Tax Due Dates For 2022
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Filing your taxes can seem like a maze of dates and forms. Get one wrong, and youve wasted a lot of time and may have incurred late fees.
The main tax deadline for personal taxes is Monday, April 18, 2022.
Payment Of Estimated Taxes
Payment of estimated taxes is due in installments. Due dates are mid-April, June, September, and the January following the last month of the calendar year. If the due date falls on a national or state holiday, Saturday or Sunday, payment postmarked by the day following that holiday or Sunday is considered on time.
Estimated payments can be made by one of the following methods:
Filling out ES-40.
When Are The Quarterly Estimated Tax Payments Due
Quarterly tax payments are due April 15, June 15 and September 15 of the tax year, and January 15 of the next year. Your income tax liability accrues on income as it is earned, rather than being due on April 15 of the next year.
If you receive income unevenly during the year you may annualize your income. Complete the MI-2210 Annualized Income Worksheet to determine what quarter your payments are due.
You may make estimated tax payments using Michigan Department of Treasury’s e-Payments system or mail your estimated payment with a Michigan Estimated Tax voucher .
To ensure your estimated tax payment is received timely, allow 3 to 5 days for an electronic payment to be received and 2 weeks to post to your account. Allow 2 weeks for a mailed payment to be received and 8 weeks to post to your account.
Note: Payments that are not received by the due date will be applied to the following estimated tax quarter.
Penalty is 25% for failing to file estimated payments or 10% of underpaid tax per quarter. Interest is 1% above the prime rate.
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When Is Tax Day 2022
As of now, the deadline for filing your 2021 taxes is April 15, 2022. Typically, April 15 is designated by the U.S. government as the day taxes are due every year .
The IRS has yet to announce when it will start accepting 2021 tax returns, although in previous years, the date usually falls around mid-February. Filing ordinarily begins in January.
Will The Tax Deadline Be Extended Again
That remains to be seen. The IRS had no plans to extend the tax-filing deadline for the 2020 tax year, but it later changed course and pushed the standard April 15 deadline to May 17, 2021. The agency also delayed Tax Day the year prior in response to the COVID-19 pandemic.
While the state of the pandemic remains in flux, the IRS has so far given no indication that it will postpone the tax-filing deadline for the third year in a row. In addition, given the rules changes going into effect in 2022 – as well as potentially complicating factors, like this year’s expanded child tax credit payments and repayment of deferred Social Security taxes, taxpayers have even more incentive to get a head start on their 2021 returns.
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What If You Cant Pay Your Taxes
File your return anyway, and immediately apply for a payment plan if you can’t 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 don’t want to send a check to the IRS via snail mail, risking the extra time that might entail.
When Are Taxes Due Important Tax Deadlines And Dates
OVERVIEW
Make sure your calendar is up-to-date with these important deadlines, dates, possible extensions and other factors in play for both individuals and businesses in 2021.
For information on the third coronavirus relief package, please visit our American Rescue Plan: What Does it Mean for You and a Third Stimulus Check blog post.
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Underpayment Of Estimated Income Tax
An addition to tax is imposed by law if at least 90% of your total tax liability is not paid throughout the year by timely withholding and/or installments of estimated tax except in certain situations. The addition to tax does not apply if each required installment is paid on time and meets one of the following exceptions:
- Is at least 90% of amount due based on annualized income
- Is at least 90% of amount due based on the actual taxable income
- Is based on a tax computed by using your income for the preceding taxable year and the current year’s tax rates and exemptions
- Is equal to or exceeds the prior year’s tax liability for each installment period and the prior year return was for a full year and reflected an income tax liability or
- The sum of all installment underpayments for the taxable year is $150 or less
If you do not qualify for an exception, your underpayment computation will be based on 90% of the current year’s income tax liability or 100% of your liability for the preceding year, whichever is less. The addition to tax is computed on Form 760C .
What Are The New Due Dates For Estimated Tax Payments
NOTE: The due dates are generally April 15, June 15, September 15, and January 15 but if they fall on a weekend or holiday, the deadline is moved to the next workday. The dates above are when your 1040-ES should be postmarked. The postmark date lets the IRS know if the estimated tax payment is paid on time.
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Estimated Tax Payment Due Dates
The 2021-2022 New York State budget replaced the highest personal income tax bracket and rate for 2021 with three new brackets and rates. To determine if these changes will affect your 2021 estimated tax payments, see Estimated tax law changes. If you need to adjust already-scheduled payments due to the new brackets and rates, you may cancel and resubmit your scheduled estimated tax payments.
If you file your income tax or fiduciary return on a calendar year basis, you must make your first estimated tax payment for 2021 by April 15, 2021. You can either pay all your estimated tax with this first payment or pay it in four equal installments due on:
- 1st payment: April 15, 2021
- 2nd payment: June 15, 2021
- 3rd payment: September 15, 2021
- 4th payment: January 18, 2022
See Estimated tax law changes to determine if your 2021 estimated tax payments are impacted by recent tax rate changes.
What If I Need More Time
Don’t let a looming tax deadline force you to rush through the tax filing process and make a mistake on your return. Simply request an extension.
The IRS grants an automatic six-month extension of the tax filing deadline to anyone who requests it. You can request an extension electronically with TurboTax or mail Form 4868.
Just keep in mind, the tax extension gives you more time to file your return, not more time to pay the tax you owe. You’ll need to estimate the amount you owe and make your payment by the tax filing deadline.
