The Internal Revenue Service (IRS) sets the deadline for submitting your federal tax return for the calendar year on April 15 of each year. Your return is due on or before the 15th of the fourth month after the conclusion of your fiscal year, if your business has a fiscal year that varies from a calendar one Due dates are postponed if they fall on a weekend, Sunday, or legal holiday.
The deadline for paying taxes for 2021 was April 18, 2022, unless you resided in Maine or Massachusetts, when the deadline was April 19, 2022, due to holidays. Similarly, you may have filed Form 4868 to obtain a filing extension for later this year.
However, the last day to file taxes isn't the only crucial tax deadline to be aware of. There are numerous more key tax dates to be aware of for the 2022 tax year, or for taxes due in 2023. If you've ever wondered, "When are taxes due?" Here are the key dates at a glance.
Dates and Deadlines for Filing Your Taxes
Employees who file individually
- The beginning of tax season is set for January 24, 2022, which is one year after the current year. The IRS will begin receiving and processing federal tax returns for the year 2021 on this day.
- On January 31, 2022, employers are required to turn out Form W-2s to their employees. The IRS mandates that all employers provide you a W-2 no later than January 31 after the end of the tax year so that you may file your return on time. W-2s are often mailed out by January 31, but this does not guarantee that you will get your form by this time.
- The deadline for submitting some 1099 forms is January 31, 2022. If you operate as an independent contractor, gig worker, or self-employed individual, 1099 Forms are used to record payments that normally don't come from an employer. 1099 forms are also used to record payments like casino wins, rent or royalty payments, profits and losses in brokerage accounts, dividend and interest income, and more. Payers of interest, dividends, and other forms of income are required to provide 1099 Forms. On weekends and holidays, these forms are due the next Monday (or Tuesday following a holiday). Form 1099-NEC is also required for self-employment income.
- Reclaim exemption from withholding on February 15, 2022. You must complete a new Form W-4 by this date if you want to seek an exemption from your employer's withholding. If you expect no tax due this year and had no tax liability in the prior year, you would submit this exemption request on Form W-4.
- Those who reached 72 before April 1, 2021 must begin taking their required minimum distributions no later than that date, which is April 1, 2022. Your Traditional IRA or 401(k) plan's mandated minimum distribution must be taken by April 1 of the year in which you turn 72. You won't have to start taking required minimum distributions (RMDs) until you are 72 if you turn 70 after July 1, 2019, because to the SECURE Act, which was passed in 2019.
- Tax Day is slated on April 18, 2022, with the exception of Maine and Massachusetts (where April 19 is Patriots' Day). If the tax deadline comes on a weekend or holiday, it might be postponed until the next business day. Penalties and interest might be incurred if you fail to pay your taxes on time.
- The deadline to submit Form 4868 and seek an extension is set for April 18, 2022. The deadline for obtaining an extension to file your individual income tax return is the same as the deadline for submitting Form 4868. If you are unable to submit your tax return by the due date, be sure to file an extension request, which will allow you to postpone filing your return until the 17th of October 2022. It's important to keep in mind that even if you opt to obtain an extension, the tax liability remains yours. Your estimated taxes are due by the original tax date, so you'll need to pay them by that time.
- April 18, 2022 - Deadline for making IRA, 401(k), or HSA contributions for the 2021 tax year. For those filing individual income taxes return, today is also the deadline to contribute to your IRA, 401(k), or HSA for the 2021 tax year. You normally cannot contribute to the prior tax year's contribution limitations after this date.
- File an extended 2021 tax return by October 17, 2022. This is the deadline for submitting your tax return if you requested an extension.
- Individuals who are 73 or older at the end of 2022 must take required minimum distributions by December 31, 2022. If you reached 72 in 2021, you must now take your RMD by the end of 2022 if you are 73 or older, after your initial RMD on April 1.
- Self-Employed, Independent Contractors, and Gig Workers - Individual Filers (Schedule C)
- The projected tax payment for the fourth quarter of 2021 is due on January 18, 2022. The last anticipated tax payment for the 2021 tax year is due on this day if you're self-employed and make quarterly payments.
