When Are Personal Taxes Due 2021

When Are Estimated Taxes Due In 2022

Those who pay estimated taxes have a slightly different filing schedule than everyone else. People who pay quarterly estimated taxes include the self-employed, as well as those who work similar entrepreneurial or independent contractor jobs. If your paycheck doesnt have income taxes taken out before the money gets to you, then this requirement applies to you.

Estimated taxes are due quarterly and must be submitted with Form 1040-ES. Heres when those payments are due:

• First-quarter payments: April 18, 2022
• Second-quarter payments: June 15, 2022
• Third-quarter payments: Sept. 15, 2022
• Fourth-quarter payments: Jan. 17, 2023

Note: Like Tax Day, quarterly tax payments are due on April 18 this year. But because Jan. 15, 2023, is a Sunday, and Monday, Jan. 16 is Martin Luther King Jr. Day , the deadline to pay estimated taxes on the self-employment income you earn in the fourth quarter of 2022 has been pushed to Jan. 17, 2023.

This is the standard schedule to follow, provided nothing interferes.

If youre an employee who earns tips, youre required to report all your monthly tip earnings to your employer by the 10th of the following month. Your employer is responsible for sending those numbers to the IRS, as well as for adjusting how much money comes out of your paycheck to satisfy your tip withholding.

How Do I Claim This Tax Relief

Filing and penalty relief are automatically provided to taxpayers with an IRS address recorded in the declared disaster areas. Should you receive a late filing or payment penalty notice from the IRS that you believe is eligible for tax relief, please get in touch with the IRS or your CRI advisor for assistance in sorting the matter.

For all questions regarding the coordinated federal response or disaster recovery, please visit DisasterAssistance.gov.

Can You Pay Estimated Taxes Anytime

You can do this at any time during the year. Remember, the schedule set by the IRS is a series of deadlines. You can always make a payment before a set date, and you can cover your entire liability in one payment if you want to. You dont have to divide up what you might owe into a series of four quarterly payments.

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File For An Extension By Tax Day

If you can’t finish your return by the April 18 tax deadline, file IRS Form 4868. This will buy most taxpayers until Oct. 17 to file their tax returns. See more about how extensions work.

Note: A tax extension gets you more time to file your return, not more time to pay your taxes. You still must pay any tax you owe, or a good estimate of that amount, by the tax deadline. Include that payment with your extension request or you could face a late-payment penalty on the taxes due.

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Update: Notice On The Status Of The City Of Detroit Individual Income Tax Due Date Extended To May 17

Date: April 26, 2021

The Department issued Notice on the Status of the City of Detroit Individual Income Tax Return Deadline on March 25, 2021. At the time that the Notice was issued, the Internal Revenue Service had extended the filing deadline for individual 2020 returns from April 15, 2021 to May 17, 2021. The Departments Notice advised City of Detroit individual taxpayers that there was no statutory authority to similarly extend the deadline for City of Detroit 2020 income tax returns.

On April 22nd, 2021 PA 7 was enacted. The new law extends the filing deadline for individuals under the City Income Tax Act to match the federal filing deadline. Therefore, individuals who file a City of Detroit income tax return now have until May 17, 2021 to file without incurring penalty or interest.

Additional 2020 City of Detroit individual income tax filing information:

• Extensions beyond May 17, 2021. Individual taxpayers who need additional time to file beyond the May 17th deadline can request a filing extension until October 15th by filing a CITY Income Tax Return Application for Extension of Time to File by May 17th. An extension of time to file does not extend the time to pay tax. Tax is due by May 17, 2021.
• Estimated payments for 2021. This relief does not apply to 2021 estimated tax payments that are due on April 15, 2021. These payments are still due on April 15th.

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What Happens If You Miss The Tax Filing Deadline And Are Owed A Refund

If you overpaid for the 2021 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 2021 tax returns, the window closes in 2025. After three years, unclaimed tax refunds typically become the property of the U.S. Treasury.

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.

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File Electronically And Choose Direct Deposit

To speed refunds, the IRS urges taxpayers to file electronically with direct deposit information as soon as they have everything they need to file an accurate return. If the return includes errors or is incomplete, it may require further review that may slow the tax refund. Having all information available when preparing the 2021 tax return can reduce errors and avoid delays in processing.

Most individual taxpayers file IRS Form 1040 or Form 1040-SR once they receive Forms W-2 and other earnings information from their employers, issuers like state agencies and payers. The IRS has incorporated recent changes to the tax laws into the forms and instructions and shared the updates with its partners who develop the software used by individuals and tax professionals to prepare and file their returns. Forms 1040 and 1040-SR and the associated instructions are available now on IRS.gov. For the latest IRS forms and instructions, visit the IRS website at IRS.gov/forms .

