Taxpayers: File when ready, don’t wait until October 17 to file a 2021 tax return [税金]
For people who requested an IRS extension to file, the October 17, 2022, deadline may seem far away, but it's coming up fast. Taxpayers who haven't filed, whether they requested an extension or not, should file a complete and accurate return as soon as possible. For people who have all their paperwork in hand, filing sooner and filing electronically could help them avoid possible processing delays later.
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COVID Tax Tip 2022-131
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COVID Tax Tip 2022-131
IRAs are one tool in the retirement planning toolbox [税金]
There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund, or stockbroker.
How to file a final tax return for someone who has passed away [税金]
When someone dies, their surviving spouse or representative files the deceased person's final tax return. On the final tax return, the surviving spouse or representative will note that the person has died. The IRS doesn't need any other notification of the death.
Usually, the representative filing the final tax return is named in the person's will or appointed by a court. Sometimes when there isn't a surviving spouse or appointed representative, a personal representative will file the final return.
Usually, the representative filing the final tax return is named in the person's will or appointed by a court. Sometimes when there isn't a surviving spouse or appointed representative, a personal representative will file the final return.
Selling a home [税金]
Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return.
Here are some things that homeowners should think about when selling a home:
Here are some things that homeowners should think about when selling a home:
U.S. Citizens and Resident Aliens Abroad - Automatic 2 Month Extension of Time to File [税金]
You are allowed an automatic 2-month extension to file your return and pay federal income tax if you are a U.S. citizen or resident alien, and on the regular due date of your return:
•You are living outside of the United States and Puerto Rico and your main place of business or post of duty is outside the United States and Puerto Rico, or
•You are in military or naval service on duty outside the United States and Puerto Rico.
If you use a calendar year, the regular due date of your return is April 15, and the automatic extended due date would be June 15. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day.
Even if you are allowed an extension, you will have to pay interest on any tax not paid by the regular due date of your return.
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Automatic 2 Month Extension
•You are living outside of the United States and Puerto Rico and your main place of business or post of duty is outside the United States and Puerto Rico, or
•You are in military or naval service on duty outside the United States and Puerto Rico.
If you use a calendar year, the regular due date of your return is April 15, and the automatic extended due date would be June 15. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day.
Even if you are allowed an extension, you will have to pay interest on any tax not paid by the regular due date of your return.
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Automatic 2 Month Extension
Taxpayers should file their tax return on time to avoid costly interest and penalty fees [税金]
Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don't file on time, may be charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each month, or part of a month that the tax return is late, up to 25%.
If an individual taxpayer owes taxes, but can't pay in full by the April 18, 2022, deadline, they should:
If an individual taxpayer owes taxes, but can't pay in full by the April 18, 2022, deadline, they should:
How a taxpayer’s filing status affects their tax return [税金]
A taxpayer's filing status typically depends on whether they are considered unmarried or married on December 31, which determines their filing status for that entire year.
More than one filing status may apply in certain situations. If this is the case, taxpayers can usually choose the filing status that allows them to owe the least amount of tax.
When preparing and filing a tax return, filing status determines:
•If the taxpayer is required to file a federal tax return
•If they should file a return to receive a refund
•Their standard deduction amount
•If they can claim certain tax credits
•The amount of tax they owe
Here are the five filing statuses:
•Single. Normally, this status is for taxpayers who are unmarried, divorced or legally separated under a divorce or separate maintenance decree governed by state law.
•Married filing jointly. If a taxpayer is married, they can file a joint tax return with their spouse. If one spouse died in 2021, the surviving spouse can use married filing jointly as their filing status for 2021 if they otherwise qualify to use that status.
•Married filing separately. Married couples can choose to file separate tax returns. This may benefit taxpayers who want to be responsible only for their own tax or if it results in less tax than filing a joint return.
•Head of household. Unmarried taxpayers may be able to file using this status, but special rules apply. For example, the taxpayer must have paid more than half the cost of keeping up a home for themselves and a qualifying person living in the home for half the year.
•Qualifying widow or widower with dependent child. This status may apply to a taxpayer filing a 2021 tax return if their spouse died in 2019 or 2020, and they didn't remarry before the end of 2021 and have a dependent child. Other conditions also apply.
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IRS Tax Tip 2022-13
More than one filing status may apply in certain situations. If this is the case, taxpayers can usually choose the filing status that allows them to owe the least amount of tax.
When preparing and filing a tax return, filing status determines:
•If the taxpayer is required to file a federal tax return
•If they should file a return to receive a refund
•Their standard deduction amount
•If they can claim certain tax credits
•The amount of tax they owe
Here are the five filing statuses:
•Single. Normally, this status is for taxpayers who are unmarried, divorced or legally separated under a divorce or separate maintenance decree governed by state law.
