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Last-minute tax-filing tips | CNN Business

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Last-minute tax-filing tips | CNN Business




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So far this tax season, the IRS has received more than 100 million income tax returns for 2022.

That means tens of millions of households have yet to file their returns. If yours is among them, here are some last-minute tax-filing tips to keep in mind as the Tuesday, April 18 deadline approaches.

Not everyone has to file on April 18: If you live in a federally declared disaster area, have a business there — or have relevant tax documents stored by businesses in that area — it’s likely the IRS has already extended the filing and payment deadlines for you. Here is where you can find the specific extension dates for each disaster area.

Thanks to many rounds of extreme weather in recent months, for instance, tax filers in most of California — which accounts for 10% to 15% of all federal filers — have already been granted an extension until Oct. 16 to file and to pay, according to an IRS spokesperson.

If you’re in the armed forces and are currently or were recently stationed in a combat zone, the filing and payment deadlines for your 2022 taxes are most likely extended by 180 days. But your specific extended filing and payment deadlines will depend on the day you leave (or left) the combat zone. This IRS publication offers more detail.

Lastly, if you made little to no money last year (typically less than $12,950 for single filers and $25,900 for married couples), you may not be required to file a return. But you may want to anyway if you think you are eligible for a refund thanks to, for instance, refundable tax credits such as the Earned Income Tax Credit. (Use this IRS tool to gauge whether you are required to file this year.) You also are likely eligible to use IRS Free File (intended for those with adjusted gross income of $73,000 or less) so it won’t cost you to submit a return.

Your paycheck may not be your only source of income: If you had one full-time job you may think that is the only income you made and have to report. But that’s not necessarily so.

Other potentially taxable and reportable income sources include:

  • Interest on your savings

  • Investment income (e.g., dividends and capital gains)

  • Pay for part-time or seasonal work, or a side hustle

  • Unemployment income

  • Social Security benefits or distribution from a retirement account

  • Tips

  • Gambling winnings

  • Income from a rental property you own

Organize your tax documents: By now you should have received every tax document that third parties are required to send you (your employer, bank, brokerage, etc.).

If you don’t recall receiving a hard copy of a tax form in the mail, check your email and your online accounts — a document may have been sent to you electronically.

Here are some of the tax forms you may have received:

  • W-2 from your wage or salaried jobs

  • 1099-B for capital gains and losses on your investments

  • 1099-DIV from your brokerage or company where you own stock for dividends or other distributions from their investments

  • 1099-INT for interest over $10 on your savings at a financial institution

  • 1099-NEC from your clients, if you worked as a contractor

  • 1099-K for payments for goods and services through third-party platforms like Venmo, CashApp or Etsy. The 1099-K is required if you made more than $20,000 in over 200 transactions during the year. (Next year the reporting threshold drops to $600.) But even if you didn’t get a 1099-K you still must report all the income that you made over third-party platforms in 2022.

  • 1099-Rs for distributions over $10 that you received for a pension, annuity, retirement account, profit-sharing plan or insurance contract

  • SSA-1099 or SSA-1042S for Social Security benefits received.

“Be aware that there’s no form for some taxable income, like proceeds from renting out your vacation property, meaning you’re responsible for reporting it on your own,” according to the Illinois CPA Society.

One very last-minute way to reduce your 2022 tax bill: If you’re eligible to make a tax-deductible contribution to an IRA and haven’t done so for last year, you have until April 18 to contribute up to $6,000 ($7,000 if you’re 50 or older). That will reduce your tax bill and augment your retirement savings.

Proofread your return before submitting it: Do this whether you’re using tax software or working with a professional tax preparer.

Little mistakes and oversights delay the processing of your return (and the issuance of your refund if you’re owed one). You want to avoid things like having a typo in your name, birth date, Social Security number or direct deposit number; choosing the wrong filing status (e.g., married vs single); making a simple math error; or leaving a required field blank.

