What Is The Tax Deadline This Year

What Is The Best Way To Make Sure That I Am Withholding The Right Amount Of Taxes

The Department recommends reviewing federal and state Form W-4s at the beginning of the year or when your status changes . All Vermont employees should complete the W-4VT to make sure the right amount of Vermont tax is withheld from each paycheck. Completing only the federal Form W-4 may result in the wrong amount of Vermont tax being withheld.

Know The Tax Deadlines That Apply To You So You Don’t Get Hit With Irs Penalties Or Miss Out On A Valuable Tax Break

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If you miss a tax deadline, the IRS can hit you hard with penalties and interest. For instance, the standard penalty for failing to file your annual tax return on time is 5% of the amount due for each month your return is late. If you pay your taxes late, the monthly penalty is 0.5% of the unpaid amount, up to 25% of what you owe, plus interest on the unpaid taxes. Similar penalties apply for missing other deadlines. And there could also be other negative consequences for being late, like losing out on a valuable tax break.

• Tax Changes and Key Amounts for the 2022 Tax Year

It’s easy to avoid these headaches, though just don’t miss the deadline! But we realize that it’s not always easy keeping track of all the various IRS due dates. So, for those of you who need a little help remembering when to file a return, submit a report or pay a tax, we pulled together a list of the most important 2022 federal income tax due dates for individuals. There’s at least one deadline in every month of the year, so play close attentionwe don’t want you to get in trouble with the IRS.

NOTE: Some of the 2022 due dates listed below are extended for victims of recent natural disasters. In addition, several 2021 due dates were extended to January 3, 2022, for other natural disaster victims. In the case of Mississippi water crisis victims, several 2022 deadlines are pushed into 2023. For more information on these extensions, see our articles for victims of:

Note: The Hsa Contribution Deadline And Ira Contribution Deadline Are The Same As The Tax Deadline

Note that the HSA contribution deadline and IRA contribution deadline also fall on the same day as the tax deadline. This means you have a few additional months to contribute for the tax and calendar year, beyond the actual tax and calendar year end. You can also open new accounts to contribute to up until the same date, which is great news for savers.

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Estimated Tax Filing Deadlines For 2022

While the regular filing deadline is what will be needed for most employees, if you have self-employment income, then you’ll also want to be sure that you’re taking care of paying your estimated taxes for the year. There are 4 deadlines throughout the year to pay your estimated tax for each quarter, and generally speaking, they always fall in the middle of April, June, September, and January. For 2022, the estimated tax payment dates are:

What Happens If You Miss The Tax Deadline

A good reason to file taxes early is to avoid the risk of submitting them after the deadline has passed.

There are no penalties for missing a deadline if youre expecting a tax refund, but if you owe tax, the IRS will hit you with a failure to file penalty.

The IRS will fine you 5% of the unpaid tax, and you could face extra charges if you still havent filed your taxes two months after the initial date.

Try to avoid these penalty fees at all costs, as the minimum amount will be 100% of the tax required or $435, whichever sum turns out to be smaller.

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When Are 2022 Taxes Due

Each year, the IRS sets the due date for filing your federal tax return for April 15 if youre a calendar year filer. Generally, most individuals are, though if you have a business that uses a fiscal year that differs from a calendar year, your return is due on or before the 15th day of the 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 of tax filing for 2021 taxes was April 18, 2022, unless you lived in Maine or Massachusetts, where your last day of tax filing was April 19, 2022, because of holidays. Likewise, you could have submitted Form 4868 to request an extension to file later this year.

The last day to do taxes isnt the only important tax deadline to know, however. There are several other important tax deadlines for the 2022 tax year you should know, or for the taxes youll file in 2023. If you’re wondering, “When are taxes due, anyway?” Here are the important dates at a glance.

