Remember These Tax Filing Dates
Apart from the opening date of tax-filing season, the IRS also outlined important closing dates.
You have until approximately Tuesday, April 15, to file your 2021 returns.
If you have tax software or work with a tax professional, it might be worth filing your returns now, or at least getting all the paperwork ready. Of course, these third parties are still subject to the same filing dates as everyone else, but having everything sorted will lead to a stress-free tax season.
Federal Tax Deadline Extensions
The federal tax filing deadline for 2020 taxes has been automatically extended to May 17, 2021. Due to severe winter storms, the IRS has also extended the tax deadline for residents of Texas, Oklahoma and Louisiana to June 15, 2021.
This extension also applies to 2020 tax payments. Individual taxpayers may defer tax payments until the new filing deadline, interest and penalty free. The new federal tax filing deadline is automatic, so you don’t need to file for an extension unless you need more time to file after May 17, 2021.
If you file for an extension, you’ll have until October 15, 2021 to file your taxes. But, you’ll still need to pay any taxes you owe by May 17.
The new federal tax filing deadline doesn’t apply to 2021 estimated tax payments. First and second quarter estimated tax payment deadlines are still April 15, 2021 and June 15, 2021.
Do I Also Have To Pay Estimated State Taxes
It depends. If you live in one of the few US states with no income tax, your responsibility ends with the estimated federal taxes we’ve discussed. However, if your state does levy income taxes, you will make estimated tax payments using the same deadlines for federal taxes. Visit your state’s department of revenue website or consult your tax adviser or tax software service for more personalized information.
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How Late Can I File My Taxes
Asked by: Adella Littel
Individual tax filers, regardless of income, can use Free File to electronically request an automatic tax-filing extension. Filing this form gives you until to file a return. If October 15 falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day.
File Electronically In Just Minutes And Save Time
We know that filing your taxes can sometimes be unpleasant. That is why our helpful online tax preparation program works with you to make the filling process as pain-free as possible. Many filers can use our online tax software to electronically file their taxes in less than 15 minutes.
To use the E-file software, a visitor simply needs to create a free account , enter their taxpayer information, income figures, then any deductions they may have, and our software will calculate and prepare the return. Once a user has completed preparing their return they will be provided the option of either e-filing or printing and mailing. It’s as simple as that.
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Don’t File Before Ready
While taxpayers should not file late, they also should not file prematurely. People who file before they receive all the proper tax reporting documents risk making a mistake that may lead to processing delays.
Typically, year-end forms start arriving by mail or are available online in January. Taxpayers should review them carefully. If any of the information shown is inaccurate or not available, taxpayers should contact the payer right away for a correction or to ensure they have their current mailing or email address.
New this year, the IRS sent Letter 6419, Advance Child Tax Credit Reconciliation, in January 2022 to help individuals reconcile and receive the full amount of their 2021 Child Tax Credit. This letter includes the total amount of the 2021 advance Child Tax Credit payments issued and the number of qualifying children used to calculate their advance payments. People need this important information to accurately claim the other half of the 2021 Child Tax Credit when filing their 2021 tax return and prevent delays in processing. The IRS reminds people to check this information carefully.
What If My Ctc Advance Payment Amount Was Wrong
Your CTC advance payments may have been too little or too much. Your advance payment amount could have been wrong because:
- The number of children in your household changed. You may have had a new baby in 2021 or your children were no longer living with you.
- Your income changed. Your income may have been lower or higher in 2021. Since advance payments were based on your 2019 or 2020 tax return, the payments may not have accurately reflected how much you currently made.
- Your marital status changed. If you got divorced in 2021 and you were claiming the children on your 2021 tax return , you may have missing all or some of the advance payments that you were eligible for.
- Garnishment. While your CTC advance payments were protected from tax debts, state and federal debts, and past-due child support, the advance payments were not protected from garnishment by your state, local government, and private creditors.
If you wanted to adjust your advanced payment amounts, you could have:
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Understand How Your Taxes Are Determined
The government decides how much tax you owe by dividing your taxable income into chunks also known as tax brackets and each chunk gets taxed at the corresponding tax rate. The beauty of this is that no matter which bracket youre in, you wont pay that tax rate on your entire income.
