Winter Storm Disaster Relief For Louisiana Oklahoma And Texas
Earlier this year, following the disaster declarations issued by the Federal Emergency Management Agency , the IRS announced relief for victims of the February winter storms in Texas, Oklahoma and Louisiana. These states have until June 15, 2021, to file various individual and business tax returns and make tax payments. This extension to May 17 does not affect the June deadline.
For more information about this disaster relief, visit the disaster relief page on IRS.gov.
Deadlines In Calendar Year 2022
Deadlines for filing taxes typically fall within the same, general range. When it comes to filing your 2021 tax return, these are the dates you need to know about.
- Receiving your W-2 Form: Your employer has until Jan. 31, 2022, 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.
- Individual income tax returns: April 15 falls on a weekday in 2022, but it is Emancipation Day which is celebrated in Washington, D.C., causing all businesses and government offices to close. Therefore, the filing deadline for your 2021 personal tax return, or Form 1040 or Form 1040-SR is Monday, April 18, 2022.
- Partnership and S-corporation returns:Returns for partnerships and S-corporations are generally dueMarch 15. If you request an automatic six-month extension, though, this date is Sept. 15, 2022.
- Corporation income tax returns: For corporations, the due date is April 18, 2022. The extended deadline is October 17, 2022. The deadline for C-corp returns is typically the 15th day of the fourth month following the end of the corporation’s fiscal year if the corporation operates on a fiscal year, rather than a calendar year.
As of Dec. 16, 2021, the 2022 IRS calendar does not include the filing dates and deadlines for: estate taxes, gift taxes, trusts, exempt organizations, certain types of corporations, foreign partnerships, or nonresident aliens. You can check the dates for each specific category in January 2022.
How To File 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 $72,000 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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Get Your Notice Of Assessment
If youre registered for My Account, you can obtain your in certified tax software. It will be available right after we receive and process your return. This year, your Express NOA is also available in My Account in the same timeframe. The PDF of your NOA will appear in My Account on the assessment date noted on your Express NOA.
What You Need To Know For The 2022 Tax
Canada Revenue Agency
Last year, Canadians filed almost 31 million income tax and benefit returns. Having the information you need on hand to file your return makes the filing process that much easier. We want to help you get ready, so you are in good shape when it comes time to file your return this year.
Here you will find information on filing options, COVID-19 benefits, and whats new for this tax-filing season.
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All You Need To Know Is Yourself
Answer simple questions about your life and TurboTax Free Edition will take care of the rest.
Estimate your tax refund andwhere you stand
Know how much to withhold from your paycheck to get
Estimate your self-employment tax and eliminate
Know which dependents credits and deductions
Estimate capital gains, losses, and taxes for cryptocurrency sales
See which education credits and deductions you qualify for
The above article is intended to provide generalized financial information designed to educate a broad segment of the public it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
Who Do I Contact If I Have Questions
The IRS said it plans to extend its phone hours on April 15 from 8 a.m. to 7 p.m. and on April 18 from 7:30 a.m. to 7 p.m. to help answer residents’ questions.
For the most up-to-date information, forms, schedules, and instructions for the 2022 tax season, residents can check tax.illinois.gov.
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What About The Child Tax Credit
Millions of Americans who have never filed a tax return will need to do so this year in order to claim what’s coming to them under the enhanced child tax credit.
Previously, only people who earned enough money to owe income taxes could qualify for the full credit.
But as part of the $1.9 trillion coronavirus relief package, President Joe Biden expanded the program, increasing the payments to up to $3,600 annually for each child aged 5 or under and $3,000 for those who are ages 6 to 17.
The monthly payments have amounted to $300 for each child 5 and younger and $250 for those between 5 and 17.
The government began to send the payments out an overall $93 billion on a monthly basis starting last July. Now, there are an additional six months’ worth of payments waiting to be claimed. And some families haven’t collected any of the benefits they’re due yet. In all, an estimated $193 billion is yet to be claimed.
The only way to receive that money is to file a tax return.
When Is The 2022 Deadline To File Taxes
While most Americans will have filed their taxes prior to Tax Day which generally falls on April 15 that isnt the deadline for filing this year.
Instead, the vast majority of Americans will have to file their taxes by Monday, April 18.
The date change is due Emancipation Day, a holiday observed in Washington D.C. marking the freeing of slaves, that is celebrated on April 16.
Federal employees are given the day off, including at the Internal Revenue Service.
This year, April 16 falls on a Saturday, meaning that the nearest weekday is on the 15th of the month.
As a result, the deadline for tax filing is pushed forward to April 18.
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Filing Due Dates For The 2021 Tax Return
For most people, the 2021 return has to be filed on or before April 30, 2022, and payment is due .
File your return early or before the due date to avoid being charged interest and penalties and to prevent a disruption to your benefit and credit payments, such as:
- GST/HST credit, including any related provincial or territorial credits
- Canada child benefit , including related provincial or territorial payments
- Old age security benefits
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When Are Taxes Due
2021 was an eventful year for taxes, from extensions and exemptions to loans and stimulus checks. Wondering how all of those changes might affect your tax deadlines for the 2021 tax year, taxes youll file in 2022? If you’re wondering, “When are taxes due, anyway?” here are the important dates at a glance.
Tax Filing Deadline For Maine And Massachusetts Residents
Residents of Maine and Massachusetts get an extra day until April 19 to file their federal income tax return. Why? Because Patriots’ Day, an official holiday in Maine and Massachusetts that commemorates Revolutionary War battles, falls on April 18 this year. So, for the same reason Tax Day is moved from April 15 to April 18 for most people , the IRS can’t set the tax filing and payment due date on April 18 for taxpayers in those two states. As a result, the deadline is shifted to the next business day for Maine and Massachusetts residents, which is April 19.
