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When Is The Last Day To File Taxes This Year

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What Is The Last Day To File Taxes In 2022

Income Tax Return Filing: Which Form Is Right For You?

The 2022 tax season is here. On January 24, the Internal Revenue Service began accepting individual tax returns. However, if youre wondering what the last day to file taxes in 2022 is, the answer for most Americans is April 18.

Generally, taxes are due on April 15, unless the tax day falls on a weekend or holiday. If thats the case, then taxes are due on the following business day, which is the case for this year. If you dont think you can get your taxes filed by April 18, you can request an extension to push back your due date. This extension will allow you to file your tax return up to October 17.

This year, its also important to note that the IRS did not extend the tax due date, like they did the past two years, because of COVID-19.

When Is The 2022 Deadline To File Taxes

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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 to 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.

Know The Tax Deadlines That Apply To You So You Don’t Get Hit With Irs Penalties Or Miss Out On A Valuable Tax Break

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If you miss a tax deadline, the IRS can hit you hard with penalties and interest. For instance, the standard penalty for failing to file your annual tax return on time is 5% of the amount due for each month your return is late. If you pay your taxes late, the monthly penalty is 0.5% of the unpaid amount, up to 25% of what you owe, plus interest on the unpaid taxes. Similar penalties apply for missing other deadlines. And there could also be other negative consequences for being late, like losing out on a valuable tax break.

It’s easy to avoid these headaches, though just don’t miss the deadline! But we realize that it’s not always easy keeping track of all the various IRS due dates. So, for those of you who need a little help remembering when to file a return, submit a report or pay a tax, we pulled together a list of the most important 2022 federal income tax due dates for individuals. There’s at least one deadline in every month of the year, so play close attentionwe don’t want you to get in trouble with the IRS.

NOTE: Some of the 2022 due dates listed below are extended for victims of recent natural disasters. In addition, several 2021 due dates were extended to January 3, 2022, for other natural disaster victims. In the case of Mississippi water crisis victims, several 2022 deadlines are pushed into 2023. For more information on these extensions, see our articles for victims of:

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How Far Back Can You File Taxes

How late can you file? The IRS prefers that you file all back tax returns for years you have not yet filed. That said, the IRS usually only requires you to file the last six years of tax returns to be considered in good standing. Even so, the IRS can go back more than six years in certain instances.

Filing Your Tax Return

ITR Filing Last Date: Except for 2014, ITR filing deadline has been ...

What you need to know about filing your personal income tax and benefit return.

Get help this tax season with the Ontario Child Care Tax Credit and the Low-Income Workers Tax Credit.

Save your receipts for the new Seniors Home Safety Tax Credit in 2021, which you can apply for during the 2022 tax season.

You may be eligible for tax credits and benefits to help you with living costs.

Recommended Reading: Can You File Missouri State Taxes Online

The Irs Recommends Filing Your Taxes Early

According to the IRS, you should file your taxes early so you can avoid delays when waiting for your tax refund. This means youll get your tax refund the fastest way possible!

With an estimated 153 million tax returns expected to be filed, 80% of which will be submitted through online tax software, its always better to start as soon as possible and avoid any system downtime or painful delays.

Contribute To Your Health Savings Account

This medical account, available to individuals who have a high-deductible health plan, provides a tax-saving way to pay for out-of-pocket costs. You have until the April 18, 2022, tax deadline to contribute to an HSA for the 2021 tax year. The 2021 limits were $3,650 for an individual HSA owner and $7,200 for a family. For 2022, the individual coverage contribution limit is $3,650 and the family coverage limit is $7,300. If you’re 55 or older, you can put an extra $1,000 in your HSA.

» MORE: Learn more about the tax effects of HSAs and flexible savings accounts

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When Can I Expect My Refund

If you file electronically and choose direct deposit, the IRS says you can expect your refund within 21 days, assuming there are no problems with your return.

The IRS has already processed more than 70 million returns for fiscal 2021 and issued nearly 52 million refunds. But the agency has also warned about delays in processing returns, especially as the 2022 tax season involved complications like stimulus payments and an expanded child tax credit.

