Money Management

The answer might surprise you. 

Filing a tax return is something many people just plain don’t look forward to, and understandably so. After all, in some cases, filing taxes could mean having to gather loads of paperwork, from mortgage interest statements to medical bills to business expenses. That can be a time-consuming and stressful endeavor.

That’s why it’s important to give yourself plenty of time to get your tax return done ahead of this year’s deadline. And it’s also important that you know what this year’s deadline looks like.

Taxes are due on April 18

Normally, April 15 is when taxes are due. But when April 15 falls over a weekend, the filing deadline is generally pushed to the next business day.

Now in this case, the next business day after Saturday, April 15 is Monday, April 17. But April 17 is Emancipation Day, which is a recognized holiday in Washington, D.C. As such, the tax-filing deadline has been moved back an extra day, giving filers until April 18 to get their returns over to the IRS and pay any outstanding taxes they owe from 2022.

Don’t wait until the last minute

It’s important to mark your calendar with this year’s tax-filing deadline so you don’t miss it. But to be clear, it’s best to get started on your tax return well before April.

First of all, if you’re forced to rush through your taxes, you could end up making a mistake. That could result in consequences ranging from a tax audit to a lower refund than what you’re actually entitled to. And at a time when inflation is eating up so much of people’s paychecks, the last thing you want to do is short yourself on a refund.

In fact, the IRS typically starts accepting tax returns in late January, so the sooner you get your taxes done, the sooner you can anticipate your refund hitting your bank account. And that way, you’ll also check off a large task rather than have it hang over your head, all the while causing you stress.

You can get more time if you need

If you don’t owe the IRS any money from 2022 and you’re late filing your tax return, there’s no financial penalty. But the penalties can be steep for people who owe money on their taxes and miss the filing deadline.

If you don’t think you’ll be able to complete your tax return by April 18 this year, the IRS will give you more time if you ask for it — six months’ worth, in fact. But make sure to request an extension by April 18 to snag that extra time and avoid penalties for being late. The good news is that you don’t need to rack your brain for a creative excuse along the lines of “my dog ate my W-2.” You just need to submit the right form in time.

To be clear, if you owe the IRS money from 2022, you’ll still need to pay your tax bill by April 18 to avoid interest and penalties on that sum. But at least you’ll avoid the penalties that come with failing to file a tax return in time, which can be far more steep and burdensome.

Our picks for best tax software

Our independent analysts pored over the perks and user reviews for the most popular tax provider services to land on the best-in-class picks to file your taxes. Get started by reviewing our list of the best tax software.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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What happenedEgg prices rose by 59.9% from December 2021 to December 2022, according to the latest Consumer Price Index. Food prices as a whole are up 10.4% over that same time period, compared to overall inflation of 6.5%.The cost of a dozen eggs is up from $1.79 to $4.25, on average. In areas with a high cost of living, such as California, New York, and Hawaii, a carton of eggs can cost $7 or more.Although inflation has pushed up the cost of living, the dramatic rise in egg prices is primarily due to the avian flu, commonly known as bird flu. This is the deadliest avian flu outbreak in U.S. history, and it has resulted in the death of nearly 58 million poultry as of January 2023.”The flu is the most important factor affecting egg prices,” Maro Ibarburu, a business analyst at the Egg Industry Center at Iowa State University, told The Washington Post. “In the event we get the outbreak under control, it will be better every month,” he added in regards to egg prices.So whatEggs are a household staple, so this price increase impacts many consumers. It’s especially hard on families who go through lots of eggs and shoppers on a tight budget, who could find themselves with much more expensive grocery bills. The fact that food costs as a whole have also gone up only compounds the issue.Restaurants and bakeries have also seen their expenses increase. Some have had to raise prices, and others have closed entirely. Not only could you find yourself paying more at the grocery store, it could also be more expensive to eat out or grab a cookie at the local bake shop.Now whatHigher food costs are tough on people’s personal finances, because there’s no getting around them. Everyone needs to buy groceries, and it’s not easy to stop buying eggs if they’re something you use regularly. There are, however, a few smart ways to save on groceries:Shop around for the lowest prices. Lots of stores post their deals online, so you can see which grocery stores save you money before you go anywhere.Clip coupons (digitally). If you aren’t using them already, coupon apps make it easy to cut grocery costs.Get a grocery credit card. The best grocery credit cards offer anywhere from 3% to 6% cash back at supermarkets.There’s hope that egg prices will come down this year. Until that happens, you can at least reduce your grocery bill by shopping around, taking advantage of coupons, and paying with a grocery credit card.Alert: highest cash back card we’ve seen now has 0% intro APR until 2024If you’re using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee. In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes. Read our free reviewWe’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. 

What happened

Egg prices rose by 59.9% from December 2021 to December 2022, according to the latest Consumer Price Index. Food prices as a whole are up 10.4% over that same time period, compared to overall inflation of 6.5%.

The cost of a dozen eggs is up from $1.79 to $4.25, on average. In areas with a high cost of living, such as California, New York, and Hawaii, a carton of eggs can cost $7 or more.

Although inflation has pushed up the cost of living, the dramatic rise in egg prices is primarily due to the avian flu, commonly known as bird flu. This is the deadliest avian flu outbreak in U.S. history, and it has resulted in the death of nearly 58 million poultry as of January 2023.

“The flu is the most important factor affecting egg prices,” Maro Ibarburu, a business analyst at the Egg Industry Center at Iowa State University, told The Washington Post. “In the event we get the outbreak under control, it will be better every month,” he added in regards to egg prices.

So what

Eggs are a household staple, so this price increase impacts many consumers. It’s especially hard on families who go through lots of eggs and shoppers on a tight budget, who could find themselves with much more expensive grocery bills. The fact that food costs as a whole have also gone up only compounds the issue.

Restaurants and bakeries have also seen their expenses increase. Some have had to raise prices, and others have closed entirely. Not only could you find yourself paying more at the grocery store, it could also be more expensive to eat out or grab a cookie at the local bake shop.

Now what

Higher food costs are tough on people’s personal finances, because there’s no getting around them. Everyone needs to buy groceries, and it’s not easy to stop buying eggs if they’re something you use regularly. There are, however, a few smart ways to save on groceries:

Shop around for the lowest prices. Lots of stores post their deals online, so you can see which grocery stores save you money before you go anywhere.Clip coupons (digitally). If you aren’t using them already, coupon apps make it easy to cut grocery costs.Get a grocery credit card. The best grocery credit cards offer anywhere from 3% to 6% cash back at supermarkets.

There’s hope that egg prices will come down this year. Until that happens, you can at least reduce your grocery bill by shopping around, taking advantage of coupons, and paying with a grocery credit card.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

 Read More