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Taxpayers May File For An Extension But They Must Make An Estimated Payment By The Tax Day Deadline
Need more time to prepare filing your taxes? The Internal Revenue Service allows Americans to file an extension on their taxes for up to six months, making the new deadline Oct. 15. To file a tax extension, youll need to submit Form 4868 to the IRS by the April 18 deadline. In doing so, youll be delaying your possible tax refund and you still need to pay any expected taxes you owe at the time that you file the extension to avoid late fees.
How The Due Date Is Determined
The Income Tax Act specifies the due dates above as April 30th and June 15th. The Interpretation Act s. 26 indicates that when the due date falls on a holiday, then the due date will be considered to be the next day that is not a holiday. The Interpretation Act s. 35 defines “holiday” by listing the applicable statutory holidays, and indicates that Sunday is considered a holiday. According to the Interpretation Act, Saturday is not considered a holiday. However, the CRA information on Important Dates for Individuals indicates that “When a due date falls on a Saturday, a Sunday, or a public holiday, we consider your payment to be paid on time or your return to be filed on time, if we receive it or if it is postmarked on the next business day.” Note that this isnot true of the remittance of an amount deducted or withheld , or payable by a corporation. Payments of theseamounts are deemed to have been made on the date that they are received by CRA, as per s. 248 of the Income Tax Act.
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What Are The Penalties For A Late Tax
The government wants every penny it is owed and wants it in good time. As such, there are penalties for filing a late tax return if you have an unpaid tax balance.
If you are getting a refund or your tax balance is zero, there are no penalties for sending in your return after the deadline date.
The penalties for filing your income tax and benefit return late when you owe the Canada Revenue Agency are as follows:
What If You Owe Taxes
Theres another strong incentive to do your taxes on time: avoiding penalties and interest.
If youre late turning in your 2020 tax return and owe taxes, the CRA will charge you a late-filing penalty thats five per cent of your 2020 tax balance, plus another one per cent of your balance for each month your return is late, to a maximum of 12 months. On top of that, the tax agency will charge compound daily interest on your unpaid 2020 taxes, also starting May 1, 2021.
Sticking your head in the sand is not a good option, Ahmed-Haq says. Owing money to the CRA is very expensive.
The good news is the CRA said it wont be charging interest on 2020 taxes owing if your taxable income is $75,000 or less and you received one or more COVID-19 benefits in 2020. The interest relief will be in place until April 30, 2022, the tax agency said.
However, you still have to file your 2020 return by the deadline to avoid the late-filing penalty. Also note that the interest relief only applies to any 2020 taxes owing, not tax debt from previous years.
If you dont qualify for interest relief and cant pay your tax bill in full by April 30, the CRA expects you to put in your best effort to find the funds to pay the government, including by borrowing the money, Ahmed-Haq says.
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Whats New On The Income Tax And Benefit Return
Canada workers benefit The Canada workers benefit rates and income thresholds have changed for 2021. A new secondary earner exemption has also been introduced.
Climate action incentive payment The Government of Canada has announced its intention to deliver the Climate action incentive as a quarterly benefit payment. If you are a resident of Alberta, Saskatchewan, Manitoba, or Ontario, and you are eligible, you will automatically receive your CAI payments four times a year, starting in July 2022. To receive your payments, you have to file a tax return even if you have not received income in the year. You may qualify for the supplement for residents of small and rural communities if you currently reside outside of a census metropolitan area and expect to continue to reside outside of a CMA on April 1, 2022.
Home office expenses You may be eligible to claim a deduction of up to $500 annually for home office expenses in the 2021 tax year using the temporary flat rate method, if you worked more than 50% of the time from home for a period of at least four consecutive weeks due to COVID-19. This method can also be used if your employer provided you a choice to work from home due to COVID-19 during this period.
- books, games and puzzles
- video streaming devices
- laptop, desktop and tablet computers, provided that none of these items are made available to the eligible educator by their employer for use outside of the classroom.
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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Max Out Your 401 By Dec 31
Contributions to a traditional 401 reduce your total taxable income for the year.
For example, lets say you make $65,000 a year and put $19,500 into your 401. Instead of paying income taxes on the entire $65,000 you earned, youll only owe taxes on $45,500 of your salary. In other words, saving for the future lets you shield $19,500 from taxes . Many employers offer to match a portion of what you save, meaning that if you contribute enough to your account, you’ll also nab some free money.
When Is Your Tax Return Due
Tax Day, the deadline for filing your federal tax return, is usually April 15. For 2021 returns, it is April 18next Monday. This is because IRS offices in the District of Columbia will be closed on Friday, April 15, to mark Emancipation Day .
Residents of Massachusetts and Maine get an extra day to file, thanks to another local holiday. Patriots’ Day, observed on the third Monday of April in both states, falls on April 18 this year, so Tax Day moves to April 19.
Service personnel in a combat zone are given more time to file and to pay, interest-free and penalty-free, as are people who live in areas affected by federally declared disasters. These include parts of Tennessee, Colorado and Puerto Rico.
Americans abroad get an extra two months, so have until June 15 to file.
If you need more time to complete your return, you can request a six-month extension until October 17 . You don’t need to give a reason, but you do need to ask for the extra time. The easiest way to do that is through the IRS website. Remember, this extension is just for filingit doesn’t give you extra time to pay taxes owed.
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The Federal Government May Choose To Give Taxpayers More Time To File Should There Be Disasters Such As Hurricanes Or Pandemics
This year isnt the first time the date of Tax Day has been changed. If Tax Day conflicts with a holiday, such as Emancipation Day, it will be moved to a different day from its usual April 15 date. For the last two years, the federal government has shifted the tax filing deadline, due to the COVID-19 pandemic. In 2020, the deadline was July 15, and in 2021, it was May 17.