The progressive tax system in the United States means that people with higher taxable incomes are subject to higher federal income tax rates, and people with lower taxable incomes are subject to lower federal income tax rates.
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What Happens If I Didn’t File My Taxes Last Year
Filing as soon as possible and paying as much of the amount you owe as possible is critical. For late-filed tax returns, two types of penalty applya Failure to File penalty and a Failure to Pay penalty. In addition, the IRS charges interest on penalties. Unsurprisingly, penalties and interest can add up quickly.
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You Can Start Filing Your Taxes Now
The IRS will be opening the tax filing season in mid-January, but theres no need to wait until then to file your taxes.
Online tax filing allows you to be one of the first in line to get your tax refund. They will securely hold your tax return and submit it to the IRS when they start accepting tax returns.
Local Taxpayer Service Offices
Taxpayer Service Offices will be open from 8:30 a.m. to 4:30 p.m., Monday through Friday by appointment only. In order to make an appointment at one of our branch offices, please access the appointment scheduler at . Our branch offices will assist taxpayers to fill out and electronically file Maryland income tax forms for free. Please bring any W-2 statements or other withholding statements, such as 1099s, that you have, along with your completed federal income tax return.
Taxpayers can receive assistance via phone.
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Can I File Taxes After April 18
If you missed the April 18 tax deadline, you may cut back on penalties by filing your return promptly, according to the IRS. While it’s too late to request an extension, you can still reduce monthly late fees. Failure to file costs 5% of unpaid taxes per month and late payments incur 0.5%, both capped at 25%.
Tax Time Guide: Important Considerations Before Filing A 2021 Tax Return
IR-2022-23, February 1, 2022
WASHINGTON Now that the 2022 tax season is open, the Internal Revenue Service reminds taxpayers to make sure they’ve got what they need before they file and to consider free resources available to help them get organized.
This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available at IRS.gov or in Publication 17, Your Federal Income Tax .
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I Got An Irs Letter Saying It Sent Me A Stimulus Check Is That Reportable And Taxable
The IRS recently mailed Letter 6475 to taxpayers who received a third round stimulus payment, which the agency started sending out in March 2021.
While the payment isnt taxable, you should report the number from that letter on your 2021 return. The last thing you want is for there to be a discrepancy between the IRS records and whats on your return. That will cause delays in processing your return and issuing your refund.
And youll want to use that number to work out whether the IRS actually owes you more by way of a recovery rebate credit, once you calculate how much more of the stimulus payment youre due on the basis of your actual 2021 income. Taxpayers who earned less in 2021 than 2020 may be eligible for more money. The same goes for anyone who had a child last year. And for very low-income taxpayers who didnt receive any payment, filing a return now is your chance to claim it.
When Are Estimated Taxes Due
Estimated taxes are paid quarterly, usually on the 15th day of April, June, September and January of the following year. One notable exception is if the 15th falls on a legal holiday or a weekend. In those cases, you must file your return by the next workday.
The deadlines for 2022 estimated taxes are in the table below.
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Canada Tax Checklist: What Documents Do I Need To File My Taxes
Picture this. Tax season has snuck up on you once again and youre scrambling trying to find all the documents you need, trying to make sure youre not forgetting anything.
You may not have an idea of where to start and this is why having a tax checklist is important and a great way to stay organized. In this article, well go through everything you need to have handy when filing your taxes.
Access Your Tax Refund Quickly And Safely
If you think you may receive a refund, here are some things to think about before you file your return:
- If you already have an account with a bank or credit union, make sure you have your information ready — including the account number and routing number — when you file your tax return. You can provide that information on the tax form and the IRS will automatically deposit the funds into your account.
- If you have a prepaid card that accepts direct deposit, you can also receive your refund on the card. Check with your prepaid card provider to get the routing and account number assigned to the card before you file your return.
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Special Rules For Taxpayers Age 65 And Older
Taxpayers who are age 65 or older have different, more generous filing thresholds. You would be considered age 65 for tax purposes if you were born on Jan. 1, 1957. However, the age-65 rule doesnt apply to you if your income for the tax year was $5 or more and you were married but dont file a joint return.