- The beginning of tax season is set for January 24, 2022, which is one year after the current year.
- On January 31, 2022, employers are required to turn out Form W-2s to their employees. Your W-2 should be sent to you by January 31 if you work as a W-2 employee in addition to working for yourself.
- The deadline for submitting some 1099 forms is January 31, 2022. Self-employed individuals must send certain 1099 Forms by the 31st of January each year. A variety of forms, including 1099-NEC, are required to be given to beneficiaries by this date, but the IRS has them all due on February 28. (or March 31 if e-filing)
- April 1, 2022 - Required minimum distribution due if you turned 72 in 2021.
- April 18, 2022 - Tax Day (except Maine and Massachusetts due to Patriots’ Day – April 19).
- April 18, 2022 - Deadline to File Form 4868 and request an extension.
- April 18, 2022 - Deadline for making IRA, 401(k), or HSA contributions for the 2021 tax year.
- April 18, 2022 - First quarter 2022 estimated tax payment due. When you work for yourself, you'll need to perform the arithmetic to figure out how much money you're likely to generate for the year and then owe the IRS in income taxes. The IRS Form 1040-ES may be used to estimate your yearly tax liability. IRS Publication 505 offers all of the guidelines and facts you'll need to determine this amount. On April 18, 2022, you must make your first quarterly estimated tax payment.
Tip: If you're not sure how much you should pay in anticipated taxes this year and don't want to pay the wrong amount by mistake, you can pay 90% of your projected current year tax bill or 100% (or 110 percent depending on AGI) of your prior year tax bill. In most cases, this removes the need to pay an underpayment penalty.
- June 15, 2022 - Second quarter 2022 estimated tax payment due. Despite the fact that the IRS refers to these payments as quarterly anticipated taxes, the due dates do not always correspond to "quarters," nor do they each reflect three months of tax payments. They are an equal quarterly part of your projected income tax due that is paid at irregular periods. The first payment will be made three and a half months into the year. The second installment is due in five and a half months, the third in eight and a half months, and the fourth in twelve and a half months after the year begins.
- September 15, 2022 - Third quarter 2022 estimated tax payment due.
- October 17, 2022 - File extended 2021 tax return. Your 2021 tax return is due on this date if you filed an extension to file your individual income tax return and have income and expenses to declare on Schedule C.
- December 31, 2022 - Required minimum distributions must be taken for individuals age 73 or older at the end of 2022.
- January 17, 2023 - Tax payment for the fourth quarter of 2022 is expected to be made in that year. This is the last quarterly anticipated tax payment for the year 2021. If you choose to pay your whole prior year's tax liability, any unpaid taxes will be payable when you submit your 2022 individual tax return in April 2023.
Small Businesses - LLCs, Partnerships, and S Corporations are all types of legal entities (1120, 1120S)
- January 24, 2022 - Tax season starts in 2021
- January 31, 2022 - Employers are required to furnish Form W-2s.
- January 31, 2022 - Certain 1099 Forms must be sent
- March 15, 2022 - Most company types (including partnerships, multi-member LLCs, and S-Corporations) are required to pay taxes by the deadline. If they are a calendar year firm, small businesses formed as partnerships, LLCs, and S-Corporations must submit Form 1120 (or 1120S for S corporations) by March 15, 2022. If your company operates on a different fiscal year, you must file your appropriate business tax return by the 15th of the third month following the end of your fiscal year.
- April 18, 2022 - First quarter 2022 estimated tax payment due
- June 15, 2022 - Estimated tax payment for the second quarter of 2022 is due
- September 15, 2022 - Third quarter 2022 estimated tax payment due
- January 17, 2023 - Fourth quarter 2022 estimated tax payment due
The preceding does not cover every tax deadline, only the most essential ones that are widely applicable to various taxpayer categories. Please see IRS Publication 509 for a detailed list of all the essential tax deadlines that apply to each taxpayer.
What happens if I Miss A Tax Deadline?
You have choices if you missed one of these important tax dates. These possibilities are determined by the missed deadline and whether you owe money or are due a refund.
