ALEXANDRIA — Tax day is fast approaching, have you filed your taxes yet? If not, here is what you should know.
According to Tessa Mueller,
owner of Alex Tax Services, Inc.
and Wendy Haburn,
, filing an extension is an extension to file, not to pay.
“Whatever you owe the Internal Revenue Service or the state of Minnesota, it is still due by April 18,” said Mueller.
Haburn advised bringing in your taxes as soon as possible to find out if your tax preparer can get them completed by the due date. “If they can’t, he/she would be able to file an extension,” she said, adding again that this is not an extension for payment of taxes, it is only an extension to file the actual tax returns. “An estimate of taxes owed would need to be paid by the due date to not be charged interest on the amount owed.”
Mueller also noted that there have been changes throughout the tax season to the IRS penalty for not paying timely estimates.
“If a taxpayer owes money for 2022, and they’ve filed earlier, there may be a small amount coming back to them for the recalculation of estimated tax penalty,” she said.
Haburn said to be aware that even if your preparer can complete your tax preparation before the due date, there is still a chance that the IRS or the state could reject the timely filed return.
“When taxes are filed this late, there is uncertainty,” she said. “Learn from your procrastination. Tax season is the same time every year, unless we have another disaster like COVID.”
Mueller also noted that a lot of people have noticed a change in their refund status already this year.
“This could be because the IRS changed the withholding tables,” she said. “The tables have stayed the same for 2023 as they have for 2022 so far. If you were included in getting a lesser refund or owing money, it would be a good idea for you to revisit your W-4.”
If you have a tax appointment coming up yet this week, here are some of the items you should make sure to have with you:
- Last year’s tax return
- W-2 forms for wages
- 1099-R for retirement
- 1099s for interest, dividends and other income
- K-1s from partnerships, corporations or estates
- Social Security benefits statement
- Voided check for direct deposit
- Driver’s license
- MNSURE – form 1095-A
- Property tax statements
- IRA year-end statements
- 1098 for mortgage interest, tuition or contributions
- Closing papers for purchase and sales, including purchases and sale dates and amounts
- All other statements showing income
- Last pay stub of the year
Celeste Edenloff is the special projects editor and a reporter for the Alexandria Echo Press. She has lived in the Alexandria Lakes Area since 1997. She first worked for the Echo Press as a reporter from 1999 to 2011, and returned in 2016 to once again report on the community she calls home.