What to do if you can’t file by April 18: If you’re not able to file by next Tuesday, fill out Form 4868 electronically or on paper and send it in by April 18. You will be granted an automatic six-month extension to file.

Note, however, that an extension to file is not an extension to pay. You will be charged interest (currently running at 7%) and a penalty on any amount you still owe for 2022 but haven’t paid by April 18.

So if you suspect you still owe tax — perhaps you had some income outside of your job for which tax wasn’t withheld or you had a big capital gain last year — approximate how much more you owe and send that money to the IRS by Tuesday.

You can choose to do so by mail, attaching a check to your extension request form. Make sure your envelope is postmarked no later than April 18.

Or the more efficient route is pay what you owe electronically at IRS.gov, said CPA Damien Martin, a tax partner at EY. If you do that, the IRS notes you will not have to file a Form 4868. “The IRS will automatically process an extension of time to file,” the agency notes in its instructions.

If you opt to electronically pay directly from your bank account, which is free, select “extension” and then “tax year 2022” when given the option.

You can also pay by credit or debit card, but you will be charged a processing fee. Doing so, though, may become much more costly than just a fee if you charge your tax payment but don’t pay your credit card bill off in full every month, since you likely pay a high interest rate on outstanding balances.

If you still owe income taxes to your state, remember that you may need to go through a similar exercise of filing for an extension and making a payment to your state’s revenue department, Martin said.

Use this interactive tax assistant for basic questions you may have: The IRS provides an “interactive tax assistant” that can help you answer more than 50 basic questions pertaining to your individual circumstance on income, deductions, credits and other technical questions.



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Trump says US ‘wants to help China, not hurt it’

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Trump says US ‘wants to help China, not hurt it’


US President Donald Trump and Chinas President Xi Jinping shake hands ahead of their bilateral meeting during the G20 leaders summit in Osaka, Japan, June 29, 2019.— Reuters
US President Donald Trump and China’s President Xi Jinping shake hands ahead of their bilateral meeting during the G20 leaders summit in Osaka, Japan, June 29, 2019.— Reuters
  • US president says Xi doesn’t want depression for his country.
  • Washington ratcheted up economic measures against Beijing.
  • Rare earths are major striking point between two superpowers.

President Donald Trump said on Sunday the United States wants to help China, not hurt it, striking a conciliatory tone days after threatening an additional 100% tariff on the world’s second-largest economy.

Trump’s statements on Friday, as well as his threat to cancel a meeting with Xi later this month, sent Wall Street stocks tumbling into negative territory as traders worried the trade war between Washington and Beijing could reignite.

“The U.S.A. wants to help China, not hurt it!!!” Trump said in Sunday’s post on Truth Social, adding that “respected President Xi (Jinping)… doesn’t want Depression for his country.”

Trump on Friday said that he would impose the extra levies from November 1 in response to what he called “extraordinarily aggressive” new Chinese export curbs on the rare-earths industry.

Beijing, in turn, accused Washington of acting unfairly, with its Ministry of Commerce on Sunday calling Trump’s tariff threat a “typical example of ‘double standards’.”

The ministry said Washington had ratcheted up economic measures against Beijing since September.

“Threatening high tariffs at every turn is not the right approach to engaging with China,” it said in an online statement.

Chinese goods currently face US tariffs of 30% under levies that Trump imposed while accusing Beijing of aiding in the fentanyl trade as well as unfair trade practices.

China’s retaliatory tariffs are currently at 10%.

Rare earths have been a major sticking point in recent trade negotiations between the two superpowers.

They are critical to manufacturing everything from smartphones and electric vehicles to military hardware and renewable energy technology but produced and processed almost exclusively by China.





