Will My Refund Be Late Because Of A Tax Extension
The timeline for getting your income tax refund — or your refund plus outstanding stimulus money — depends on when you file. Though you have until Oct. 15 to submit your return if you’ve filed an extension, it doesn’t mean you have to wait that long to file.
The IRS is experiencing delays and has a massive backlog of unprocessed returns because of the pandemic, so in some situations, it could take much longer than the average 21 days to issue refunds. Some refunds, especially for more complicated returns or those that need corrections, are taking up to 120 days.
What Is The Soonest You Can File Taxes In 2022
The Internal Revenue Service will most likely set the opening day of the 2022 tax filing season between Jan 15 and Feb 15, 2022. Thats the soonest the IRS will begin accepting and processing 2021 tax year returns.
However, you can file your taxes early and have your return automatically sent to the IRS the minute they begin accepting tax returns.
Which means youll get your refund back before everybody else.
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.
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How Do I File Taxes
You can file online yourself, potentially for free, or visit a tax professional.
If your adjusted gross income was less than $72,000 in 2020, you might qualify to file your federal return, and maybe your state return, at no cost through one of the IRS partners, regardless of how complicated your tax situation is. Also, most active duty military qualify for free filing. Check out your options here.
If your income exceeds $72,000, or you’re not interested in the platforms offered in partnership with the IRS, check out our list of the best tax software to use this year.
After filing out the required forms, your tax preparer will calculate whether you owe additional income tax or you’re getting a refund. If you don’t pay what you owe by May 17, penalties may apply.
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.
Forms:
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Irs: Tax Return Filing Deadline For Texas Taxpayers Is June 15
AUSTIN, Texas – The IRS is reminding Texas taxpayers the deadline to file their 2020 federal income tax return is June 15, 2021.
The deadline was extended to June due to the February winter storms to give taxpayers more time to file their individual and business 2020 tax returns and make payments without penalties and interest, regardless of amount owed.
“Individual taxpayers who need additional time to file beyond the June 15, 2021 deadline can request an extension until Oct. 15,” said IRS spokesman Michael Devine. “The IRS cant process extension requests filed electronically after May 17, 2021 so they need to print and mail Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.”
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Businesses that need additional time to file income tax returns must file Form 7004.
The IRS is also reminding taxpayers that an extension gives them until Oct. 15 to file but does not grant an extension of time to pay taxes due.
Better Business Bureau talks about tax-related scams
Taxpayers who live and work abroad also have until June 15 to file their tax returns as part of the normally granted automatic two-month extension.
How To Get A Fast Tax Refund
When tax season rolls in, you can start preparing your tax return online. Once it is completed, you will be among the first taxpayers who have their returns processed and their refunds issued.
Keep in mind when you file your taxes with TurboTax or H& R Block, the process is easy. They provide you with the largest refund possible by ensuring that they ask the right questions to find out which deductions and credits you qualify for.
You can also use their free tax refund calculators to see how much your tax refund will be. When you file your taxes online, there is no way that you can go wrong, and many taxpayers can file their federal tax returns free or at a discount.
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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.
Tax Season 2022 Start Date
The IRS 2021, 2022 tax season start date will be between Jan 15 and Feb 15, 2022, allowing online efile of tax returns for most tax filers. Paper tax returns will most likely begin processing later in mid to late February as IRS system updates continue.
With early online tax filing, you can get a head-start on the IRS 2021,2022 tax season start date.
If you start on your taxes now, youll be the first to get your refund back! Youll be asked simple questions about your life and income, and well fill out all the appropriate tax forms and file them for you.
Youll get step-by-step instructions through your taxes, expert help when you need it, and every deduction and credit that applies to you. Of course, we make sure you get the biggest refund possible.
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Other States That Made Changes To Deadlines
- Alabamamade a sort of hybrid tax extension: The state will automatically waive late-payment penalties for payments remitted by May 17. However, interest on taxes owed will still accrue from April 15.
- Idaho introduced a bill to push its state income tax filing deadline back to May 17, but the legislature did not come to an agreement before adjourning March 19. The legislature reconvenes on April 6.
All You Need To Know Is Yourself
Answer simple questions about your life and TurboTax Free Edition will take care of the rest.
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Estimate your tax refund andwhere you stand
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Know how much to withhold from your paycheck to get
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Estimate your self-employment tax and eliminate
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Know which dependents credits and deductions
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Estimate capital gains, losses, and taxes for cryptocurrency sales
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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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What Do I Need To File Taxes
Employees need W-2s and non-employees, including contractors or gig workers, need 1099s. These forms were either mailed to you in February or are available online through your payroll company.
Freelancers:
Banks are also required to send 1099s to customers who received interest or dividends.
If you still don’t have your W-2 by the tax deadline, you can use the W-2 substitute, Form 4852, and estimate your wages and withheld taxes. Note that the IRS could delay your refund while verifying the information.
You’ll also need your adjusted gross income from the previous year to sign and file your tax return.
Reporting Due Dates For Taxes Fees And Reports
Due dates on this chart are adjusted for Saturdays, Sundays, and 2022 federal legal holidays. For applicable taxes, quarterly reports are due in April, July, October and January.
Note: When a reporting due date happens to fall on Saturday, Sunday, or a legal holiday, the reporting due date becomes the next business day. For example, for reports normally due on the 25th of the month, the due date is Dec. 26 instead of Dec. 25, which is Christmas Day . If Dec. 26 is a weekend day , then the reporting date becomes the next business day.
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Deadline For Texans To File Income Taxes Is Tuesday June 15
TEXAS â Texans, if youâve been putting it off, know that the window for filing your 2020 federal income taxes is almost closed.
