Federal Income Tax Deadline In 2022
After the COVID-19 pandemic pushed back the filing deadline for federal income taxes two years in a row, taxes for the 2021 tax year will once again be due in April.
Circle April 18, 2022, on your calendar because thats the one general date by which most filers need to get returns into the IRS. While taxes are typically due on April 15, this years Tax Day falls on Emancipation Day, a legal holiday observed in Washington, D.C. As a result, most filers will have until the next business day, April 18, to submit their tax returns.
However, you may have a different deadline if you filed for an extension or if you are a corporation. Heres a rundown of all the deadlines you need to keep track of.
Given fluid tax filing rules its important to ensure your investments are protected. A financial advisor can help you make sure your tax filings dont unnecessarily hurt your assets.
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 For Individuals Extended To May 1: Treasury Irs Extend Filing And Payment Deadline
IR-2021-59, March 17, 2021
WASHINGTON The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig. “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”
Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.
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Why Are Taxes Due April 18 2022
The tax filing deadline is a little later this year because Washington, D.C., is celebrating Emancipation Day on April 15. By law, holidays in the nation’s capital affect tax deadlines just like federal holidays.
Taxpayers in Maine and Massachusetts have even more time to file their returns because those states are celebrating Patriots’ Day on April 18, making their due date to file April 19.
Every Tax Deadline You Need To Know
OVERVIEW
Make sure your calendars up-to-date with these tax deadlines, dates, possible extensions and other factors in play for both individuals and businesses in 2022.
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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Key Takeaways Individual income tax returns are due April 15, unless the date falls on a weekend or holiday or you file Form 4868 seeking an extension until October 15. Independent contractors, gig workers, and self-employed people must also meet quarterly estimated tax filing deadlines. Small businesses must file their tax return either by March 15 or the 15th day of the third month following the close of their tax year, unless the date falls on a weekend or holiday or you file Form 7004 seeking an extension until September 15 . |
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What Are The Due Dates Of Filing Itr For The Ay 2022
The due dates for income tax return filing are different for various categories of taxpayers. You should also be aware that the ITR forms for each category of taxpayers are different. The Income Tax Department has prescribed 7 forms for filing ITR. You should efile income tax return using the correct form on or before the due date prescribed by the Income Tax department.
File Your 2018 Tax Return
The IRS estimates that unclaimed refunds from 2018 may total up to $1.5 billion. If you were due a refund for the 2018 tax year but didn’t file a tax return, you only have until April 18 to submit that old Form 1040 and claim your money. So if you havent filed, get to work! Miss the tax deadline, and the U.S. Treasury gets to keep your money.
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What Tax Extension Filers Can Do Before The October Deadline
The deadline for the approximate 19 million Americans who requested an extension to file their 2021 tax return is quickly approaching. âTaxpayers who requested more time to file an accurate return have until October 17, 2022,â according to the IRS.
Those who requested the extension but already have what they need to file are being encouraged to file electronically before the deadline hits to circumvent any delays in processing.
With the deadline looming, there are important steps that taxpayers who requested an extension can take to put themselves in a better position.
If youâre worried about the amount of taxes you owe and are unsure of the next steps, consider speaking with a tax debt relief expert. There are multiple ways to tackle outstanding tax debt.
What You Need To Know About The Oct 17 Deadline
If you have requested an extension, you must file your taxes on or before the final deadline. The IRS has already granted additional time to prepare your tax return. Any filers who miss this extended deadline will be subject to a failure-to-file penalty that can be as high as 25% of the amount owing, depending on how long it takes them to pay, and additional penalties. For this reason, it is imperative that anyone who has not yet filed get their taxes in order and filed before the deadline passes.
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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.
» MORE: Estimate your tax bill with our free tax calculator
Irs: Hurricane Ian Victims In Florida Qualify For Tax Relief Oct 17 Deadline Other Dates Extended To Feb 15
IR-2022-168, September 29, 2022
WASHINGTON Hurricane Ian victims throughout Florida now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
The IRS is offering relief to any area designated by the Federal Emergency Management Agency . This means that individuals and households that reside or have a business anywhere in the state of Florida qualify for tax relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.
The tax relief postpones various tax filing and payment deadlines that occurred starting on September 23, 2022. As a result, affected individuals and businesses will have until February 15, 2023, to file returns and pay any taxes that were originally due during this period.
This means individuals who had a valid extension to file their 2021 return due to run out on October 17, 2022, will now have until February 15, 2023, to file. The IRS noted, however, that because tax payments related to these 2021 returns were due on April 18, 2022, those payments are not eligible for this relief.
In addition, penalties on payroll and excise tax deposits due on or after September 23, 2022, and before October 10, 2022, will be abated as long as the deposits are made by October 10, 2022.
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Federal Income Tax Deadline For 2021 Tax Returns
The filing deadline for the 2021 tax year is April 18, which falls on a Monday. If you need even more time to complete your 2021 federal return you can request a six-month extension by filing Form 4868 through your tax professional, tax software or using the Free File link on IRS.gov. Filing Form 4868 gives taxpayers six extra months to file their 2021 tax return but does not grant an extension of time to pay taxes due. You may owe a late payment penalty on any tax not paid by the original due date of your return.
If you mail in your return, it must be postmarked April 18, 2022, or sooner. The IRS typically issues refunds within 21 days after a tax return is filed.
People who still want to contribute to an individual retirement account for the 2021 tax year still need to make contributions by April 15, 2022. It is also necessary to include contributions made to traditional IRAs on your tax return. If you contributed to a Roth IRA during 2021, you wont need to report those contributions on your tax return.
Extended 2021 Filing Deadline For Hurricane Ida Victims
Individuals and businesses in Pennsylvania, New York, and New Jersey affected by Hurricane Ida have been granted an extension to certain filing deadlines.
