Business
These tax tips can make filing (1040) EZ: Sponsored content from JPMorgan Chase & Co. Kelly Perez
With Tax Day approaching, there’s no time like the present to get started on your 2022 returns and submit them well before the April 18 deadline. This year, you have a few extra days to complete your taxes. With the typical deadline of April 15 falling on a weekend, followed by Emancipation Day on Monday, this year’s filing date is on Tuesday, April 18.
With Tax Day approaching, there’s no time like the present to get started on your 2022 returns and submit them well before the April 18 deadline.
This year, you have a few extra days to complete your taxes. With the typical deadline of April 15 falling on a weekend, followed by Emancipation Day on Monday, this year’s filing date is on Tuesday, April 18.
“Though there are a few extra days to file, make sure to still give yourself ample time to gather and organize your tax information to take advantage of any and all tax deductions, or other tax breaks that may apply to you and your family,” says Kelly Perez, Wealth Advisor for J.P. Morgan Private Bank. “Many key deductions that may reduce your tax bill or provide a refund are often left on the table due to lack of preparation. Whether you file on your own or work with a paid tax professional, the initial groundwork is the key to maximizing your benefits.”
Ready to submit or get started? Here are some tips to help simplify the process, maximize your potential refund or minimize your tax burden before you finalize your return.
- Get organized. Make sure you have important documents like last year’s return, current W-2s, 1099s and mortgage interest statements on hand. You’ll also want to gather receipts for tax-deductible purchases, travel, charitable contributions and other potential write-offs. You can look online to find checklists of documents you might need to help you file.
- Be aware of tax law changes. While taxes are inevitable, what you may owe or get refunded might not be. As you finalize or start your 2022 tax return, be aware of changes to federal, state and local tax laws that could affect your refund or how much you owe. For example, if you benefited from the child tax credit, earned income tax credit or child and dependent care credit on your 2021 return, don’t be surprised if you get a smaller refund this year. Credits expanded as part of federal Covid relief packages have now returned to pre-pandemic levels.
- Are you working from home permanently? If you have a home-based business, you might qualify for a home office tax deduction. You can potentially write off expenses for a part of your home you only use for business purposes.
- To itemize or not to itemize. Determine whether you’ll itemize your expenses or take the standard deduction. If you think your qualified expenses will be more than the 2022 standard deduction ($12,950 for most singles and $25,900 for most married couples filing jointly), it might be worth it to itemize. Taking the standard deduction can make the filing process easier, but it could mean you pay more in taxes or receive a smaller refund.
- Contribute to retirement accounts. You can fund a traditional or Roth IRA through the April 18, 2023, tax filing deadline and have it count for 2022. Traditional IRA contributions lower your tax bill right now, while your Roth IRA withdrawals are tax-free in retirement. You can contribute up to $6,000 to an IRA each year, or — if you were 50 years or older in 2022 — up to $7,000 of your earned income.
- Seek help when you need it. If you have a more comprehensive tax return, it can be a good idea to work with a certified public accountant (CPA). If you need assistance in general, check if you qualify for free in-person or remote programs offered by the IRS or local organizations depending on your income, age and disability status.
- Go faster by going digital. Filing electronically will get your return to you more quickly than filing by mail. Selecting direct deposit to a bank account or prepaid card will make the process even faster.
- Need more time? If you can’t file by April 18, you can fill out a Form 4868 that will extend your filing deadline to Oct. An extension to file isn’t an extension to pay, so if you think you’ll owe, plan to submit an estimated payment amount when you file your extension.
The bottom line – Filing your taxes doesn’t have to be difficult. Getting organized now will help make tax season easier this year and put you in better shape for years to come. For more tips to help you make the most of you and your family’s finances, visit J.P. Morgan’s U.S. Tax Center at privatebank.jpmorgan.com/gl/en/insights/planning/us-tax-center.
Activism
Oakland’s Black Chamber of Commerce Awards 63 Businesses $1,000 Micro Grants
“Our members are essential to Oakland’s economic and cultural fabric,” said Cathy Adams, president of the OAACC. “These grants are a testament to our dedication to fostering business growth and sustainability within our community.” The microgrants are designed to provide vital support for members to strengthen their operations, invest in growth opportunities, or meet pressing needs, Adams added.
By Oakland Post Staff
Last week, the Oakland African American Chamber of Commerce (OAACC) announced the distribution of $63,000 in microgrants to 63 member businesses. These $1,000 grants, generously sponsored by Supervisor Nate Miley, Amazon, and the Tides Foundation, reflect the organization’s goals and unwavering commitment to empowering Black-owned businesses in Oakland.
