Deadline For Business Taxes
If you are a business, the due date for your tax forms will depend on what kind of business you are. The deadline for most corporations and any other business individuals who file Form 1040 is the same as the standard tax deadline, April 18, 2022, unless you file for an extension.
However, the deadline for S-corporations and partnerships to submit their tax forms is March 15, 2022. If you file for an extension, you will have an additional six months to submit your tax return.
Corporations with a fiscal year ending on June 30 may have a different income tax deadline. In this case, its best to speak with a tax professional to ensure you file by the correct deadline.
S Corporation And Partnership Tax Returns Due
Today is the deadline to file your S corporation tax return or Partnership return .
Note that S corporations and Partnerships do not pay taxes on their income. That tax is paid on the individual incomes of the shareholders or partners, respectively.
March 15 is also the deadline to file for an extension for S corp and partnership tax returns.
You’ll Probably Get A Tax Refund
There’s endless debate about whether it’s good or bad to get a tax refund. Regardless of where you stand on the issue, most filers do in fact receive federal tax refunds. While no one enjoys doing their taxes, and it was nice to see Tax Day 2020 moved to July 15, every day that you delay filing your taxes also delays when your refund payment arrives.
The typical federal tax refund is about $3,000 and who couldn’t use that kind of money right about now?
Many people are taking advantage of the 90-day Tax Day postponement and delaying the prospect of doing their taxes anyway. According to the latest data from the IRS, the number of returns the agency has received and the number of refunds the IRS has paid are both down 5% or more compared to last year at this time.
Meanwhile, the average tax refund payment is up slightly. Through April 3, 2020, the overall average refund was $2,878, compared to $2,833 for the 2019 tax season. Direct deposit tax refunds are even bigger, averaging $3,030 so this year, compared to $2,961 a year ago.
The point is: Assuming you’re getting a refund, it’s best to file your taxes sooner than later so that you can get your money from the IRS sooner than later as well.
It generally takes about three weeks for the IRS to process a tax return and issue a tax refund. If you’re impatient to get your money , you can track your payment using the IRS “Check My Refund Status” tool.
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The Creation Of Tax Day
Soon after the passing of the 16th Amendment, Congress named March 1, 1914 as the first Tax Day. Why March 1? It fell roughly one year after the 16th Amendment was enacted . The Bureau of Internal Revenue created Form 1040 to file and pay personal income tax, which was 1 percent for income under $3,000 and up to 6 percent for the wealthiest Americans .
Tax Day was moved to March 15 in 1918 and then again to April 15 in 1955. The official reason for the pushback was to spread the workload of IRS employees, but some economists speculate that a later filing date means the government can wait even longer to pay refunds . The longer the IRS can hold onto the money it withholds via payroll taxes, the more interest it earns.
But even the April 15 due date can shift a little. In 2005, the District of Columbia enacted Emancipation Day on April 16 to commemorate the day Lincoln signed an 1862 law freeing the first slaves in Washington, D.C. When April 16 falls on a Saturday, the holiday is officially celebrated on Friday, and when it falls on Sunday, it’s celebrated on Monday. The IRS can’t force people to file taxes on a holiday or the weekend. That’s why Tax Day became Monday, April 18 in 2011, because Friday the 15th was technically Emancipation Day. If April 15 is a Sunday and Emancipation Day falls on a Monday, Tax Day will be Tuesday, April 17 — for everyone.
For lots more information on taxes and the IRS, see the related links on the next page.
How Do I Cancel The Payment And Schedule It For A Later Date
Payments can be canceled until 5:00 pm on the business day prior to the requested withdrawal date. Payments that can be canceled include payments made through e-filed returns and payments made on AZTaxes.gov.
Payment through vendor: If the payment was scheduled through an electronic filing program, visit www.AZTaxes.gov, select Cancel a Payment, and select Efile as the Payment Type. Data required is SSN, filing status, tax year and payment amount.
Payment by individual: If the payment was scheduled on AZTaxes.gov, select Cancel a Payment, then select the Payment type. A confirmation number is required. For payments by paper, ADOR will process the check when it is received and does not hold it for processing at later dates. For paper checks, remember to include the following:
- Tax ID
- Tax Period
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Deadlines For December Tornado Victims
Following the disaster declarations issued by the Federal Emergency Management Agency , the IRS announced relief for victims of the December tornadoes, severe storms and flooding in parts of Kentucky, Illinois and Tennessee.
Affected individuals and businesses in certain areas of these states will have until May 16, 2022, to file returns and pay any taxes that were originally due on or after Dec. 10, 2021. This includes 2021 individual income tax returns due on April 18, as well as various 2021 business returns normally due on March 15 and April 18. As a result, affected taxpayers will also have until May 16 to make 2021 IRA contributions.
