Monday Money Minute: How Taxes *Actually* Work
In the United States, tomorrow is the deadline to pay up on the amount of taxes you owe from your 2022 earnings. It’s also the deadline to file your return unless you were able to get an extension.
Remember:
The US taxes its citizens on their global income and wealth accretion (this includes loans forgiven, income earned in foreign countries, realized gains on investments, etc).
Tomorrow is your deadline to PAY, not to file, if you were granted an extension.
If you don’t know how much to pay because you are still trying to figure it out, you will pay, generally, 110% of last years’ (2021) tax bill.
