Sunday, March 24, 2024

What Is The Last Day You Can File Your Taxes

Don't Miss

Should You File Your Taxes Early

Monday is the last day to send in your taxes, are you prepared?

Even though the tax filing deadline is later this year, you may still want to file your taxes now. Of course, waiting to file means you can save the money that you might owe.

You wont have to worry about taking a loan to pay taxes on your individual or business income. If you usually work with an accountant, you can set aside funds to pay them.

However, many people will benefit from paying their taxes earlier. If you work for an employer where taxes are deducted from your paycheck, you may get a refund.

The later you file your taxes, the later you will receive that money. Especially if youre currently struggling, filing your taxes now means that you could use your refund to pay for essential expenses.

While many Americans have or will receive a stimulus check, it may not be enough. Even if your tax refund is small, it can make a difference when paying for rent, food, or other costs.

When Do You Have To File Taxes In 2022

While regular employees have their taxes automatically withheld from their paychecks, self-employed people and business owners must estimate how much tax they owe. They have to pay it themselves quarterly. Its important to keep in mind that the due dates for these estimated taxes are different from the due date for regular taxes.

So, when can you file taxes in 2022? Some important tax return dates to be aware of include:

When you file your taxes, its important to make sure theyre as accurate as possible. This will help prevent any delays in receiving your tax return. For instance, if you received an economic impact payment or advanced child tax credits last year, youll want to pay extra attention to the amount you report.

You should also be aware of the health insurance tax credit thats available to small businesses. If you pay at least half the cost of coverage for your employees, you could qualify. Youll also want to claim your recovery rebate credit on your tax return if youre eligible.

On top of this, its important to note that the IRS cant issue a refund involving the Earned Income Tax Credit or Additional Child Tax Credit before mid-February.

Dont Miss The Tax Filing Deadline

When you work in the US, youll be taxed on your income and if you earn over a certain amount, you must file a tax return. In 2021 for example, if you are under 65 and single, you must file a tax return if you earn $10,350 or more. The deadline for filing your 2021 tax return is April 15, 2022. You must prepare it and post it to the IRS.

Also Check: How To Do Your Taxes If You Are Self Employed

What To Know If You Missed The Deadline To Claim Your Money

If you missed any of the deadlines above to claim your missing child tax credit payments or stimulus money, don’t worry. You can still claim that money when you file your taxes in 2023 — you just won’t receive it this year.

The final cutoff day for claiming the money will be on Tax Day in 2025, but we recommend filing as soon as possible.

It’s Better To File Late Than Not At All

When Is The Last Day To File Taxes Online

You might be thinking, âIf Iâve already missed the deadline, whatâs a few more weeks?â But the sooner you submit your tax return, the better . So do your best to file the next day or soon thereafter.

If you earn $73,000 or less per year, you can file your return online using one of the IRSâ free federal tax filing options, which provides complimentary tax-preparation software. If you earn more than $73,000, you can still file online using the IRSâ free electronic forms, but youâll need some tax-prep knowledge if you choose to go this route.

Don’t Miss: When Can Start Filing Taxes 2021

If You Owe Taxes Youll Pay A Penalty And Interest

Keep in mind paying late comes with repercussions. For every month that you file late, youâll have to pay an additional 5 percent penalty on the total amount you owe. Itâs important to note that a month doesnât mean 30 days to the IRS â filing your return even one day late means you’ll still be hit with the full 5 percent penalty. On top of that, youâll also pay interest, which will only add to your fees. And if you file more than 60 days late, things become a bit more complex and costly â another reason to submit your return as soon as you can.

If you canât pay the full amount you owe when you file, paying what you can and looking into payment plans with the IRS is better than paying nothing.

Tax Day 2021 Deadline: The Last Day You Can File And How To Get An Extension

The IRS has officially postponed the deadline for 2021.

Clifford Colby

Managing Editor

Clifford is a managing editor at CNET. He spent a handful of years at Peachpit Press, editing books on everything from the first iPhone to Python. He also worked at a handful of now-dead computer magazines, including MacWEEK and MacUser. Unrelated, he roots for the Oakland A’s.

