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September 09, 2022 | Posted in:

Fall IRS Deadlines and Updates

Fall IRS Deadlines and Updates

September 15

-Third quarter individual estimated tax payments for 2022 are due.

-Filing deadline for extended 2021 S-corporation and partnership returns.

October 17

-Filing deadline for extended 2021 individual tax returns and calendar-year C-corporation returns.

During November

-Estimate your 2022 income tax liability and review your options for minimizing your taxes. Call to schedule a tax planning review.

 

See Also: Do I Need to Pay Estimated Taxes? An FAQ Cheat Sheet

 

More Federal and NJ Tax Updates

 

Mileage rates increase

Following continuous gas price increases, the IRS has announced a mid-year mileage rate increase for the remainder of 2022. The rates for the use of a car (also vans, pickups or panel trucks) are:

  • 5 cents per mile driven for business use
  • 22 cents per mile for medical or moving purposes for qualified active-duty members of the Armed Forces
  • The rate for miles driven for charitable work remains unchanged at 14 cents per mile

 

Employee Retention Credit

If you have not yet taken the ERC – are you sure you’re not eligible? Businesses can amend past returns for up to 3 years, so a knowledgeable CPA can run the calculations for you. Thousands of dollars in tax credits could be on the table for your business.

 

NJ Tax relief for electric vehicles and property taxes

Charge Up New Jersey is a program that promotes clean vehicle adoption in the state by offering incentives of up to $4,000 for the purchase or lease of new, eligible zero-emission vehicles including battery electric and plug-in hybrid electric vehicles. The credit is provided by the dealership, not reflected later in a tax return. There is also a federal tax credit up to $7,500. Consult with your CPA for the most current information.

New Jersey also announced the new ANCHOR property tax relief program for both owners and renters. Homeowner benefits will be $1,500 for taxpayers with 2019 gross incomes up to $150,000 or $1,000 for those with 2019 gross income above $150,000, up to $250,000. Tenants with 2019 gross income up to $150,000 will qualify for a $450 benefit.

For more information on these tax programs, check out New Jersey Tax Updates: 3 Things To Know.

 

For any further questions on Fall 2022 deadlines and updates, contact an Alloy Silverstein advisor today!

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