For most people, Social Security benefits dont count toward your income. However, they will if:
- You lived with your spouse at any time during the tax year and are submitting a married-filing-separate return.
- Half of your Social Security benefits plus your other gross income and tax-exempt interest exceeds $25,000
You Can Get More When You File
When filing your taxes, you will get the full amount of Child Tax Credit, even if you received less in monthly payments last year than you may have been eligible for.
You will be able claim the full amount of any remaining Child Tax Credit benefits you are eligible for against any 2021 tax liability you owe and receive any leftover amount as a refund payment.
Any amount of monthly Child Tax Credit payments received last year will reduce the amount of remaining Child Tax Credit benefit you are eligible for when tax filing.
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Gather Tax Filing Information
Youll need to do this whether youre hiring a tax preparer or doing the tax filing yourself. The goal is to gather proof of income, expenses that might be tax-deductible or win you a tax credit, and evidence of taxes you already paid throughout the year. Our tax prep checklist has more guidance, but heres a short version of what to round up:
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Social Security numbers for yourself, as well as for your spouse and dependents, if any.
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W-2 form, which tells how much you earned in the past year and how much you already paid in taxes.
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1099 forms, which are a record that some entity or person not your employer gave or paid you money.
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Retirement account contributions.
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State and local taxes you paid.
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Educational expenses.
What If I Filed An Extension On Time
Well done. Youve got until Oct. 15, 2022, to file your tax return if you filed a tax extension by the April 18 deadline. As long as you paid an estimated amount thats close to what you owe, you wont be subject to fines or penalties if you file your return and pay any remaining tax liability by Oct. 15.
If you didnt pay enough money with your tax extension, you may be subject to the late payment penalty. The IRS expects your estimated payment to be at least 90% of your total tax liability. The agency may charge a 0.5% per month penalty on the amount of unpaid taxes if you paid less than that, so you should still complete your tax return and file it as soon as possible.
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Possible Refund Delays Because Of New Laws
One primary reason for the expected refund delays is a new law that forces the IRS to withhold refunds when the EITC, Earned Income Tax Credit, and ACTC, Additional Child Tax Credit, have been claimed on a persons taxes.
The 2015 act was passed to allow the IRS to combat fraud and issue correct refunds. Once your refund has been approved and cleared for payment, the funds will be processed.
What Are Estimated Taxes
If you earn or receive income that isn’t subject to federal withholding taxes throughout the year — side hustle earnings or income from a rental property, for example — you’ll pay as you go with estimated taxes. Estimated tax is a quarterly payment based on your income for the period. Essentially, estimated tax allows you to prepay a portion of your income tax every few months to avoid paying a lump sum on Tax Day.
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When Do I Get My Tax Refund
The answer to when will I get my tax refund depends from year to year.
Generally, the IRS has said that about 90% of refunds are issued within 21 days of when the return was received.
You can check on the status of your refund on the IRS website or at our Wheres My Refund page. Live updates will appear the same day e-file opens. Using this tool, you can easily track the progress of your return as it is processed.
Taxpayers Can Access Irs Free File In Four Easy Steps:
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Do You Have To File A Return
File a return for 2021 if:
- You have to pay tax for the year
- You want to claim a refund
- You want to claim the Canada workers benefit or you received CWB advance payments in the year
- You or your spouse or common-law partner want to begin or continue receiving credits and benefits such as:
- guaranteed income supplement
Note
If you have a spouse or common-law partner, they also have to file a return. For more information, see Booklet T4114, Canada Child Benefit and related federal, provincial, and territorial programs, and Guide RC4210, GST/HST Credit.
Check Out More Child Tax Credit Resources
- GetCTC.org:This mobile-friendlytoolis created in partnership with the White House and allow people to sign up for their CTC and any missed third stimulus payments. You can use GetCTC through November 15, 2022.
- Free Tax Filing: This webpage lists free in-person and virtual tax filing resources you can use toget your CTC and any other tax credits you are eligible for. These resources include help from IRS-certified volunteers to file your taxes.
- ChildTaxCredit.com: This website features FAQs and a CTC eligibility calculator that can help you understand how much you can get from the credit.
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