1. Is it bad that I am just now filing for 2021? What are the potential consequences for filing late?
If you have taxes owed on the 2021 tax return you will need to pay those taxes ASAP since penalties and interest will accrue until the taxes are paid. The IRS will send you a bill in the mail for the penalties and interest owed.
If you have a tax refund on the 2021 tax return there are no penalties for filing after the due date of the 2021 tax return.
2. I have made donations to charities, totaling about $500, that are tax-deductible. What does this really mean and where do I report these when filing?
Donations to a charity are only reported on a Schedule A for itemized deductions. If the total of all your itemized deductions are less than the Standard Deduction for your filing status then only the Standard Deduction will be used on your tax return.
3. I have a 1095-C from my employer for my insurance. Where do I report this or does it need to be reported?
A Form 1095-C is not reported on a tax return.
Standard deductions for 2022
Single - $12,950 add $1,750 if age 65 or older
Married Filing Separately - $12,950 add $1,400 if age 65 or older
Married Filing Jointly - $25,900 add $1,400 for each spouse age 65 or older
Head of Household - $19,400 add $1,750 if age 65 or older