Justin Jaffe

Managing editor

Justin Jaffe is the Managing Editor for CNET Money. He has more than 20 years of experience publishing books, articles and research on finance and technology for Wired, IDC and others. He is the coauthor of Uninvested , which reveals how financial services companies take advantage of customers — and how to protect yourself. He graduated from Skidmore College with a B.A. in English Literature, spent 10 years in San Francisco and now lives in Portland, Maine.

Shelby Brown

Staff Writer

Shelby Brown is a writer for CNET’s services and software team. She covers tips and tricks for apps and devices, as well as Apple Arcade news.

With millions of Americans still struggling to navigate COVID-19 and its impact on the economy, the IRS has elected to once again postpone the date that your federal income tax return is due. The new deadline of May 17, which will give you an extra month or so to get your paperwork in order this year, isn’t quite as generous as last year’s extension, which ran to July 15 — but, if you’re playing catch-up, it’s better than nothing.

Recommended Reading: What To Bring To Do Taxes

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.

Income Tax Return Filing Dates

Tax Day Deadline
  • 1 July 2022 to 24 October 2022
  • Taxpayers who file online
  • Taxpayers who cannot file online can do so at a SARS branch
  • 1 July 2022 to 23 January 2023
  • Provisional taxpayers including Trusts may file via eFiling or SARS MobiApp.
  • If you are being auto-assessed, see all the info you need to know on our How does the Auto-Assessment work webpage. If you are not in the auto-assessment group and need to submit a return, see our info for provisional and non-provisional taxpayers on the 2022 Tax Filing Season media release.

    You May Like: Can You Go To Jail For Not Paying Taxes

    Software You Can Use On The Last Day To File Taxes

  • TaxAct The first tax software I ever used, TaxAct is no stranger to the world of free filing services. They offer a solid service and wont cost quite as much as the bigger, more well-known brands.
  • FreeTaxUSA Owned by TaxHawk, FreeTaxUSA was founded in 2001 and has been provided free federal tax returns for over a decade. There is no fee for returning users to roll over previous years tax data and the costs for state or deluxe filers is much lower than other sites .
  • Will The Irs Notice If You File Late

    The IRS receives millions of tax returns at the last minute, so you may be wondering if they’ll even notice that yours is a day late.

    The real question you should be asking yourself is: Why risk it? Plus, if you mail in your return, the IRS can see the postmarked date on the envelope, so you could very well receive a bill for a small amount if you’re a few days past due.

    So if youâre going to be late , make sure to file for an automatic extension. While you’ll still have to fill out and file as much of your 1040 as you can , you’ll have until mid-October to finish the tax-filing process.

    This publication is not intended as legal or tax advice. Taxpayers should seek advice based on their particular circumstances from an independent tax advisor.

    Related Articles

    Don’t Miss: Do You Have To Pay Inheritance Tax On Life Insurance

    What Happens If I Miss The Tax Deadline

    If you received an extension and fail to file your income taxes by midnight on Oct. 15, what happens next depends on your situation. If you are owed a refund, there is no penalty for filing late, though this may be different for your state taxes. But if you owe the IRS, penalties and interest start to accrue on any remaining unpaid tax due. Theres also a $330 failure-to-file penalty under the Taxpayer First Act of 2019.

    In most states, taxpayers who are granted a federal extension to file automatically receive an equivalent extension to file their state income tax return.

    An important note: If you are owed a refund or you filed for an extension through Oct. 15, you were supposed to pay your taxes by May 17. If you owe money, you would have been required to estimate the amount due and pay it with your Form 4868. If you did that, you should have automatically been granted an extension.

    Another caveat: If youre serving in the military in a combat zone or a contingency operation in support of the armed forces you may be granted additional time to file, according to the IRS.

    Bottom line? Its best to e-file or postmark your individual tax return as early as possible. CNETs roundup of the best tax software for 2021 features an array of packages that can help you take care of business quickly and affordably.

    See also

    Irs: Dont Miss This Important Oct 17 Tax Extension Deadline

    When Is The Last Day To File Taxes In 2021
  • IRS Statements and Announcements
  • 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.

    Recommended Reading: Who Does Not Have To File Income Tax

    Irs Free File And Other Resources

    IRS Free File is available to any person or family with an adjusted gross income of $73,000 or less in 2021. Leading tax software providers make their online products available for free. Taxpayers can use IRS Free File to claim the Child Tax Credit, the Earned Income Tax Credit and other important credits. IRS Free File Fillable Forms is available for taxpayers whose 2021 AGI is greater than $73,000 and are comfortable preparing their own tax returnso there is a free option for everyone.