In fact, the deadline to submit to the IRS is Tuesday, June 15.
You may recall that back in February the tax-filing deadline was extended for Texans in the wake of the devastating winter storm that caused millions of people to lose power. Homes and properties were damaged across the state.
Typically, the deadline is April 15 but the IRS wanted Texans to have more time to assess damage prior to filing.
âThe June 15 deadline also applies to quarterly estimated income tax payments due on April 15 and the quarterly payroll and excise tax returns normally due on April 30. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17,â the IRS said in a statement.
The IRS further said that if you live in an area of Texas that was declared a disaster, you will automatically be provided with penalty and filing relief. If you donât live in a disaster area and need financial relief, youâre asked to call the IRS at 866-562-5227.
For a list of eligible areas in and outside of Texas, click here.
The Last Day To Request A 2017 Tax Refund Is May 17
If you have yet to file your 2017 tax return and expect to receive a tax refund, youve been gifted a little more time. Typically, you must file a tax return with the IRS within three years of its original due date to obtain a tax refund.
However, the IRS recently announced extending the 2017 tax deadline to May 17, 2021, to give taxpayers more time to request a missing refund. If you need to file your 2017 tax return and dont have all the necessary forms, you can request them by creating an online account with the IRS. An online account will allow you to retrieve prior tax forms, such as your Form W-2, from a previous employer.
If you do not have access to a computer, you can also request your transcripts two additional ways. You can do so by mailing Form 4506-T, Request for Transcript of Tax Return to the IRS, or call 800-908-9946.
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More Tax Deadlines In 2021
- This is the date by which you should have received a W-2 from employers you worked for during the tax year. If not, contact their HR/Payroll department to resend tax documents
- Last day for corporations to file their 2020 taxes using Forms 1120, 1120A, and 1120S. They can also file an extension using Form 7004.
- May 17, 2021 Last day to file 2020 taxes as an individual. Extension Form 4868 should be filed if you cant complete your return on this date. Payment needs to be made, though.
- May 15, 2021 Last day for non-profits with a calendar year to file their 2020 Form 990.
- Last day for corporations to file extended returns.
- Last day for individuals to file extended returns.
How To Avoid Owing The Irs
While owing taxes to the IRS isnt necessarily the end of the world, we can all agree that its a situation youre better off avoiding. Luckily, there are some steps you can take to make sure you dont find yourself in this undesirable position in the future. Two of the best options are adjusting your W-4 and paying quarterly estimated taxes.
How to Adjust Your W-4
One of the most common reasons why people find themselves owing money to the IRS is that they didnt have enough withheld from their paycheck. Even if your withholding was once correct, major life changes like a marriage or divorce may throw this off. If youve started a side business, this will also impact the amount of taxes you owe. Whatever the reason, you can fix your withholding by completing a new Form W-4.
Before you do this, I suggest using the IRS Tax Withholding Estimator. Then, once youve determined the appropriate withholding amount, complete the Form W-4 Employees Withholding Certificate and provide it to your employer.
How and When to Pay Quarterly Taxes
If you have a significant amount of income coming in from your side business, then theres a good chance youll owe extra taxes. While it would be easier to calculate it at the end of the year and make one lump-sum payment, income taxes are a pay-as-you-go system. For this reason, youll need to estimate the amount of taxes you owe each quarter and send a payment off to the IRS.
The schedule for making estimated tax payments is as follows:
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Are You Wondering When Can You File Taxes In 2022
The IRS should start accepting tax returns somewhere between Jan 15 and Feb 15, 2022.
As soon as an official IRS announcement is made, it will be posted here on this site.
If you file your taxes online, your tax return will be automatically transmitted to the IRS as soon as they open the new tax season.
Online tax software offers advanced tools to help you file your taxes and pay the least amount possible. There is no faster way for taxpayers to get their tax refunds!
Online software companies, including IRS Free File partners, start accepting tax returns in early December.
Pay What You Can Without Compromising Basic Necessities
If youre not able to pay the full amount of the taxes you owe by the tax filing deadline, the IRS will charge you interest on the outstanding balance. The interest rate is subject to change each quarter and is calculated by adding 3 percentage points to the federal short-term interest rate.
Paying as much as you can by the deadline is your best strategy. The more you pay towards your balance before its late, the less youll have to pay in accrued interest and penalties.
Heres some more info from the IRS about penalties and interest.
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Do I Have To File Taxes To Get My Stimulus Check
Yes, if you’re missing part or all of the first or second stimulus payment you qualify for, you’ll be able to claim it as a tax credit on your tax return.
If you owe taxes, the credit will reduce your bill and any remaining cash will come back to you as a refund. If you’re getting a refund already, the unpaid stimulus will be added to it. You don’t have to pay taxes on the stimulus amount itself.
Federal Income Tax Deadline For 2021 Tax Returns
The filing deadline for the 2021 tax year is April 18, which falls on a Monday. If you need even more time to complete your 2021 federal return you can request a six-month extension by filing Form 4868 through your tax professional, tax software or using the Free File link on IRS.gov. Filing Form 4868 gives taxpayers six extra months to file their 2021 tax return but does not grant an extension of time to pay taxes due. You may owe a late payment penalty on any tax not paid by the original due date of your return.
If you mail in your return, it must be postmarked April 18, 2022, or sooner. The IRS typically issues refunds within 21 days after a tax return is filed.
People who still want to contribute to an individual retirement account for the 2021 tax year still need to make contributions by April 15, 2022. It is also necessary to include contributions made to traditional IRAs on your tax return. If you contributed to a Roth IRA during 2021, you wont need to report those contributions on your tax return.
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