February 2022
Tax Planning

It’s tax time!  The world may not have fully resumed business as usual since the onset of the pandemic, but our tax filing deadlines are back in synch!  The past few years saw delays in the filing deadlines but in 2022, even Uncle Sam is trying to get back onboard with *normal*.

2022 Tax Filing Deadlines:

Personal Tax Return                                                April 18, 2022

Personal Tax Return Extension                               October 17, 2022

Estimated Tax Payments                                        April 18, 2022, June 15, 2022,
September 15, 2022, January 17, 2023

Is it a Credit or a Deduction?

If you are confused by the difference between the two, you are not alone.  A tax deduction reduces your taxable income, which in turn, lowers the amount of taxes you may pay by the amount of your tax bracket.  So if you are in the 20% tax bracket, a $100 deduction saves you $20.  In contrast, a tax credit allows you to direct where your tax dollars go; it does not mean you pay less money.  Every state has their own host of credits available and we have links to those offered in Arizona and Utah below.

As always if you need assistance, we are here to provide you with as many answers as we can.  While we do not prepare tax returns, we are well versed in the information you need to complete your returns and, if more help is needed, we have a number of outstanding tax professionals we can refer you to!

•  Arizona Tax Credit Summary

•  Utah Tax Credit Summary

If you have questions, please contact us.

MARKET UPDATE
FINANCIAL PLANNING
401(K) ALLOCATION
GRAPHIC OF THE MONTH

To download the February 2022 Newsletter: CLICK HERE