Tax Deadlines: January To March

• : Deadline for employees who earned more than $20 in tip income in December to report this income to their employers on Form 4070.
• :Deadline to pay the fourth-quarter estimated tax payment for tax year 2021.
• : Your employer has until Jan. 31 to send you your W-2 form reporting your 2021 earnings. Most 1099 forms must be sent to independent contractors by this date as well.
• :Deadline for employees who earned more than $20 in tip income in January to report this income to their employers. You can use Form 1070 to do so.
• : Deadline for financial institutions to mail out Form 1099-B relating to sales of stock, bonds, or mutual funds through a brokerage account, Form 1099-S relating to real estate transactions and Form 1099-MISC, unless the sender is reporting payments in boxes 8 or 10.
• : Deadline for businesses to mail Forms 1099 and 1096 to the IRS.
• : Deadline for farmers and fishermen to file individual income tax returns unless they paid 2021 estimated tax by Jan. 18, 2022.
• : Deadline for employees who earned more than $20 in tip income in February to report this income to their employers.
• :Deadline for corporate tax returns for tax year 2021, or to request an automatic six-month extension of time to file for corporations that use the calendar year as their tax year, and for filing partnership tax returns or to request an automatic six-month extension of time to file .
• : Deadline for businesses to e-file Forms 1099 and 1098 to the IRS, except Form 1099-NEC.

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What Is The Department Doing To Help Prevent Fraud

Because fraudsters work hard to devise new ways to steal identities and money, the Department continues to experience attempted tax refund fraud. The Vermont Department of Taxes works with the IRS, other state revenue departments, and companies and trade associations in the tax and financial services industries to develop and implement new procedures to help protect taxpayer money.

Submitting false W-2 information is a favorite tactic of fraudsters. Because of this, the Department continues efforts to validate wage withholding information with filings and payments by employers. The Department has emphasized the February 1 due date for employers to file W-2 information. Filing this information electronically with the Department by the due date prevents a frequent source of refund delay. Learn more about identity theft and fraud.

Reasons To File A Tax Deadline Extension

You may want to file a tax deadline extension for a number of reasons. For the majority of people, it makes more sense to just file your taxes on time. This is because you will either delay receiving a refund if youre getting one, or you could end up paying penalties and fees if you owe tax and didnt pay on time. Here are the top reasons you may consider filing an extension:

• Your returns arent done: If you havent had enough time to thoroughly go through your return and make sure its accurate and has taken advantage of all the possible deductions, then you may want to file an extension.
• Missing information: If you havent received information from an employer, for example, you wont be able to file on time.
• You know youre receiving a refund: If you know youre getting a refund and want to push receiving it until the fall, then filing an extension might work well for you.
• Your business filed an extension: If you have business taxes that are falling to your personal tax return and the business filed an extension, then youll likely be forced to file one for your personal returns as well.

Keep in mind that you should be very careful about filing an extension if you think youre going to owe tax to the government. You dont want to be hit with penalties or fees for not paying on time. You also want to be careful that if you are extending to make sure you file the proper paperwork so that you dont receive a no-file penalty as well.

Read Also: How Much Can You Make And Not File Taxes

New Energy Price Cap Announced

Ofgem has said it will continue to announce the cap on household energy prices, despite the Government saying it would guarantee lower bills for customers.

The next announcement is set for November 24.

The energy regulator plans to still make the announcements every three months, as it continues to regulate how much energy suppliers can charge for their services.

Prime Minister Liz Truss announced that the Government would guarantee that the average household will pay no more than £2,500 in its energy bills.

But the guarantee is a maximum price per unit of gas and electricity, so households that use more than the average will see their bills higher than that.

Ways To File An Extension Application

The IRS offers several ways to apply for an extension:

• IRS e-file: This is the IRS’s electronic filing program. You can choose either guided tax preparation or Free File fillable forms. Be sure to start the process on the IRS website. If you go directly to a company website, you won’t be participating in the IRS’s Free File option.
• Electronic payment: If you make an electronic payment, the IRS will automatically process a filing extension.
• E-file with tax software or a tax professional: Check your tax preparation software or talk with your tax professional about how to file for an extension.
• Paper filing: You can download and print a paper form from the IRS website. You can also order a paper copy of form 4868 from the Forms and Publications by U.S. Mail page or by calling 800-TAX-FORM . Fill it out and mail it to the IRS according to the mailing instructions included with the form.

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Requirements For Federal Excise Tax

Pay special attention to which types of excise tax forms you may be required to file.

• File Form 720 if you are required to pay quarterly Federal excise tax returns
• File Form 11-C if you need to file for wagering income
• File Form 2290 if your business uses heavy highway vehicles

Furthermore, you must file these forms each quarter of the calendar year, with due dates as follows:

• for first quarter
• for second quarter
• for third quarter
• for fourth quarter of the previous year

Allocate Estimated Tax Payments

A trust or decedents estate may choose to distribute estimated tax payments to beneficiaries.