Most Important Tax Dates For Business Owners

The following are the most important tax dates for businesses that use a calendar year as their tax year. If your business uses a fiscal year, taxes are due on the 15th day of the third or fourth month after the business tax year, depending on what type of business it is.

The dates for corporations are different from the dates for partnerships and S corporations because the partnership and S corporation income passes through to the owners of the business. Corporations, on the other hand, pay the taxes themselves.

Heres an at-a-glance look at the most important tax dates for business owners in 2021:

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Natural Disaster Victims Get Tax Filing And Payment Extensions

If the Federal Emergency Management Agency declares a disaster area following a natural disaster, the IRS usually offers tax relief for the disaster victims in the form of tax filing and payment extensions. In the case of certain recent natural disasters, the April 18 tax filing and payment deadline was extended for individuals and businesses residing or located in the disaster area.

• Wildfires and straight-line winds in New Mexico that began on April 5 .

What If You Miss A Deadline

You’ll probably be hit with a financial penalty, such as an extra interest charge, if you don’t submit a tax return and make any payment that is due by its appropriate deadline. There are two main penalties you may face:

• Failure-to-file penalty:This penalty for 1040 returns is 5% of the tax due per month as of tax year 2021, up to a cap of 25% overall, with additional fees piling up after 60 days.
• Failure-to-paypenalty: This penalty is 0.5% for each month, or part of a month, up to a maximum of 25%, of the amount of tax that remains unpaid from the due date of the return until the tax is paid in full.

If both are penalties are applied, the failure-to-file penalty will be reduced by the failure-to-pay penalty amount for that month. If you are on a payment plan, the failure-to-pay penalty is reduced to 0.25% per month during that payment plan schedule. If you don’t pay the taxes you owe within 10 days of receiving a notice from the IRS that says the agency intends to levy, then the failure-to-pay penalty is 1% per month.

Generally, interest accrues on any unpaid tax from the due date of the return until the date of payment in full. To avoid fees and required payments, the IRS recommends you should file your return as soon as possible if you miss a deadline.

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Volunteer Income Tax Assistance

The IRS’s Volunteer Income Tax Assistance program offers free basic tax return preparation to people who generally make $58,000 or less and people with disabilities or limited English-speaking taxpayers. While the majority of these sites are only open through the end of the filing season, taxpayers can use the VITA Site Locator tool to see if there’s a community-based site staffed by IRS-trained and certified volunteers still open near them.

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Why Are Taxes Due April 18 Instead Of April 15 This Year

Tax Day is usually on April 15. But when a tax deadline falls on a Saturday, Sunday or holiday, it’s pushed back to the next available business day. April 15 was on a Friday this year, so the weekend rule didn’t apply. But Emancipation Day was observed in the District of Columbia on April 15. The holiday honors the end of slavery in Washington, D.C. Since April 15 was a legal holiday in D.C., the IRS couldn’t require tax returns to be filed that day. The next business day was April 18 so that became the new federal income tax filing deadline this year for most people.

How To File Your Tax Return Electronically

You might want to e-file your late return if you haven’t missed that deadline as well. Many taxpayers can e-file at IRS Free File if their AGIs were under $73,000 in 2021. Some other rules can apply as well, imposed by the individual software providers that participate in the Free File Alliance.

The IRS will accept e-filed returns until November. It will announce the exact November cutoff date sometime in October 2022.

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Do Surrounding Areas Outside Of Florida North Carolina And South Carolina Qualify For An Extension

The IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers, assisting the relief activities, and affiliated with a recognized government or philanthropic organization.

Individual Income Tax Filing Due Dates

• Typically, most people must file their tax return by May 1.
• Fiscal year filers: Returns are due the 15th day of the 4th month after the close of your fiscal year.

If the due date falls on a Saturday, Sunday, or holiday, you have until the next business day to file with no penalty.

Filing Extensions

Can’t file by the deadline? Virginia allows an automatic 6-month extension to file your return . No application is required. You still need to pay any taxes owed on time to avoid additional penalties and interest. Make an extension payment.

• Foreign Income Exclusion

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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.

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.

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Important Changes To The Auto

If you agree with the auto-assessment, after viewing your assessment, you do not need to do anything further, the return will be regarded as submitted and final.

If you are not in agreement with the assessment, you can access your tax return via eFiling or SARS MobiApp, complete the return, and file it. This must be done within 40 business days from the date that your assessment was issued to you.

You can view the auto-assessment by:

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.

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