March is often considered the “crunch time” for tax preparation. This is a time when missing documents and other tax forms should be tracked down to give the information to your tax preparer as soon as possible for filing by April 18, 2022, deadline.
If you plan to utilize one of the tax software programs on the market, be sure to review the requirements so that you have what you need when you are ready to file.
Contribute to an IRA
This is also a good time to contribute to an IRA or Roth IRA for 2021 prior to the deadline of April 18, 2022.
Check your FSA
Many Health Care Flexible Spending Accounts had a December 31, 2021 deadline for filing claims. Due to the Covid19 Relief bill signed into law in December 2020, there may be some extensions and other changes. Employees are able to carry over their unused health funds from 2021 into 2022 if their workplace opted into the changes, according to the IRS (this is also true for dependent care FSAs). Contact your FSA administrator if you have questions. The 2022 maximum the IRS let employees contribute is $2,850. See the IRS.gov links below for more tax-related information.
Related links:
https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022