    Online Account provides information to help file an accurate return, including Advance Child Tax Credit and Economic Impact Payment amounts, AGI amounts from last year’s tax return, estimated tax payment amounts and refunds applied as a credit.

    Taxpayers can also get answers to many tax law questions by using the IRS’s Interactive Tax Assistant tool.

    Additionally, taxpayers can view tax information in several languages by clicking on the “English” tab located on the IRS.gov home page.

    What To Know Before Filing

    If you’re planning to file your return, you can save money with IRS free file if your adjusted gross income is $73,000 or less for 2021, which is roughly 70% of taxpayers. And you can use Free Fillable Forms, if your AGI exceeds $73,000.

    You’re likely to receive your refund within 21 days by filing an accurate, electronic return with direct deposit. But mistakes may send your return into what the IRS calls “error resolution,” requiring manual review, Campbell warned.

    Your return should mirror any tax forms the IRS receives, such as your W-2, investment income and more. You’ll also want to double-check IRS letters for details on stimulus checks and advance child tax credit payments.

    “We urge extra attention to those who received an economic impact payment or an advance child tax credit last year,” IRS Commissioner Chuck Rettig said in a statement. “People should make sure they report the correct amount on their tax return to avoid delays.”

    The IRS mailed roughly 7.4 million “math error” notices for stimulus payment mistakes from Jan. 1 through July 15, 2021, halting refunds, and many are still waiting for a resolution.

    “Mistakes are much easier to come by if you’re scrambling at the end of the game instead of having everything in line ready to go,” Campbell added.

    Recommended Reading: Do You Have To File Taxes On Ssdi

    Should I File A Tax Extension

    Thinking about requesting an extension? To file a tax return extension, youll need to fill out Form 4868. This will give you until October 17 to file your tax return. Generally, people request this extension if theyre unable to locate important tax forms and are waiting for a duplicate. Sometimes, certain life events can cause you to need an extension, like:

    • A natural disaster
    • An illness in the family
    • A death in the family

    There is also a common misconception that tax extensions dont apply to people who cant make a payment on their owed taxes. The IRS does offer payment plans for anyone who cant pay the full amount owed up front.

    The Bottom Line On The Tax Filing Deadline

    Tuesday is the last day to file taxes

    So thats the who, when, and where of tax deadlines this year. Now you know the last day to file taxes. Are you planning on filing as soon as possible or waiting until the 15th of April?

    If youve found yourself in a situation where you owe the IRS and dont have the money to pay it all at once, dont panic. Make sure to file your return on time so you can avoid the 5% per month failure to file penalty.

    Pay as much as you can afford by the tax deadline to reduce the amount youll pay in penalties and fees, and set up a short-term or long-term payment plan to further reduce your failure to pay penalties.

    Finally, consider adjusting your W-4 withholding amounts and/or making estimated tax payments to ensure you dont find yourself in the same situation again in the future.

    Read Also: How To Report Ppp Loan Forgiveness On Tax Return

    Awaiting Processing Of Previous Tax Returns People Can Still File 2021 Returns

    Rettig noted that IRS employees continue to work hard on critical areas affected by the pandemic, including processing of tax returns from last year and record levels of phone calls coming in.

    “In many areas, we are unable to deliver the amount of service and enforcement that our taxpayers and tax system deserves and needs. This is frustrating for taxpayers, for IRS employees and for me,” Rettig said. “IRS employees want to do more, and we will continue in 2022 to do everything possible with the resources available to us. And we will continue to look for ways to improve. We want to deliver as much as possible while also protecting the health and safety of our employees and taxpayers. Additional resources are essential to helping our employees do more in 2022 and beyond.”

    The IRS continues to reduce the inventory of prior-year individual tax returns that have not been fully processed. As of December 3, 2021, the IRS has processed nearly 169 million tax returns. All paper and electronic individual 2020 refund returns received prior to April 2021 have been processed if the return had no errors or did not require further review.

    Taxpayers generally will not need to wait for their 2020 return to be fully processed to file their 2021 tax returns and can file when they are ready.

    More articles

    Popular Articles