Advice: Victims of the severe storms and tornadoes in Mississippi get a filing extension. If you turned 72 last year, you can’t afford to miss this April 1 tax deadline.
If you live or have a business outside the covered disaster area but have been affected by the storms, the IRS says you can call its disaster hotline at 866-562-5227 to request an extension.Your instinct may be to hide from the IRS if you don’t have the money to pay your tax bill. But resist that urge.
An OIC allows you to settle your tax debt for less than the full amount owed. Again, go to irs.gov and search for “OIC,” and then use theFile your return even if you can’t pay to avoid the penalty for failing to file. It will save you money. But an extension does not mean you get more time to pay. You still have to estimate your tax liability and pay that amount by April 18.
If you have a retirement account, such as a 401, a traditional IRA, a SEP IRA or a SIMPLE IRA, there is an annual required minimum distribution, or RMD, that must start at a certain age. The Secure 2.0 Act bumped the age requirementYou have until April 1 of the following year after reaching the required minimum distribution age to make your first RMD payment.RMD, you only have until April 1 to do so.
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