What Is The Last Day For Taxes

What Is Tax Day

In the United States, tax season generally runs between January 1 and April 15 each year for filing and paying taxes for the previous year. Tax Day refers to the final deadline date when individual federal tax returns and tax payments are due. Most states that levy income taxes set the same deadline for their residents to file their state income taxes.

The 2021 Tax Deadline Extension: Everything You Need To Know

OVERVIEW

In response to the Coronavirus pandemic, the Treasury and IRS issued new guidance that calls for a tax deadline extension, moving the customary April 15 deadline to May 17, 2021. Read more to learn about the relevant details and how they impact your situation.

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What Happens If I Miss The Tax Due Date

According to TurboTax, if you miss the tax due date, youll likely end up paying a fine of 5% of the unpaid tax per month. The maximum late payment is 25% of the amount due.

Its also important to note that you should pay any owed taxes by April 18, even if you filed for an extension. However, assuming youve filed for an extension, theres no penalty for filing after April 18 if you dont owe taxes. The IRS will likely just keep your refund for longer.

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I Need Help Filing My Taxes Where Can I Get Income Tax Preparation Assistance

Arizona Department of Revenue does not offer tax preparation assistance. offer free assistance to the elderly and other individual taxpayers that need to file their income tax electronically.

To expedite the processing of your income tax return, we strongly encourage you to use the bar-coded fillable Arizona tax forms or electronically file. Electronic filing information is available on our .

Irs: Dont Miss This Important Oct 17 Tax Extension Deadline

IR-2022-175, October 7, 2022

WASHINGTON The Internal Revenue Service today reminds taxpayers who requested an extension to file their 2021 tax return to do so by Monday, October 17.

While October 17 is the last day for most people to file a Form 1040 to avoid the late filing penalty, those who still need to file should do so as soon as possible. If they have their information ready, there’s no need to wait.

However, some taxpayers may have additional time. They include:

• Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.

• The IRS calls special attention to people hit by recent national disasters, including Hurricane Ian. Taxpayers with an IRS address of record in areas covered by Federal Emergency Management Agency disaster declarations in Missouri, Kentucky, the island of St. Croix in the U.S. Virgin Islands and members of the Tribal Nation of the Salt River Pima Maricopa Indian Community have until November 15, 2022, to file various individual and business tax returns. Taxpayers in Florida, Puerto Rico, North Carolina, South Carolina, parts of Alaska and Hinds County, Mississippi, have until February 15, 2023. This list continues to be updated regularly potentially affected taxpayers by recent storms should visit the disaster relief page on IRS.gov for the latest information.

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Can I File An Extension

As in past years, you can request an extension if you need more time to prepare and file your 2021 return. Before the April 18, 2022, deadline, you must fill out and submit Form 4868, the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. At the time you file Form 4868, you must also pay the estimated income tax you owe to avoid penalties and interest, the IRS says.

Generally, taxpayers are granted an automatic six-month extension to file, or two months if theyre out of the country, in which case the extension also applies to payment of taxes owed.

To qualify for an extension, you must file Form 4868 before April 18, 2022. You will not be notified unless your request is denied.

State Tax Return Due Dates

Unless you live in a state with no income tax, don’t forget that you probably have to file a state tax return as well. Most states synch their income tax return deadline with the federal tax due date but there are some states that have different deadlines . State rules regarding tax filing extensions may differ from the federal rules, too. Check with the state tax agency where you live to find out when your state tax return is due and/or how to get an extension.

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When Are Taxes Due If I File An Extension

If you file Form 4868 and receive the automatic six-month extension, you will have until Oct. 17, 2022, to submit your 2021 tax return.

If you already know that youll need an extension, plan on filing Form 4868 sooner rather than later. That way, if anything goes wrong with your application, youll have plenty of time to fix any errors and resubmit it ahead of the April 18 tax deadline. This also ensures you have time to get your documents together for your extended deadline in October. The IRS website has all the forms, deadlines and information youll need.