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When Are Taxes Due For 2021 Tax Year Dates You Need To Know
Find Out: 8 New or Improved Tax Credits and Breaks for Your 2020 Return
You might not like paying taxes, but you certainly wont like paying interest, late filing fees and late payment fees if you miss the deadline to file taxes for tax year 2020. The Internal Revenue Service has several deadlines to file taxes and pay your taxes due so its important you are aware of all applicable dates.
When Are Quarterly Taxes Due In 2021
Each tax year is divided into four payment periods. January 15, 2021, was the deadline for quarterly payments on income earned from September 1 to December 31, 2020.
Here are the due dates for income earned in 2021:
- taxes due on earnings from January 1 – March 31, or for the full year ahead
- taxes due on earnings from April 1 – May 31
- taxes due on earnings from June 1 – August 31
- taxes due on earnings from September 1 – December 31
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Adoption Of Federal Tax Provisions
We are unable to provide any definitive guidance onconforming to the federalprovisions until the Legislaturesuccessfully passeslegislation.This would include:
- Provisionsfor the exemption of the first $10,200 of unemployment compensation
- Allowing PPP expenditures to be deductible when the PPP loan was forgiven
Any bill passed by the Hawaii State Legislature automatically becomes lawbyJuly 6th with or without the Governors signature, provided the Governor does not veto the bill.
Changes In Income Or Exemptions
If your expected Virginia adjusted gross income changes during the year, re-compute your estimated tax to determine how much your remaining payments should increase or decrease.
A change in income, deductions or exemptions may require you to file an estimated payment later in the year. If you file your state income tax return and pay the balance of tax due in full by March 1, you are not required to make the estimated tax payment that would normally be due on Jan. 15.
If you file your return after March 1 without making the January payment, or if you have not paid the proper amount of estimated tax on any earlier due date, you may be liable for an additional charge for underpayment of estimated tax.
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When Is Tax Day
The big âtax dayâ is usually April 15, 2021, this is when you have to file your taxes! However, for individual tax filers in 2021, this has been changed to May 17, 2021.
The IRS has also announced it is giving victims of the winter storms until June 15th, 2021 to file and pay business returns normally due on March 15th and April 15th. More information can be found on the IRS website. This extension applies to Texas, Oklahoma, and Louisiana.
Tax Year Vs Calendar Year
Not all taxpayers use Jan. 1 through Dec. 31 as their tax year. Some use a fiscal year, which is a 12-month period ending on the last day of any month except December, according to the IRS. In general, companies are the only ones that use a fiscal year for tax purposes, but if you are an individual and you keep your financial records on the basis of an adopted fiscal year, you can apply to use the fiscal year instead. If you want to change your tax year, and thus your tax return due date, you must apply for that via the IRS.
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Learn How To Calculate Your Estimated Payments
Every individual who must file a New Mexico personal income tax return must pay estimated tax under Section 7-2-12.2 NMSA 1978. You can meet this requirement through withholding or estimated tax payments. If you owe state income tax, you must pay estimated tax when the tax shown on the return for the year is more than the amount withheld under the Withholding Tax Act by at least $500. To make this calculation do not include tax withheld under the provisions of the Oil and Gas Withholding Tax Act .
If the difference between the tax shown on the return and withholding tax paid is more than $1,000 the Department determines whether the required annual payment was made and computes penalty on underpayment. The required annual payment is either 90% of the current years tax liability or 100% of the prior years tax liability. You must have filed a full-year New Mexico personal income tax return in the previous year to be eligible for the second option.
For calendar-year filers who owe estimated tax payments, estimated tax payments are due by April 15, June 15, and September 15 of the tax year, and by January 15 of the following year. If a due date is a Saturday, Sunday, a State or national legal holiday, the payment is timely when the postmark bears the next business days date. Delivery by a private delivery service is timely if the date on the delivery services records is on or before the required mailing date.
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If You Miss The Tax Filing Deadline And Are Owed A Refund
If you overpaid for the 2020 tax year, there’s typically no penalty for filing your tax return late. However, you should file as soon as possible.
Generally, you have three years from the tax return due date to claim a tax refund. That means for 2020 tax returns, the window closes in 2024. After three years, unclaimed tax refunds typically become the property of the U.S. Treasury.
Paid Family And Medical Leave Contributions
Employers, other business entities and self-employed individuals electing PFML coverage are required to file Quarterly Returns through MassTaxConnect.
The first required quarterly return will cover the period from October 1, 2019 to December 31, 2019 and must be filed on or before January 31, 2020. All subsequent return filings will be due on or before the last day of the month following a calendar quarters close.
For more PFML information visit:
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Whats New For 2021 Taxes
When using 2020s tax bill to project 2021s liability, take the following adjustments into account:
- Changes in Circumstances: Will a marriage or divorce change your filing status and the associated tax rates? Are you expecting a child who will result in a child tax credit? Will a new home purchase entitle you to more deductions for mortgage interest and real estate taxes?
- Inflation Adjustments: Dozens of tax breaks are adjusted annually for inflation, such as the IRS standard mileage rates. These may result in less tax liability, even if your income remained consistent from 2020 to 2021.
- New Tax Rules: The 2017 Tax Cuts and Jobs Act significantly altered the tax rules and will have the following continued effects through 2025:
- 2021 American Rescue Plan Changes: As part of the third stimulus package, the American Rescue Plan Act that was signed into law on March 11, 2021, the 2021 tax year will see key changes:
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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