•Married filing jointly. If a taxpayer is married, they can file a joint tax return with their spouse. If one spouse died in 2021, the surviving spouse can use married filing jointly as their filing status for 2021 if they otherwise qualify to use that status.
•Married filing separately. Married couples can choose to file separate tax returns. This may benefit taxpayers who want to be responsible only for their own tax or if it results in less tax than filing a joint return.
•Head of household. Unmarried taxpayers may be able to file using this status, but special rules apply. For example, the taxpayer must have paid more than half the cost of keeping up a home for themselves and a qualifying person living in the home for half the year.
•Qualifying widow or widower with dependent child. This status may apply to a taxpayer filing a 2021 tax return if their spouse died in 2019 or 2020, and they didn't remarry before the end of 2021 and have a dependent child. Other conditions also apply.
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IRS Tax Tip 2022-13
Common tax return mistakes that can cost taxpayers [税金]
Tax laws are complicated but the most common tax return errors are surprising simple. Many mistakes can be avoided by filing electronically. Tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers claim valuable credits and deductions.
•Filing too early. While taxpayers should not file late, they also should not file prematurely. People who don’t wait to file before they receive all the proper tax reporting documents risk making a mistake that may lead to a processing delay.
•Missing or inaccurate Social Security numbers. Each SSN on a tax return should appear exactly as printed on the Social Security card.
•Filing too early. While taxpayers should not file late, they also should not file prematurely. People who don’t wait to file before they receive all the proper tax reporting documents risk making a mistake that may lead to a processing delay.
•Missing or inaccurate Social Security numbers. Each SSN on a tax return should appear exactly as printed on the Social Security card.
About the exchange rate used for 2021 tax returns（税金申告に使用する換算レートについて） [税金]
Thank you for visiting my blog during the last year. I look forward to your continued patronage this year.
Federal Reserve Bank (FRB) announced the exchange rate on January 3, with the exchange rate converted from Japanese yen to U.S. dollar at 109.84 yen per U.S. dollar.
In addition to FRB, exchange rates announced by organizations listed at the following sites are also available:
Foreign Currency and Currency Exchange Rates
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昨年中はブログに訪問いただき有り難うございました。本年もご愛顧いただけますようにお願い申し上げます。
さて、Federal Reserve Bank(FRB)より１月3日に発表がありました外国為替レート（Foreign Exchange Rates）をご案内させて頂きます。
下記の換算レートは、米国外の通貨を米国㌦に換算する際に使用するものになります。
1米国㌦=109.84円。
FRB以外にも以下のサイトにて案内されている組織により発表された換算レートも使用可能です。
Foreign Currency and Currency Exchange Rates
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Written by
Office T.Professional
米国税理士 小野 知史（Tomofumi Ono）
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Federal Reserve Bank (FRB) announced the exchange rate on January 3, with the exchange rate converted from Japanese yen to U.S. dollar at 109.84 yen per U.S. dollar.
In addition to FRB, exchange rates announced by organizations listed at the following sites are also available:
Foreign Currency and Currency Exchange Rates
-------------------------------------------------------------------------------------------------------
昨年中はブログに訪問いただき有り難うございました。本年もご愛顧いただけますようにお願い申し上げます。
さて、Federal Reserve Bank(FRB)より１月3日に発表がありました外国為替レート（Foreign Exchange Rates）をご案内させて頂きます。
下記の換算レートは、米国外の通貨を米国㌦に換算する際に使用するものになります。
1米国㌦=109.84円。
FRB以外にも以下のサイトにて案内されている組織により発表された換算レートも使用可能です。
Foreign Currency and Currency Exchange Rates
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
Written by
Office T.Professional
米国税理士 小野 知史（Tomofumi Ono）
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
New Year's Greetings / 年始のご挨拶 [業務連絡]
Happy New Year. I would like to congratulate you on the healthy new year.
Thank you very much for your kindness during last year and for your continued support this year. I wish you good health and development.
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新年あけましておめでとうございます。 皆様には、健やかに新春を迎えられたことと、お慶び申し上げます。 旧年中はひとかたならぬご厚情をいただきありがとうございます。 本年も変わらぬお引き立ての程よろしくお願い申し上げます。 皆様のご健勝とご発展をお祈り申し上げます。
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新年あけましておめでとうございます。 皆様には、健やかに新春を迎えられたことと、お慶び申し上げます。 旧年中はひとかたならぬご厚情をいただきありがとうございます。 本年も変わらぬお引き立ての程よろしくお願い申し上げます。 皆様のご健勝とご発展をお祈り申し上げます。