Is There A Deduction For 529a Able Accounts For 2021

In addition to the allowable subtraction for contributions to a 529 College Savings Plan, certain individual taxpayers may also take a subtraction for contributions made during the taxable year to a 529A, Achieving a Better Life Experience Account , during the taxable year on behalf of the designated beneficiary to the extent that contributions were not deducted in computing federal adjusted gross income.

For tax year 2021, taxpayers may subtract the amount contributed during the year up to a total of $2,000 per beneficiary If you are married filing separate returns, either you or your spouse may take the subtraction, or you may divide it between you, but the total subtraction taken by both of you cannot be more than $4,000 per beneficiary.

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What If You Cant Pay Your Taxes

File your return anyway, and immediately apply for a payment plan if you cant pay the tax you owe all at once. The IRS will generally let you pay over time, as long as you make arrangements to do so.

Go to IRS Direct Pay and have the payment debited directly from your bank account if you owe money and dont want to send a check to the IRS via snail mail, risking the extra time that might entail.

Wildfire And Hurricane Relief

The IRS announced tax deadline extensions on October 19, 2020, for individuals and businesses impacted by the California wildfires and by Hurricane Delta. Those affected by the California wildfires and who had a valid extension to file their 2019 tax returns by October 15 had until January 15, 2021, to file their returns and make tax payments.

Those affected by Hurricane Delta who had valid extensions to file by October 15, 2020 were given until February 16, 2021, to file their tax returns and make payments. This relief applies to areas that FEMA has designated as needing assistance.

Further extensions have been provided for victims of Hurricane Ida. The first gives all residents of Louisiana and those who own businesses there until January 3, 2022, to file any returns or make any estimated tax payments that would have been due on or after August 26, 2021. This extension also applies to tax-exempt organizations.

The IRS then announced on September 8, 2021 that it would extend a similar courtesy to victims of Hurricane Ida in New Jersey and New York. They also have until January 3, 2020, to file and make certain tax payments that were due after September 2, 2021. This extension doesnt apply to all residents but only to those who live in areas designated by the Federal Emergency Management Agency . It includes businesses and tax-exempt organizations in six counties in New York:

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Key Dates For 2023 Tax Season

So, lets now look at some of the key dates for the 2023 tax season. Some of these dates may change based on last minute IRS updates and Ill post a link to the latest table and key dates.

The tax season will technically open on January 3rd the first working day of the year. However, this is just the day that the tax season opens and not when the IRS accepts filings electronic or paper based.

The actual date the IRS will start accepting returns is probably going to be around Jan 23rd.. The official IRS processing date may change plus or minus a few days based on last minute IRS system updates, but this is around the time when the IRS will generally start accepting E filed returns through online tax providers.

Any paper-based returns will likely be processed a few weeks or days later as theyre uploaded into the IRS systems. Which is why I recommend e-filing as that is the most error free and fastest way to get your tax refund.

However, it wont be until the end of January or February 1st when most people have all their key tax forms from their employers, banks, financial institutions or other third-party payment processors.

Many taxpayers would need to wait until after this date to file their tax return because they will need a lot of the information provided in these forms.

Even if your refund is processed and refund was approved, it will not be paid until after this date.

All You Need To Know Is Yourself

Answer simple questions about your life and TurboTax Free Edition will take care of the rest.

• Estimate your tax refund andwhere you stand

• Know how much to withhold from your paycheck to get

• Estimate your self-employment tax and eliminate

• Know which dependents credits and deductions

• Estimate capital gains, losses, and taxes for cryptocurrency sales

• See which education credits and deductions you qualify for

The above article is intended to provide generalized financial information designed to educate a broad segment of the public it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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How Irs Refund Processing Works

Before I talk about the estimated IRS refund schedule and when you could see your refund payment, I wanted to quickly touch on how the IRS will process your tax return and how long refund payments will take to be made if everything goes according to their standard schedule.

There basically three steps that you need to be aware of which is how your refund status is reflected in the IRS Where is My Refund website or IRS2Go mobile app.

The first processing stage is when you submit your tax return. If submitted electronically via an online tax software package like TurboTax, your return will be directly uploaded to the IRS systems.