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Australian airline Qantas says millions of customers’ data leaked online

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Australian airline Qantas says millions of customers’ data leaked online


Workers are seen near Qantas Airways, Australias national carrier, Boeing 737-800 aircraft on the tarmac at Adelaide Airport, Australia, August 22, 2018. — Reuters
Workers are seen near Qantas Airways, Australia’s national carrier, Boeing 737-800 aircraft on the tarmac at Adelaide Airport, Australia, August 22, 2018. — Reuters
  • Major cyberattack hits global firms via Salesforce.
  • Sensitive customer details exposed, no financial data.
  • Global tech and airline giants targeted in breach.

SYDNEY: Australian airline Qantas said Sunday that data from 5.7 million customers stolen in a major cyberattack this year had been shared online, part of a leak affecting dozens of firms.

Disney, Google, IKEA, Toyota, McDonald’s and fellow airlines Air France and KLM are also reported to have had data stolen in a cyberattack targeting software firm Salesforce, with the information now being held to ransom.

Salesforce said this month it was “aware of recent extortion attempts by threat actors”.

Qantas confirmed in July that hackers had targeted one of its customer contact centres, breaching a computer system used by a third party now known to have been Salesforce.

They secured access to sensitive information such as customer names, email addresses, phone numbers and birthdays, the blue-chip Australian company said.

No further breaches have taken place since and the company is cooperating with Australian security services.

“Qantas is one of a number of companies globally that has had data released by cyber criminals following the airline’s cyber incident in early July, where customer data was stolen via a third party platform,” the company said in a statement.

Most of the data leaked was names, email addresses and frequent flyer details, the firm said.

But some of the data included customers’ “business or home address, date of birth, phone number, gender and meal preferences”.

“No credit card details, personal financial information or passport details were impacted,” Qantas said.

It also said it had obtained a legal injunction with the Supreme Court of New South Wales, where the firm is headquartered, to prevent the stolen data being “accessed, viewed, released, used, transmitted or published”.

Cybersecurity expert Troy Hunt told AFP that it would do little to prevent the spread of the data.

“It’s frankly ridiculous,” he said.

“It obviously doesn’t stop criminals at all anywhere, and it also really doesn’t have any effect on people outside of Australia.”

In response to questions about the leak, tech giant Google pointed AFP to an August statement in which it said one of its corporate Salesforce servers had been targeted. It did not confirm if the data had been leaked.

“Google responded to the activity, performed an impact analysis and has completed email notifications to the potentially affected businesses,” Melanie Lombardi, head of Google Cloud Security Communications, said.

Cybersecurity analysts have linked the hack to individuals with ties to an alliance of cybercriminals called Scattered Lapsus$ Hunters.

Research group Unit 42 said in a note the group had “asserted responsibility for laying siege to customer Salesforce tenants as part of a coordinated effort to steal data and hold it for ransom”.

The hackers had reportedly set an October 10 deadline for ransom payment.

‘Oldest tricks in the book’

The hackers stole the sensitive data using a social engineering technique, referring to a tactic of manipulating victims by pretending to be a company representative or other trusted person, experts said.

The FBI last month issued a warning about such attacks targeting Salesforce.

The agency said hackers posing as IT workers had tricked customer support employees into granting them access to sensitive data.

“They have been very effective,” expert Hunt said.

“And it hasn’t been using any sophisticated technical exploits… they have exploited really the oldest tricks in the books.”

The hack of data from Australia’s biggest airline comes as a string of major cyberattacks in the country has raised concerns about the protection of personal data.

Qantas apologised last year after a glitch with its mobile app exposed some passengers’ names and travel details.

And major ports handling 40% of Australia’s freight trade ground to a halt in 2023 after hackers infiltrated computers belonging to operator DP World.