To distribute the estimated tax payments to beneficiaries, the trust or decedents estate must file Form 541-T by the 65th day after the close of the current taxable year.

If a trust files by calendar year, it must file Form 541-T by .

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National Insurance Cut By 125% Points

Millions of households have been given a tax cut worth hundreds of pounds after the Chancellor reversed the National Insurance rate rise.

National Insurance increased by 1.25 percentage points in April this year, jumping from 12% to 13.25%.

The exact amount that you will save will depend on how much you earn.

Personal finance experts at Hargreaves Lansdown crunched the numbers for The Sun on how much different earners will save:

• Those on £20,000 will save £93 a year
• Individuals earning £30,000 a year will save £218 a year
• Those on £40,000 will save £343 a year
• Those on £50,000 will save £468 a year
• Individuals on £60,000 will save £593 a year
• Lower earners, on less than £12,570 a year, won’t benefit from the change

What’s The Deadline For Filing Your Federal Tax Return

• The deadline for filing federal taxes this year for most taxpayers is Monday, April 18.
• Taxpayers in Maine and Massachusetts, however, have until because of the observance of Patriots’ Day in those states.
• The IRS has also announced extended federal tax filing deadlines for victims of winter storms in parts of Tennessee, Illinois and Kentucky, and victims of wildfires in Colorado. An extended May 16 deadline is limited to affected counties, which can be found on the IRS’ page on tax relief in disaster situations.
• In addition, if you’re serving in the military abroad, including in a combat zone or as part of a contingency operation in support of the US Armed Forces, you may be granted additional time to file your return.

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Major Changes To Universal Credit

Over 150,000 on benefits will face tougher rules if they do not work enough hours from January.

People on Universal Credit working the equivalent of 12 hours or less are expected to meet regularly with a work coach and take active steps to boost their pay.

But that will rise to 15 hours a week at the National Living Wage.

How To File Your Federal Income Taxes

Many individuals work with a tax professional or use tax preparation software to file their income taxes. Another option is the Free File Program offered by the IRS. If your adjusted gross income is $73,000 or less, Free File offers tax preparation services through a partner site at no cost. If your AGI is above $73,000, you can use IRS Free File to prepare your own taxes online for free.

If youre expecting a refund, youll want to file electronically if possible. Individuals who do so typically receive their refund within three weeks of when the IRS received it. You can also choose to mail a paper return to the IRS, but it may take six to eight weeks to process.

However, the COVID-19 pandemic has caused considerable delays in processing paper returns.

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Free File Available January 14

IRS Free File will open January 14 when participating providers will accept completed returns and hold them until they can be filed electronically with the IRS. Many commercial tax preparation software companies and tax professionals will also be accepting and preparing tax returns before January 24 to submit the returns when the IRS systems open.

The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds as well having all the information they need to file an accurate return to avoid delays. The IRS’s Free File program allows taxpayers who made $73,000 or less in 2021 to file their taxes electronically for free using software provided by commercial tax filing companies. More information will be available on Free File later this week.

Tax Day Now July : Treasury Irs Extend Filing Deadline And Federal Tax Payments Regardless Of Amount Owed

IR-2020-58, March 21, 2020

WASHINGTON The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.

The IRS will continue to monitor issues related to the COVID-19 virus, and updated information will be posted on a special coronavirus page on IRS.gov.

Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people.

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Important Due Dates For Filing Your 2021 Tax Return And Making Payments

The Balance / Catherine Song

Tax filing season can be stressful, but if you plan ahead, the process can be much more seamless.

Generally, April 15 is the official deadline for filing your federal income tax return each year, but that date isn’t carved in stone. The deadline moves to the next business day when April 15 falls on a Saturday, a Sunday, or a legal holiday, and other national events can shift it as well. For example. the tax filing deadline in 2022 is April 18 .

The Internal Revenue Service typically begins processing tax returns in late January of each year, but you can start filing as soon as you have all of the necessary paperwork together. In this guide, you’ll learn all of the important dates to know in 2022 in order to ensure a smooth and easy tax filing process.