After initial processing and checks and you should then be able to see the status of your return as received on the IRS tool within 24 to 48 hours. Paper returns could take up to 2 weeks to show up as received by the IRS

The next main stage is where the bulk of the IRS processing takes place to reconcile your return with information the IRS has from other sources and to validate your refund payment. This can take anywhere from two to five days after submission.

If the refund is approved by the IRS system and theres nothing that raises red flags or requires additional reviews, the refund is approved and the status on the WMR tool will change to refund approved.

Now that you understand the general process the IRS follows, Ill talk about some estimated dates for when you could see your refund payment after filing your tax return.

When Are 2022 Taxes Due

The due date for filing your tax return is typically April 15 if youre a calendar year filer. Generally, most individuals are calendar year filers.

For individuals, the last day to file your 2022 taxes without an extension is April 18, 2023, unless extended because of a state holiday. You could have submitted Form 4868 to request an extension to file later during the year.

If you have a business that operates on a fiscal year basis, your return is typically due on or before the 15th day of the third or fourth month after the close of your fiscal year. In instances where this due date falls on a Saturday, Sunday, or legal holiday, the due date is moved to the next business day.

The last day to do taxes isnt the only important tax deadline to know, however. There are several other important tax deadlines you should know for 2023. If you’re wondering, “When are taxes due, anyway?” Here are the important dates at a glance.

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When Are 2022 Estimated Tax Payments Due

Estimated tax payments are typically made incrementally, on quarterly tax dates: April 15, June 15, September 15, and January 15 of the following year, unless a due date falls on a weekend or legal holiday.Here are the dates for 2022:

While the first quarter is the first three calendar months of the year, the second “quarter” is only two months long . The third quarter is the next three months , and the fourth quarter covers the final four months of the year.

If a due date falls on a weekend or legal holiday, then payments are due on the next business day. In 2022, for example, the deadline to pay first quarter estimated taxes is Monday, April 18 due to the Emancipation Day holiday in Washington, D.C., which falls on Friday, April 15.

The IRS often extends tax filing deadlines for victims of natural disasters. You can consult IRS disaster relief announcements to determine your eligibility.

When Do I Get My Tax Refund

The IRS aims to send the majority of tax refunds to filers within three weeks of processing their tax return. But issues arise, and the timeline could be much longer if your return is missing information or the IRS system flags it for fraud.

In general, filing electronically and choosing direct deposit instead of a paper check will speed up your refund.

After filing, you can track the status of your refund on the IRS website. Youll need to input the exact refund amount, to the dollar, thats listed on your tax return, as well as your Social Security number or Individual Taxpayer Identification Number and filing status.

If the IRS needs to get in touch about your return or refund, youll get a paper notice in the mailnever an email, phone call or text message. Scams are ubiquitous during tax season, so stay vigilant and report any suspicious activity to the IRS.

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Request Your Tax Refund Before You Lose It

Itâs a good idea to file your taxes after the due date even if you expect a refund, but you donât want to wait too long.

The IRS usually allows you three years from the due date of your tax return to request a refund. After this time, youâll forfeit your tax refund. Your 2021 tax return was due on April 18, 2022, so you have three years from that date to request a refund. If you donât file your 2021 return by the April tax deadline in 2025, youâll lose your tax refund. The U.S. Treasury will own your money.

Note that if you donât owe money to the IRS but instead are owed money, the tax agency may still expect you to file a return.

If youâre missing any tax documents from a prior year, you can request them from your employer, bank or other third party, such as an educational institution or student loan provider. You can also request missing tax forms from the IRS by using the Get Transcript Online tool or creating an IRS online account.

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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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Tax Deadline For Quarterly Estimated Payments

If you’re self-employed, an independent contractor or have investment earnings, you might be curious about another set of deadlines: quarterly estimated payments. The IRS requires these quarterly estimated tax payments from many people whose income isnt subject to payroll withholding tax.

For estimated taxes, the answer to “When are taxes due?” varies. The year is divided into four payment periods, and each period has its own payment due date. Check below to see the dates for 2022.