. RE/MAX Results is an Equal Housing Opportunity company.
Hoosier Home Listings – TAX SEASON 2022 – What You Need to Know…
… brought to you by Michael Archbold, Hoosier Home Listings, and RE/MAX Results.
The consummate professional, Michael Archbold (Associate Broker, REALTOR, ePro) brings a diversified background to the world of real estate. Born and raised in Fort Wayne, Mike graduated Wayne High School in 1992. He received bachelors degrees in Accounting in 1997 from Indiana University and Information Technology in 2005 from Indiana Wesleyan University. Mike comes to RE/MAX with more than 20 years of experience in sales and accounting. He began his career in real estate in 2000 as an investor.