The May 16 deadline also applies to the quarterly estimated tax payments normally due on Jan. 18 and April 18, as well as the quarterly payroll and excise tax returns originally due on Jan, 18. As a result, taxpayers can skip making their Jan. 18 payment and simply include it with their 2021 return. Additionally, the quarterly payroll and excise tax returns that were originally due on Jan. 31, 2022 and May 2, 2022 now can be filed by May 16, 2022.
Are Ador Offices Open
In light of COVID-19, the Arizona Department of Revenue has temporarily modified current services in an effort to protect the health and safety of its customers and employees while continuing to provide information and support to Arizona taxpayers.
Customers requiring in-person assistance can make an appointment with a department representative at ADORs locations in Phoenix and the Southern Regional Office in Tucson. They can do this by emailing or calling 716 ADOR .
A drop-box is available at the three ADOR locations for payments, forms, applications, and returns without an appointment. Items are collected throughout the day and taxpayers can receive a submission confirmation by including their email address on the top of the envelope.
Online Filing and Call Center AssistanceADOR also offers a Live Chat feature, which is available online Monday through Friday from 7 a.m. to 6 p.m. to answer inquiries for general questions and offers navigational guides in real-time.
Customers seeking information on particular private taxpayer matters or confidential account information can speak to our Customer Care Center at 255-3381 or 800-352-4090.
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Did Arizona Conform To The American Rescue Plan Of 2021
On April 14, 2021, Governor Ducey signed Senate Bill 1752, which conformed to the definition of federal adjusted gross income , including federal changes made during 2020 as well as through the 2021 American Rescue Plan. The American Rescue Plan of 2021 included a subtraction from federal adjusted gross income of up to $10,200 in unemployment income per person for the 2020 tax year.
A Continued Push To Delay The Filing Deadline
Getting clarity on the issue has been challenging. On March 10, Democratic lawmakers on the Ways and Means Committee sent a letter to the IRS to try find out more about any changes for the filing season. We request your continued evaluation of whether there is any need to extend the tax filing season beyond the April 15 deadline, they wrote. A spokesperson for the committee confirmed Wednesday morning that it had yet to receive a response.
On Monday, Congressman Tom Suozzi, a Democrat who represents parts of Long Island and Queens, followed up in a statement. I am now calling on the Treasury Secretary Mnuchin and IRS Commissioner Rettig to extend the deadline to file tax returns, they added, saying we need to ensure financial security by giving people the extra resources they need during this difficult time.
Caroline Bruckner, a professor at American University, noted in an email that the delay is helpful not only for people who owe but also for low-income folks who rely on volunteer income tax assistance programs to do their taxes, many of which have been temporarily shut down.”
Policymakers are encouraging taxpayers who are expecting a refund to file as soon as possible. IRS data through March 6 shows that almost 68 million Americans roughly half of all filers based on previous years have taken that advice. Nearly 53 million Americans have already gotten their refunds.
Update: This story has been updated with additional details released by the IRS on Wednesday.
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Did Arizona Conform To The Federal Law
Yes. On April 14, 2021, Governor Ducey signed Senate Bill 1752, which conformed to the definition of federal adjusted gross income , including federal changes made during 2020 as well as through the 2021 American Rescue Plan. The bill does not add any new non-conformity additions or subtractions. However, additions and subtractions created for prior non-conformity adjustments for issues such as bonus depreciation are still in place.
2020 conformity includes the federal 2020 Cares Act, the federal Consolidated Appropriations Act of 2021, and the federal American Rescue Plan of 2021.
What If I Made A Mistake And Need To Refile My Taxes
It happens. You file your tax return, then realize you forgot to report some income or claim a certain tax credit. You don’t need to redo your whole return. Simply file an amendment using Form 1040X.
IRS Form 1040X is a two-page form used to amend a previously filed tax return. TurboTax can walk you through the amendment process and, beginning with the 2019 tax year, even e-file your amended tax return for you.
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What If I Owe More Than I Can Pay
This year, many people are dealing with financial troubles due to the pandemic, job loss and other factors. If you’re one of them, you may not have the funds available to pay your tax bill by the deadline. But don’t put off filing just because you can’t afford to pay the amount due on the day you need to file your tax return. The IRS starts charging penalties and interest on the day the return is due, no matter when you file. You can minimize the failure-to-file penalties by filing as soon as possible, paying as much as you can when you file and setting up an installment plan for the balance.
If You Have A Balance Due:
If you haven’t paid all of the tax you owe by the filing deadline:
- You’ll likely end up owing a late payment penalty of 0.5% per month, or fraction thereof, until the tax is paid.
- The maximum late payment penalty is 25% of the amount due.
- You’ll also likely owe interest on whatever amount you didn’t pay by the filing deadline.