What If You Miss The Tax Filing Deadline And Are Due A Refund?
There is usually no penalty for filing your tax return late if you overpaid for the 2021 tax year. You should, however, file as quickly as feasible.
In general, you have three years from the due date of your tax return to collect a tax refund. That implies the time for 2021 tax returns will shut in 2025. Unclaimed tax refunds normally become the property of the United States Treasury after three years.
What Happens If You Don't File Your Taxes On Time And Owe Money?
If you miss a tax filing deadline and owe the IRS money, you should file your taxes return as quickly as possible. The IRS normally assesses interest, failure to file penalties, and failure to pay penalties for each day your tax return is late until you submit your return and pay the total owing.
The consequences of failing to make an anticipated tax payment are many.
If you fail to pay your projected taxes, do so as quickly as possible. The IRS assesses interest and penalties based on the amount you owe and how late you are, but you may reduce the impact by paying as soon as possible.
What If I Owe More Than I Can Afford To Pay?
Many people are facing financial difficulties this year as a result of the epidemic, job loss, and other things. If you're one of them, you might not have enough money to pay your tax obligation by the deadline. However, don't put off submitting because you can't afford to pay the whole amount owing on the due date. The IRS assesses penalties and interest on the day the return is due, regardless of when you submit. You may reduce failure-to-file penalties by filing as soon as possible, paying as much as feasible when you file, and establishing a payment plan for the remaining.
What Is The Quickest Way For Me To File My Tax Return?
Filing your tax return electronically is the quickest way.
Paper filing is less secure than electronic filing with the IRS. You don't have to worry about your tax return getting lost in the mail or arriving late because it is electronically submitted to the IRS. You'll also receive immediate notice that the IRS has received and begun processing your return.
If you're waiting for a tax return, having it electronically transferred into your bank account is the quickest method to collect it. When taxpayers combine direct deposit with electronic filing, the IRS generally issues 90% of refunds in fewer than 21 days.
What if I Require Additional Time?
Don't allow an impending tax deadline push you to speed through the tax filing process and make an error on your return. Simply ask for an extension.
The IRS automatically extends the tax filing deadline by six months to anybody who asks it. You can seek an extension by using Form 4868.
Remember that a tax extension only provides you more time to file your return, not more time to pay the tax you owe. You must estimate your tax liability and submit your payment by the tax filing date.
What Happens to My Tax Deadlines if I Reside in a Disaster-affected Area?
If you need longer time because you reside in a disaster-affected region, you may be eligible for IRS tax assistance. The IRS sometimes extends the tax filing deadline for people who live in or own a company in a federally declared disaster region.
For example, the IRS said that it will postpone tax filing and payment deadlines for taxpayers affected by the California wildfires in September 2020. Taxpayers in that area who delayed filing their 2019 tax returns until October 15, 2020, now have until January 15, 2021, to do so.
What if I Made a Mistake and Have to File My Taxes Again?
It occurs. You file your tax return, only to discover that you failed to disclose certain income or claim a specific tax credit. You do not have to redo your entire return. Along with Form 1040-X, you'll need to send copies of any forms and/or schedules that you're altering or didn't include with your initial return.
IRS Document 1040-X is a two-page form used to make changes to a previously filed tax return.
To prevent delays, file Form 1040-X only after you've submitted your original Form 1040. If you want to claim a tax credit or refund from a prior year, you must submit a Form 1040-X within three years of the day you timely filed your original return, or within two years of the date you paid the tax, whichever is later.
When Is the Deadline for Filing Taxes?
Individual federal income tax returns must be filed by April 15, or as late as April 18 if Tax Day occurs on a Saturday, Sunday, or public holiday. Some state-level holidays may cause the tax deadline to be extended by one day. By submitting Form 4868, you can request a six-month filing extension, putting the deadline for reporting individual income taxes October 17, 2022.
If you file taxes for your small business as a partnership, LLC, or S Corp, the deadline is March 15, unless it occurs on a weekend or public holiday. If your company has a non-calendar tax year, your federal tax return is usually due on the 15th of the third month after the end of the fiscal year.
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