A meaty BUZZ for the next to the last one of 2021.
* Kay Bell reports “Kentuckians in tornado disaster areas get new May 16, 2022, tax deadline” at DON’T MESS WITH TAXES.
Kay also reports, thankfully, that “After two years of COVID-related Tax Day delays, the IRS is looking to get back on its regular mid-April filing schedule in 2022”.
I do not want the IRS to extend the 2022 tax filing deadline!
But the deadline will not be April 15, 2022. Kay explains (highlight is mine) –
“Emancipation Day 2022 is on Friday, April 15. When that official District of Columbia holiday falls on Tax Day, the federal filing deadline is moved to the next business day. That makes 2021 returns due on Monday, April 18, 2022.”
* There is still time left to reduce your 2021 tax liability before the ball drops on Times Square. TaxGirl Kelly Phillips Erb lists “Seven Low-Key Year-End Tax Moves to Make in 2021” at her BLOMMBERG.COM blog.
* Returning to Kay Bell for more year-end planning talk, she discusses “Roth IRA conversion considerations”.
* A very important message for taxpayers is included in COVID Tax Tip 2021-187 - “Get ready for taxes: Here’s what's new and what to consider when filing in 2022” - at IRS.GOV (highlight is mine) -
“In early 2022, the IRS will send Letter 6475 that contains the total amount of the third economic impact payment and any plus-up payments received. People should keep this and any other IRS letters about their stimulus payments with other tax records. Individuals can also create or log in to IRS.gov online account to securely access their economic impact payment amounts.”
* The TAX FOUNDATION has released its “2022 State Business Tax Climate Index”.
The 10 lowest-ranked, or worst, states in this year’s Index are:
42. Louisiana
43. Vermont
44. Arkansas
45. Minnesota
46. Maryland
47. Connecticut
48. California
49. New York
50. New Jersey
Once again, like Oliver Twist my former home state of NJ is last on the list –
“New Jersey, for example, is hampered by some of the highest property tax burdens in the country, has the highest corporate income taxes and among the highest individual income taxes in the country, has a particularly aggressive treatment of international income, levies an inheritance tax, and maintains some of the nation’s worst-structured individual income taxes.”
* The 2021 version of IRS Publication 17 – Tax Guide for Individuals – is available to download.
* Over at ACCOUNTING TODAY Jeff Stimpson tells us that the IRS will provide “Filing relief for weather victims in Illinois, Tennessee".
THE LAST WORD
Attention Republicans and local Republican candidates who are not ignorant racists.
It's not enough to just not listen to, believe and support Trump.
You MUST vocally and aggressively oppose, denounce and disavow Trump.
You MUST vocally and aggressively oppose, denounce and disavow the current national leadership of the Republican Party.
You MUST vocally and aggressively call for Trump's indictment, prosecution, conviction, and incarceration.
If you are not part of the solution you are part of the problem - and the problem is Trump and the Trump-embracing leadership of the Republican Party!
TTFN
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