If you didn’t get an extension,
- You are also looking at a late filing penalty of 5% of the unpaid tax per month, plus interest.
- The maximum late filing penalty is 25% of the amount due.
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No Relief For Most Small Businesses
To be sure, keeping the April 15 estimated tax deadline can help those who need to make the quarterly payments appropriately manage their cash flow throughout the year, said Sheneya Wilson, CPA and founder of Fola Financial in New York.
Even if you do make estimated payments, you can still calculate what you owe April 15 and take advantage of the extension to file your tax return later, said Wilson.
The taxpayers who are most likely to benefit from this additional time are taxpayers who are able to meet the original filing deadlineBarry MelanconCPA, CGMA, president and CEO of AICPA
The IRS did adjust the estimated tax deadline for some taxpayers and businesses in Texas, Louisiana and Oklahoma have until June 15 to file their tax returns, make contributions to certain accounts and pay their first estimated tax payment.
The deadlines were extended for those filers following severe winter storms that were declared a disaster by the Federal Emergency Management Agency.
Deadline For Hurricane Ida Victims
Tax filing deadlines for residents of six different states impacted by Hurricane Ida have also been moved back. Victims of Hurricane Ida who live in Connecticut, Louisiana, Mississippi, New Jersey, New York and Pennsylvania now have until Feb. 15, 2022, to file various individual and business tax returns and make tax payments.
The IRS has postponed various tax filing and payment deadlines that occurred starting on dates that vary by state:
Individuals and businesses impacted by the storm will have until Feb. 15, 2022, to file returns and pay any taxes that were originally due during these periods. The extension also applies to quarterly estimated income tax payments that were due on Sept. 15, 2021, and Jan. 18, 2022. As a result, taxpayers in these areas can now skip making their estimated tax payments for the third and fourth quarters of 2021 and simply include them when they file their 2021 return.
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Taxes : If You Got An Extension In May Your Taxes Are Due Today
The extension deadline for 2020 income taxes is Oct. 15. Here’s everything you need to know.
In 2021, the IRS once again postponed the income tax due date. Last year, the deadline was extended to July 15 due to the pandemic this year, they were due back in May. If you requested — and received — an extension, however, your deadline is here: Friday, Oct. 15.
And this year, your return may be more complicated than usual, wrapped up in potentially thorny issues including unemployment insurance claims, stimulus check income and pandemic-driven changes in residence. Here’s everything you need to know about filing your 2020 taxes.
Why Filing Early Can Make Sense
Even though many taxpayers file their tax returns on or by about April 15 every year, there is no need to put it off until the last minute. Indeed, filing an early tax return can make sense for a variety of reasons.
The IRS will begin processing tax returns for the 2020 tax year on Feb. 12, 2021. Even if you don’t file early, there are reasons to begin preparation as soon as you can.
Starting your filing process early gives you the time you need to collect the evidence needed to claim all of your deductions. You will avoid the headache of the middle of the night stress over figures and receipts. Your accountant will have a more flexible schedule and will probably be able to start working on your accounts immediately. Also, by filing early, you will short circuit would-be identity thieves.
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Turbotax Has You Covered
Many taxpayers scramble to figure out when are taxes due every year, but you can be confident that TurboTax is ready to help you file whenever you’re ready. TurboTax asks simple questions about your tax situation and helps you fill out the right forms and find every deduction you qualify for so you can get every dollar you deserve.
If you have additional questions, you can connect live to a TurboTax Live tax expert for unlimited tax advice or even have a tax expert or CPA file for you from start to finish.
Remember, with TurboTax, we’ll ask you simple questions about your life and help you fill out all the right tax forms. With TurboTax you can be confident your taxes are done right, from simple to complex tax returns, no matter what your situation.
How Do I File My Taxes Online
CNET has rounded up the best tax software, featuring vendors such as TurboTax, H& R Block and TaxSlayer. These companies can make the tax filing process much easier, from reporting your taxable or self-employed income to setting up direct deposit to going through your itemized deductions.
That noted, the IRS provides a list of free online tax prep software offered by many of those same providers. You can use this service if you meet certain criteria and have a relatively simple tax situation. Requirements include: You make less than $72,000 annually, you don’t itemize deductions and you don’t own a business. This will likely be helpful for people who do not typically have to file taxes but need to do so this year to claim missing stimulus money.
If you want to itemize deductions or have a more complex financial situation — you run a business, have investments or generate rental income — you’ll have to pay for a higher tier of service, which can run a couple hundred dollars. Still, for most people, even the most deluxe online package is far less expensive than hiring an authorized tax pro. And if you prefer to keep it old-school, the IRS’ online tax forms handle some but not all of the calculations for you and still allow you to e-file or print and mail.
A number of online tax software providers will help you file for free.
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