“Our members are essential to Oakland’s economic and cultural fabric,” said Cathy Adams, president of the OAACC. “These grants are a testament to our dedication to fostering business growth and sustainability within our community.”
The microgrants are designed to provide vital support for members to strengthen their operations, invest in growth opportunities, or meet pressing needs, Adams added.
As part of this initiative, OAACC leaders are encouraging all grant recipients to inspire their communities to support Oakland-based businesses by shopping locally, sharing referrals, and following their social media pages.
For more information about the OAACC and the organization’s initiatives, please visit www.oaacc.org.
Activism
Port of Oakland to Host January Meeting for Interfaith Council of Alameda County
State, county, and city officials have been invited to join ICAC board members and the community to explore effective strategies for addressing these interconnected challenges across Alameda County, including ICAC’s Safe Car Park program expansion and efforts to convert trailers into shelter for the unhoused.
Special to The Post
The Interfaith Council of Alameda County (ICAC) will hold its first meeting of 2025 on Thursday, Jan. 9, at the Port of Oakland, located at 530 Water St. Hosted by the president of the Port of Oakland, the meeting will run from 1-2:30 p.m. and will focus on pressing community issues including environmental justice, housing solutions, and crime and safety.
State, county, and city officials have been invited to join ICAC board members and the community to explore effective strategies for addressing these interconnected challenges across Alameda County, including ICAC’s Safe Car Park program expansion and efforts to convert trailers into shelter for the unhoused.
All are welcome and encouraged to attend and contribute to this important discussion. For more information, visit interfaithAC.org.
Arts and Culture
Book Review: Building the Worlds That Kill Us: Disease, Death, and Inequality in American History
Nearly five years ago, while interviewing residents along the Mississippi River in Louisiana for a book they were writing, authors Rosner and Markowitz learned that they’d caused a little brouhaha. Large corporations in the area, ones that the residents of “a small, largely African American community” had battled over air and soil contamination and illness, didn’t want any more “’agitators’” poking around. They’d asked a state trooper to see if the authors were going to cause trouble.
By Terri Schlichenmeyer
Author: David Rosner and Gerald Markowitz, c.2024, Columbia University Press, $28.00
Get lots of rest.
That’s always good advice when you’re ailing. Don’t overdo. Don’t try to be Superman or Supermom, just rest and follow your doctor’s orders.
And if, as in the new book, “Building the Worlds That Kill Us” by David Rosner and Gerald Markowitz, the color of your skin and your social strata are a certain way, you’ll feel better soon.
Nearly five years ago, while interviewing residents along the Mississippi River in Louisiana for a book they were writing, authors Rosner and Markowitz learned that they’d caused a little brouhaha. Large corporations in the area, ones that the residents of “a small, largely African American community” had battled over air and soil contamination and illness, didn’t want any more “’agitators’” poking around. They’d asked a state trooper to see if the authors were going to cause trouble.
For Rosner and Markowitz, this underscored “what every thoughtful person at least suspects”: that age, geography, immigrant status, “income, wealth, race, gender, sexuality, and social position” largely impacts the quality and availability of medical care.
It’s been this way since Europeans first arrived on North American shores.
Native Americans “had their share of illness and disease” even before the Europeans arrived and brought diseases that decimated established populations. There was little-to-no medicine offered to slaves on the Middle Passage because a ship owner’s “financial calculus… included the price of disease and death.” According to the authors, many enslavers weren’t even “convinced” that the cost of feeding their slaves was worth the work received.
Factory workers in the late 1800s and early 1900s worked long weeks and long days under sometimes dangerous conditions, and health care was meager; Depression-era workers didn’t fare much better. Black Americans were used for medical experimentation. And just three years ago, the American Lung Association reported that “’people of color’ disproportionately” lived in areas where the air quality was particularly dangerous.
So, what does all this mean? Authors David Rosner and Gerald Markowitz don’t seem to be too optimistic, for one thing, but in “Building the Worlds That Kill Us,” they do leave readers with a thought-provoker: “we as a nation … created this dark moment and we have the ability to change it.” Finding the “how” in this book, however, will take serious between-the-lines reading.
If that sounds ominous, it is. Most of this book is, in fact, quite dismaying, despite that there are glimpses of pushback here and there, in the form of protests and strikes throughout many decades. You may notice, if this is a subject you’re passionate about, that the histories may be familiar but deeper than you might’ve learned in high school. You’ll also notice the relevance to today’s healthcare issues and questions, and that’s likewise disturbing.
This is by no means a happy-happy vacation book, but it is essential reading if you care about national health issues, worker safety, public attitudes, and government involvement in medical care inequality. You may know some of what’s inside “Building the Worlds That Kill Us,” but now you can learn the rest.
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