“The pandemic continues to create challenges, but the IRS reminds people there are important steps they can take to help ensure their tax return and refund don’t face processing delays,” IRS Commissioner Chuck Rettig said in a statement.

Experts agree direct deposit is the fastest way to get your refund from the IRS.

Can I File An Extension

Tax Day Deadline

As in past years, you can request an extension if you need more time to prepare and file your 2021 return. Before the April 18, 2022, deadline, you must fill out and submit Form 4868, the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. At the time you file Form 4868, you must also pay the estimated income tax you owe to avoid penalties and interest, the IRS says.

Generally, taxpayers are granted an automatic six-month extension to file, or two months if theyre out of the country, in which case the extension also applies to payment of taxes owed.

To qualify for an extension, you must file Form 4868 before April 18, 2022. You will not be notified unless your request is denied.

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How To File The Missed Returns For Fy 2020

The amendment made in the Finance Act 2016 stated that income tax returns must be filed within the end of the relevant assessment year, effective from the assessment year 2017-18. There is no provision for you to file the returns once you have missed the due date. The income tax department allows taxpayers to file returns post-deadline in some specific cases. The following ways help you file a condonation of delay request:

  • Request the Income Tax Commissioner or the prescribed authority to permit you to file income tax returns and state the reason for missing the deadline. The officer can accept your request based on the following criteria:
  • The claim is correct and genuine.
  • The case is based on genuine hardship of merits.
  • A refund has resulted due to excess tax deduction, TDS, advance tax, or self-assessment tax.
  • Any other person cannot assess the tax under the Income Tax Act.
  • For such applications, the returns must be filed within a period of six years from the end of the assessment year for filing the return. For example, if you have missed filing returns on the due date of 31 March 2021, you can file such an application until 31 March 2026.
  • If you have not paid the tax for FY 2020-21, you must pay the tax along with applicable interest under Section 234A, 234B, or 234C. You must pay the tax even if you are unable to file your income tax returns.
  • 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.

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    Individuals Living Abroad Or Traveling Outside The United States

    If youre living or traveling outside the U.S. or Puerto Rico on May 1, you have until to file your return. You must still pay any tax you expect to owe by the May 1 due date.

    Enclose a statement explaining that you were out of the country, and write Overseas Rule on the top of your return and on the envelope.

    Better To File Late Than Never

    When Is The Last Day To File Taxes Online

    Some people may neglect to file one year and then freeze when it comes to the following years tax return because of prior mistakes.

    If you owe the government money, this type of procrastination can hurt you financially. The Canada Revenue Agency will monitor your financial behaviour over time, using identifiers like your SIN and your date of birth to access data from your bank accounts or credit card transactions. When the CRA notices your absent tax return, you may end up owing penalties and interest.

    If you notice your mistake before they do, its best to contact the CRA to find out any penalties you may have incurred, as well as the best way to file and pay off your outstanding balance. In some cases, the CRA will waive the penalties if the taxpayer comes forward and submits an application through the Voluntary Disclosures Program . This form gives taxpayers a second chance to make corrections or file returns that were missed.

    Read Also: What Happens If I File Taxes Late

    What Is The Last Date You Can Make An Ira Contribution

    The deadline for IRA contributions is the same as the federal tax filing deadline.

    The end of the calendar year signals the last opportunity for making most tax-deductible expenses, but it doesnt mean the end of your opportunity to contribute to an individual retirement account. If youre looking for an extra expense to lower your taxes, an IRA contribution might be your best option.

    What Happens If I Miss The Tax Deadline

    If you are getting a refund, there is no penalty, according to H& R Block. Then again, not getting your money from the IRS might be punishment enough.

    If you owe the IRS, the penalties kick in. TurboTax says penalties can reach 5% of the amount owed for each month you are late. The maximum amount taxpayers can be penalized is 25% of the amount due, according to TurboTax.

