Tax day is April 18 this year! Lisa Greene-Lewis, CPA and TurboTax tax expert, discusses the important tax dates and deadlines.
Video Transcript:
[00:00:00.46] [MUSIC PLAYING]
[00:00:04.56] TRACY BYRNES: All right. So tax season is right around the corner again. There's a ton of dates to remember. And, sadly, they're different from last year so get out a pen and paper.
[00:00:13.25] You've got to write this down. Lisa Greene Lewis, TurboTax expert and CPA, is here with us to walk us through all of it. So, Lisa, our return is actually not due on April 15th this year, is it?
[00:00:25.29] LISA GREENE-LEWIS: That's correct. This year, it's April 18th. And that's because the 15th, it falls on the weekend, and then there is a holiday that's celebrated in Washington, DC, on that Monday. That's Emancipation Day, so it will be April 18th.
[00:00:44.91] TRACY BYRNES: That's great because for procrastinators like me, it gives me another weekend to get it done. Let's also talk about estimated tax payments because those dates are very important, especially for our self-employed folks out there.
[00:00:54.51] LISA GREENE-LEWIS: Yes, so one thing that self-employed should remember, the first quarterly estimated tax payment for tax year 2023 is due on tax day for tax year, 2022, and that's April 18th for the first quarterly payment. And then the second one is due June 15th, and then the third on September 15th of 2023.
[00:01:19.41] TRACY BYRNES: And we should also note that when you file your tax return, you also need to make sure your IRA and HSA contributions for 2022 are in as well, right?
[00:01:30.66] LISA GREENE-LEWIS: Yes, that can really help your tax situation. If you're doing your taxes now and you see that you owe money, you may want to contribute to your IRA or your HSA. But you have to make sure that you tell your plan provider that it is a 2022 contribution, so they contribute it to the right year.
[00:01:51.93] TRACY BYRNES: Right, make sure you write it in the note on the check or something, but that's a valid point. And, finally, extensions are due, if indeed you do have to extend your tax return.
[00:02:01.86] LISA GREENE-LEWIS: That's correct. So the date will be April 18th, just like the tax deadline, to file your taxes and also pay what you owe. And so you can request an extension with form 4868, but you have to do it by April 18th. And also, remember, if you owe money, that extension is only an extension to file. It's not an extension to pay what you owe.
[00:02:26.94] TRACY BYRNES: Right. That's an important point. The money still has to be in April, but the return then isn't due until October, right? And it's not October 15th, like normal.
[00:02:35.79] LISA GREENE-LEWIS: Right. So that extended deadline is October 16th, if you file for extension with form 4868.
[00:02:45.30] TRACY BYRNES: And, Lisa, you also mentioned that storm victims get an extra special amount of time.
[00:02:50.55] LISA GREENE-LEWIS: Yes. If you live in an area that's federally declared disaster, so recently it was victims of storms in California, Georgia, and Alabama, you're going to get an extension to file and pay anything you owe. And you can find out more information at the TurboTax blog, and also the IRS has a site where they list areas that have been impacted by disasters.
[00:03:18.51] TRACY BYRNES: Right. So everyone should rewatch this video, write all these dates down because they're different than usual. Lisa Greene-Lewis, TurboTax expert and CPA, thank you so much for helping us out.
[00:03:29.01] LISA GREENE-LEWIS: Thank you for having me.
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