Monthly Tax Update
Tax season is almost done and we have some due dates in April for taxpayers who did not file past tax returns and potentially received a refund. Taxpayers generally have 3 years from the original due date of the return to file and claim a refund. For the 2022 tax return, they have until April 15th, 2026. You can consult your tax preparer to help you gather your wages and income from the IRS transcripts to complete your past tax returns.
Next, this April 15th is the due date to file and pay your tax return. If you are ready to file, but not ready to pay your taxes, you can file an extension. That extension will give you an extra 6 months to file your tax return - until October 15th - but not 6 months to pay your taxes without approximately 1.2% in penalties and monthly interest for the amount not paid from April 15th until October 15th.
Remember, after filing and paying your tax return, the IRS will send you a letter for the penalties and interest accrued from April 15th until the day of payment.
Another due date is the Annual Report with Sunbiz.org, Division of Corporations, by May 1st, so avoid paying $400 in late fees.
In recent years, many people have not been able to deduct their charitable donations to the church and other non-profit organizations because the standard deduction has been more beneficial than using the itemized deduction. We have good news: beginning this tax year, 2026, if you were not able to itemize, you may deduct up to $1,000, ($2,000 for Married Filing Jointly), of your cash contributions to certain qualified organizations.
Remember, gifts to family members or individuals are not deductible. Only gifts and donations made to qualified organizations are eligible to receive tax-deductible contributions.
For your contributions of cash, check or other monetary gift, regardless of amount, you must maintain a record of the contribution; a bank record or a written communication from the qualified organization containing the name of the organization, and the amount and the date of the contribution. Receiving a benefit in exchange for the contribution, such as merchandise, goods or services, including admission to a charity ball, banquet, theatrical performance or sporting event, you can only deduct the amount that exceeds the Fair Market Value (FMV) of the benefit received or expected to be received. For example, a $100 banquet ticket: the FMV of the banquet is $40, and the charity portion is only $60. Then your charity donation is only $60 and not $100.
Remember, this is a very brief overview. It is your responsibility to discuss any tax and financial changes with your professional advisor for assistance in evaluating your situation.
For details and specific assistance in applying the general information in this article, call us at your earliest convenience or contact your tax advisor. Provided by Pedro L. Baldeon, E.A., (321) 632-5726, a member of the National Society of Tax Professionals.
