Pandemic COVID-19 really messed up the federal income tax calendars for 2020 and 2021. To give people more time to comply with their tax obligations, the IRS extended several tax filing and payment deadlines during both years. The IRS has so far stuck with the “normal” tax due dates for 2022, but it’s still possible that Omicron (or another variant) will mess with the 2022 business and individuals tax calendar.
However, one thing will remain the same even if the schedule for 2022 is scrambled once more – you’ll not want to miss any of the tax deadlines. If you do, the IRS will punish you hard with interest and penalties. For example, the standard penalty for failing to file your return on time is 5% of the amount due for each month you are late. If you miss a deadline, the monthly penalty is 0.5% of the unpaid amount, up to 25% of how much you owe, plus interest on the amount due. You could also lose out on a valuable tax break if you are late.
We realize that keeping track of all the various tax due dates isn’t always easy. So for those who have trouble remembering when you need to file your return, submit a report, or pay your taxes, we’ve pulled together a list of 2022 federal income tax due dates. And if you need more help, we at SCL tax Services In & Near Bronx, NY are always here for you and happy to help.
People who pay estimated taxes have different filing dates. In addition to self-employed individuals, those working in similar entrepreneurial or independent contractor positions pay quarterly estimated taxes. If you receive a paycheck with no income taxes taken out before the money is given to you, you are subject to this requirement.
You must submit them with Form 1040-ES every quarter. All quarterly estimated tax payments for individuals, S corporations, and C corporations, should be made on the following schedule:
C Corporations will make their final estimated quarterly payment on December 15, 2022. Individuals and other corporations can wait until January 2023 to file their fourth quarterly payment for 2022.
*Quarterly payments for 2021 are due on the 15th of January. However, because January 15, 2022, is a Saturday and Monday, January 17, 2022, is Martin Luther King Jr. Day (which is a federal holiday in the U.S.), the deadline to pay estimated tax on self-employment income earned in the fourth quarter of 2021 has been pushed to January 18, 2022.
Tax due dates for filing returns and making payments is April 18, 2022. If you haven’t applied for an extension, postmark your individual returns by midnight. The Individual Tax Return Extension Form for 2021 is also due on this day.
Make sure you fund your retirement account by April 18, 2022 if you haven’t already done so. There is a deadline for traditional IRA contributions, deductible or not, and Roth IRA contributions. However, if you have a Keogh plan, a SEP, or other eligible plans and you get a filing extension to October 15, 2022, you have until then to put money into those accounts.
If you got a filing extension on your 2021 tax return, you must postmark it by October 15, 2022.
You still have options if you missed one of these key tax deadlines. Your choices depend on the deadline missed and if you are due for a tax refund or owe money.
If you overpaid in 2021, there would typically be no penalty for filing your return late. However, it’s best to file them as soon as possible. You generally have three years from the tax due dates to claim a refund. Therefore for returns filed in 2021, the window closes in 2025. A tax refund that goes unclaimed for three years becomes the property of the U.S. Treasury.
When you miss tax deadlines and owe the IRS money, you need to file your tax return as soon as possible. Every day your return is delinquent, you will be charged interest, penalties for failing to file, and not paying the balance due until the return has been filed and paid in full.
If you miss to pay estimated tax, do it as soon as you can. The IRS charges penalties and interest based on your tax debt and how late you are, but you can minimize the damage by making your payment as soon as possible.
Many people are facing financial difficulties this year because of the pandemic, job loss, and other reasons. If you’re one of those guys, you may not have the money available to pay your bill by the deadline. File your return on time, and remember that even if you cannot afford to pay the amount owed on the deadline, you should file your tax return. The IRS starts to charge interest and penalties on the day the return is due, regardless of when you file. You can minimize the failing-to-file penalties by filing as soon as possible and setting up an installment plan for the balance while paying as much as you can when you file.
Don’t rush through the tax filing process and make a mistake on your return because of a looming deadline. Simply request an extension. The IRS automatically extends the tax filing deadline by six months to anyone who requests it.
Remember that an extension due date gives you more time to file your return, not more time to pay what you owe. You need to estimate how much you owe and make your payment by tax deadlines.
You may qualify for tax relief from the IRS if you live in an area affected by a natural disaster. The IRS often postpones the tax filing deadline for citizens who live in or own a business within a federally declared disaster area.
For example, according to the IRS, people affected by the California wildfires in September 2020 will have their tax filing and payment deadlines rescheduled. Citizens in that area, who extended their 2019 tax return due dates to October 15, 2020, now have until January 15, 2021, to file their returns.
It happens. You realize that you missed reporting certain income or claiming certain tax credits after filing your return. You don’t need to redo the whole process. Simply use Form 1040X to file an amendment. Using IRS Form 1040X, you can amend a return that has already been filed.
If you’d prefer someone else to handle your tax filing or accounting, check SCL Tax Services out. We’re a family-owned business in the Bronx offering fast and affordable tax help services. Our team can assist you with tax planning to be more prepared for the next year. With us, you’ll never have to worry about taxes again. Fill the form below or Call Our Tax Office now for a consultation!
We are here to relieve you of the tax pressure by offering a wide range of Tax Services In & Near Bronx, NY. If you need expert advice or need us to complete your taxes, we will provide it for you. We know you work hard, so we work hard to serve your needs.
Your time is valuable, which is why we are here for you.