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    Be Prepared To Reconcile Payments

    A big potential source of this years tax delays will be calculation errors a common tax season problem that Watson says will be even more widespread this year. He predicts that most of these errors will stem from the advance Child Tax Credit payments and third stimulus checks millions of Americans received in 2021.

    If you received advance Child Tax Credit payments, make sure you have Letter 6419 the IRS began sending these letters in late December. It shows how much Child Tax Credit money you have already received via advance payments. Youll need this to reconcile those payments with the remaining amount youre eligible to receive when you file.

    As for those who were eligible for the third stimulus, or Economic Impact Payments, the IRS will send Letter 6475 in late January. If you never received the third stimulus check, this letter can help you determine if you should claim the Recovery Rebate Credit.

    Some taxpayers may be eligible for more money than they received in the third round of stimulus. Thats because the checks were originally based on your last filed tax return, which may not have represented your financial situation in 2021. Depending on your financial circumstances, you may qualify for a larger payment, which you can claim when you file this year, Holtzblatt says.

    When Do You Have To File Taxes In 2022

    Tax returns due May 17: Last day to file taxes without penalty

    While regular employees have their taxes automatically withheld from their paychecks, self-employed people and business owners must estimate how much tax they owe. They have to pay it themselves quarterly. Its important to keep in mind that the due dates for these estimated taxes are different from the due date for regular taxes.

    So, when can you file taxes in 2022? Some important tax return dates to be aware of include:

    When you file your taxes, its important to make sure theyre as accurate as possible. This will help prevent any delays in receiving your tax return. For instance, if you received an economic impact payment or advanced child tax credits last year, youll want to pay extra attention to the amount you report.

    You should also be aware of the health insurance tax credit thats available to small businesses. If you pay at least half the cost of coverage for your employees, you could qualify. Youll also want to claim your recovery rebate credit on your tax return if youre eligible.

    On top of this, its important to note that the IRS cant issue a refund involving the Earned Income Tax Credit or Additional Child Tax Credit before mid-February.

    Also Check: What Can Be Itemized On Taxes

    Types Of Tax Credits And Benefits

    There are two types of tax credits:

  • non-refundable tax credits can reduce the amount of tax that you owe, for example you may receive a tax credit for donations and gifts
  • refundable tax credits can reduce the amount of tax that you owe but are also available even if you dont owe any tax, such as the Ontario Energy and Property Tax Credit
  • Benefits can help with various living expenses, such as raising children, housing, loss of income and medical expenses.

    Read the Canada Revenue Agencys General Income Tax and Benefit Guide and Forms Book to learn more about which tax credits you can claim.

    With the Ontario Child Care Tax Credit, you could get back up to 75% of your eligible child care expenses. It applies to eligible child care options, including care in centres, homes and camps.

    The Low-Income Workers Tax Credit provides up to $850 each year in Ontario personal income tax relief to low-income workers, including those earning minimum wage.

    Tds Proof Related To Property Transactions

    If you have sold property during FY 2020-21, then the buyer will issue you Form-16B showing the TDS deducted on the amount paid to you. You need to deduct TDS if the monthly rent is more than Rs 50,000. Further, you can check Form 26AS for the TDS details.Further, Form 16D is a TDS certificate issued to contractors or professionals if the payment made to them by an individual/HUF during FY 2020-21 exceeds Rs 50 lakh. The tax is deducted at the time of making payment of a commission, brokerage, contractual payment or profession fee. Do keep in mind that you are required to report the dividend income earned on quarterly basis during the FY in your tax return.

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    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 dont 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.

    What Time Is The Deadline For Filing Your Federal Tax Return

    Can I file Income Tax Return for AY 2017

    First of all, the deadline for filing federal taxes this year for the majority of US taxpayers is midnight on Monday, April 18.

    However, taxpayers in Maine and Massachusetts have until April 19 due to the observance of Patriots’ Day in both states.

    Meanwhile, victims of winter storms in parts of Illinois and Tennessee have until May 16, while wildfire victims in Colorado have until May 16 as well.

    Also, for those serving in the military abroad, you may be granted additional time to file your federal tax return.

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