If you are an individual or business that successfully extended your tax filing to October 15, 2021, you now have until January 3, 2022 to file.
Quarterly estimated income tax payments originally due on September 15, 2021 and excise tax returns originally due on November 1, 2021 have also been pushed to January 3, 2022.
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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 .
How Much Money Could You Get And Who Is Eligible
There will be two rebates. One is for income taxes and another for property taxes.
Income tax
The income tax rebate calls for a single person to receive $50, while those who file taxes jointly are poised to receive a total of $100, Mendoza’s office said in a news release. Residents with dependents will receive a rebate of up to $300 — $100 per dependent, with a maximum of three.
Income limits of $200,000 per individual taxpayer, or $400,000 for joint filers, will be attached to the checks, according to officials. To qualify, you must have been an Illinois resident in 2021 and meet the income criteria. Those who filled out the 2021 IL-1040 tax form will receive their rebates automatically.
Those who haven’t filed individual income tax returns and completed the form yet can still claim their rebate by filling out the form online. Residents with dependents must also complete the 2021 Schedule IL-E/EIC form.
Property tax
On top of the income tax rebates, some homeowners may receive more assistance.
Qualified property owners will receive a rebate equal to the property tax credit claimed on their 2021 IL-1040 form, with a maximum payment of up to $300. To be eligible, you must have paid Illinois property taxes in 2021 on your primary residence and your adjust gross income must be $500,000 or less if filing jointly. If filing alone, your income must be $250,000 or less.
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Members Of The Military
Special rules may apply if you served or are serving in the Armed Forces in a combat zone or a contingency operation, or become hospitalized resulting from an injury received while serving in such an area or operation. You generally have at least 180 days after you leave the designated combat zone/contingency operation to file and pay taxes. If the Service determines you to be affected by a presidentially declared disaster or a terroristic or military action, you may have up to one year after the due date of your return to file and pay taxes, depending on the deadline specified by the Service.
Deadlines For December Tornado Victims
Following the disaster declarations issued by the Federal Emergency Management Agency , the IRS announced relief for victims of the December tornadoes, severe storms and flooding in parts of Kentucky, Illinois and Tennessee.
Affected individuals and businesses in certain areas of these states will have until May 16, 2022, to file returns and pay any taxes that were originally due on or after Dec. 10, 2021. This includes 2021 individual income tax returns due on April 18, as well as various 2021 business returns normally due on March 15 and April 18. As a result, affected taxpayers will also have until May 16 to make 2021 IRA contributions.
The May 16 deadline also applies to the quarterly estimated tax payments normally due on Jan. 18 and April 18, as well as the quarterly payroll and excise tax returns originally due on Jan, 18. As a result, taxpayers can skip making their Jan. 18 payment and simply include it with their 2021 return. Additionally, the quarterly payroll and excise tax returns that were originally due on Jan. 31, 2022 and May 2, 2022 now can be filed by May 16, 2022.
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What Is The Tax Deadline In 2021
While the deadline usually falls in the middle of April, in 2021, American taxpayers will now have until May 17 to file federal taxes.
The original due date for 2021 was April 15, but the IRS has shown leniency for the second year running by extending the deadline.
Even though the IRS pushed back the tax filing deadline, its still a good idea to get them done as soon as possible, so you wont have to scramble to do your taxes as the deadline approaches.
What Is Backup Withholding
The person or business paying the taxpayer doesnt generally withhold taxes from certain payments. They dont do this because its assumed the taxpayer will report and pay taxes on this income when they file their federal tax return. There are, however, situations when the payer is required to withhold a certain percentage of tax to make sure the IRS receives the tax due on this income. This is whats known as backup withholding. If a payer does backup withholding, they are required to deposit that withholding on those payments with the IRS.
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Verify Details Of Tds Tcs In Form 26as
Before filling up the form, check whether all the tax deducted on your behalf has been credited to you. The Form 26AS has details of all payments made to you and the TDS on these payments. This includes TDS on interest from deposits and bonds and dividend income. It will also have details of tax collected at source . You can access your Form 26 AS either through the tax department portal or your Net banking account. If you find that some TDS or TCS has not been credited to you, contact the deductor immediately. It takes about 7-10 days for a correction to reflect in the Form 26AS, so one should act immediately.
Itr: The Income Tax Department Has Made It Clear That The Deadline To File Income Tax Returns Will Not Be Extended
The last date for filing income tax returns is July 31, i.e Sunday. The income tax department has made it clear that the deadline will not be extended, and has asked the tax payers to file their returns before the deadline to avoid any fine. Several citizens have taken to social media and appealing to the income tax department to extend the deadline using hashtag #Extend_Due_Date_Immediately.
People thought the routine now is that dates will be extended. So they were a little slow in filling the returns initially but now on a daily basis, we are getting between 15 lakhs to 18 lakh returns. This will slightly go up to 25 lakh to 30 lakh returns, revenue secretary Tarun Bajaj had told PTI.On Friday, the income tax department took to Twitter to remind the tax payers about the last date for filing their returns. Over 4.09 crore ITRs filed till 28th July, 2022 & more than 36 lakh ITRs filed on 28th July, 2022 itself. The due date to file ITR for AY 2022-23 is 31st July, 2022. Please file your ITR now, if not filed as yet. Avoid late fee. Pl visit: http://incometax.gov.in, the income tax department tweeted.ALSO READ: How to file ITR online? Here’s a step-by-step guide
If submitted before due date, there are several benefits associated with filing income tax returns on time. The tax payers will get easy approval of loans, less tax on future income and quicker visa.Last fiscal , about 5.89 crore ITRs were filed by the extended due date of December 31, 2021.
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