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Sheikh Hasina’s Awami League turns to flash protests ahead of polls

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Sheikh Hasina’s Awami League turns to flash protests ahead of polls


Sheikh Hasina, then Prime Minister of Bangladesh, gestures during a meeting with foreign observers and journalists at the Prime Ministers residence in Dhaka, Bangladesh, January 8, 2024. — Reuters
Sheikh Hasina, then Prime Minister of Bangladesh, gestures during a meeting with foreign observers and journalists at the Prime Minister’s residence in Dhaka, Bangladesh, January 8, 2024. — Reuters

DHAKA: Once Bangladesh’s largest political party, the Awami League has been outlawed since its leader, Sheikh Hasina, was overthrown in a mass uprising last year.

Now, its supporters — encouraged by Hasina’s social media calls to “resist” — are staging flash mob protests defying the ban as the country prepares for elections from which the party is barred.

In the capital, Dhaka, 45-year-old cleaner Mohammad Kashem described witnessing around 25 Awami League loyalists being chased, beaten, and detained by police at one such rally.

“It’s happening all over Dhaka,” Kashem told AFP, saying videos of such spontaneous demonstrations appear constantly on social media.

“We see it every day on Facebook.”

The elections, expected in February 2026, will be the first since Hasina fled into exile in India as crowds stormed her palace, ending her 15-year rule.

She has since defied court orders to attend her ongoing trial on charges amounting to crimes against humanity for allegedly ordering a deadly crackdown during the revolt.

Her party and its supporters have since been pushed underground.

More than 800 have been arrested in connection with the flash mobs, say officials, which have rattled the interim government of Nobel laureate Muhammad Yunus as he oversees the South Asian nation of 170 million until the polls.

‘Abandoned’

Still, they protest. Some rallies consist of only a handful of young men. Others draw more than 100, chanting slogans.

“Sheikh Hasina is coming!” they shout, waving small placards or unfurling banners. “Bangladesh is smiling!”

They gather for a few minutes before vanishing into the crowds.

Sometimes, multiple flash protests erupt simultaneously in different parts of Dhaka. On one day, police arrested 244 people, authorities said.

The risks are high. In the rally Kashem witnessed, several protesters were badly beaten.

“Stupid boys,” Kashem said. “The heavyweight leaders abandoned them… yet they’re risking their lives.”

The protests have unnerved Yunus’s government.

“The fascists have turned reckless, as they can see that the country is heading towards an election and the trial process (of Hasina) is progressing fast,” Yunus’s press secretary Shafiqul Alam told reporters last month.

“The government has decided to strengthen the monitoring of flash processions and other illegal gatherings.”

Hasina remains vocal on social media, issuing broadsides against Yunus and urging loyalists to “resist”.

Bangladeshi newspapers, quoting a senior party leader in hiding, reported at least 20 flash processions in the past month.

Dhaka police spokesman Md Talebur Rahman could not confirm the number of protests, but said “more than 800 people” had been arrested in connection with them.

Political analyst Zahed Ur Rahman, a member of the government’s electoral reform commission, said Hasina was risking protesters’ safety to maintain relevance.

“She is trying to earn sympathy by widely sharing the beatings, chases, dispersals and arrests of her party members,” Zahed told AFP.

‘Proper action’

Human Rights Watch has condemned the “draconian” ban on the Awami League.

“The interim government should not be engaging in the same partisan behaviour that Bangladeshis had to endure under Sheikh Hasina, whether it is stuffing the prisons with political opponents or shutting down peaceful dissent,” HRW’s Meenakshi Ganguly said.

But analysts say the protests could complicate election preparations.

Inspector General of Police Baharul Alam said “different interest groups” were trying to derail the election, including the “defeated axis”.

Tajul Islam, chief prosecutor in Hasina’s trial in absentia, said that a judicial probe was underway into the Awami League.

“Once the investigation report is ready, proper action will be taken,” Islam said.

The Awami League remains defiant.

Senior leader Khalid Mahmud Chowdhury, whose current whereabouts are unclear, insists that protesters were taking to the streets out of “love” for Hasina.

He told AFP that he revelled in the trouble they have caused.

“Have you noticed how these activities have robbed the government of sleep?”





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