We will be developing a new Tax Checklist to help you pull together your tax preparation materials for 2021. We hope to have that ready in our next newsletter. Until then, please take note of these important tax-related dates for the new year:
Tuesday, January 18:
- Pay estimated taxes for 4th quarter 2021.
Monday, January 31:
- File Form W-2s and other wage statements if you are an employer.
- Provide Form W-2s to employees, and Form 1099-MISC, Miscellaneous Income and Form 1099-NEC, Nonemployee Compensation to the appropriate recipients. (Note: If we are filing these forms for you, please get your information to us ASAP.)
Friday, April 1:
- First RMD due if you turned age 72 in 2021
Monday, April 18*:
- File your 2021 federal tax return and pay any tax due, or request a 6-month extension.
- Pay estimated taxes for 1st quarter of 2022.
- Contribute to your IRA for 2021.
- Contribute to your HSA for 2021.
- Contribute to your 401(k) or SEP for 2021 if self-employed.
Wednesday, June 15:
- Pay estimated taxes for 2nd quarter 2022.
Thursday, September 15:
- Pay estimated taxes for 3rd quarter 2022.
Monday, October 17:
- File your 2021 federal tax return if you requested an extension.
*April 15th is Emancipation Day, a legal holiday in Washington, DC.
Important Letters Coming Your Way
If you received advance payments of the Child Tax Credit last year, keep an eye out for Letter 6419 from the IRS. The letter includes the total amount of Advance Child Tax Credit payments you received, if any, in 2021. Note that if you chose NOT to receive advance payments, you can claim the full child tax credit when you file your 2021 tax return.
If you didn’t qualify for the third Economic Impact Payment (EIP or “stimulus check”), or you didn’t receive the full amount, you may be eligible for the Recovery Rebate Credit when you file your 2021 tax return. The IRS will soon send you Letter 6475, which contains the total amount of the third stimulus payment you received.
We will need a copy of these letters to prepare your 2021 tax return.
We’re taking tax appointments now if you’re a new client or have major changes to your taxes. Plan ahead and call 706-632-7850 to reserve your spot. Note that you do NOT need an appointment for us to handle your tax preparation — you can just drop off your files when you’re ready.
2022 Mileage Rates
The IRS updated mileage rates for 2022 based on rising fuel prices and other costs:
- 58.5 cents per mile for business use (up 2.5 cents per mile).
- 18 cents per mile for either medical or moving purposes for qualified active-duty members of the Armed Forces (up 2 cents per mile).
- 14 cents per mile in service of charitable organizations (no change from 2021).
Note that if you choose to use the standard mileage rate, you must opt to use it in the first year the vehicle is available for business use. Then, in later years, you can choose either the standard mileage rate or actual expenses. Leased vehicles must use the standard mileage rate method for the entire lease period if the standard mileage rate is chosen.
Corporate Registration Due by April 1
If you own a business in Georgia, you must renew your corporate registration each year between January 1 and April 1. To do so, simply visit the registration page. Beware of misleading notices you may receive that offer to file your corporate registration for a higher cost than doing so yourself. It’s a quick process you can handle easily online.