summary
Make sure your calendar is up to date with these tax deadlines, dates, possible extensions, and other factors at play for both individuals and businesses in 2022.
For information on the third coronavirus relief package, visit our blog post “America’s Bailout: What It Means for You and a Third Stimulus Check.”
key takeaways
• Personal income tax returns are due April 15, unless the date falls on a weekend or holiday or you file Form 4868 requesting an extension through October 15.
• Independent contractors, freelancers, and the self-employed must also meet quarterly estimated tax filing deadlines.
• Small businesses must file their tax return by March 15 or the 15th day of the third month after the close of their fiscal year, unless the date falls on a weekend or holiday or they file the form 7004 seeking an extension to September 15 (or five months after the original deadline).
when are the 2022 taxes due?
Each year, the IRS sets the due date for filing your federal income tax return as April 15 if you are a calendar year taxpayer. Generally, most people are, although if you have a business that uses a fiscal year that differs from a calendar year, your return is due on or before the 15th day of the fourth month after the close of your fiscal year. In cases where this due date falls on a Saturday, Sunday, or legal holiday, the due date will be moved to the next business day.
The last day to file taxes for 2021 was April 18, 2022, unless you lived in Maine or Massachusetts, where your last day to file taxes was April 19, 2022, due to holidays. Likewise, she could have filed Form 4868 to request an extension to file later this year.
However, the last day to file taxes isn’t the only important deadline to know. There are several other important tax deadlines for tax year 2022 to be aware of, or for taxes you’ll file in 2023. If you’re wondering, “When are taxes due, anyway?” here are the important dates at a glance.
important tax deadlines and dates
individual filers – employees
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- January 24, 2022 – The 2021 tax season begins. This is the first day the IRS will begin accepting and processing tax returns. 2021 federal taxes.
- January 31, 2022: Employers must submit Form W-2. To ensure you can complete your tax return on time, the IRS requires Have all employers send you a Form W-2 no later than January 31 following the end of the fiscal year. This usually means w-2 forms are mailed out by January 31, but you won’t necessarily receive your form before then.
- January 31, 2022: Certain 1099 forms must be submitted. 1099 forms are used to report payments that do not normally come from an employer, such as if you work as an independent contractor, self-employed or self-employed. Additionally, 1099 forms are used to report payments such as gambling winnings, rent, or royalties; gains and losses on brokerage accounts, dividends and interest income, and more. Payers of interest, dividends, and other types of income must pay 1099 forms. If this falls on a weekend or holiday, these forms must be filed the following Monday (or the Tuesday following a holiday). in addition, form 1099-nec must be filed for earnings from self-employment.
- February 15, 2022: Claim exemption from withholding. If you choose to claim exemption from withholding from your employer by filing a W-4 form, you will need to file a new form to this date. You would file this exemption request on Form W-4 if you anticipate having no tax liability this year and you had none last year.
- April 1, 2022: required minimum distribution if you turned 72 in 2021. if you turned 72 in 2021, you have until April 1 to take your required minimum distribution from your traditional IRA or 401(k) plan. after the passage of the security law in 2019, if you turned 70 on or after july 1, 2019, you don’t need to take rmds until you turn 72.
- April 18, 2022 – tax day (except maine and massachusetts due to patriot day – april 19). tax due date is usually april 15 each year, but may be delayed if it falls on a weekend or holiday. Failure to meet the tax deadline can have consequences such as penalties and interest.
- April 18, 2022 – deadline to file form 4868 and request an extension. the tax deadline is also the last day to file form 4868 requesting an extension to file your individual income statement. If you won’t be ready to file your tax return on tax day, be sure to complete an extension application, which gives you the ability to delay filing a full return until October 17, 2022. But remember, even if choose to file an extension, you are still pending for any tax you may owe. You will be required to figure your taxes due and pay them before the original tax due date.
- April 18, 2022: Deadline to make IRA, 401(k), or HSA contributions for tax year 2021. For individual filers, this also marks the last day to make contributions to your IRA, 401(k), or HSA for tax year 2021. After this date, you generally cannot make contributions toward the prior tax year’s contribution limits.
- October 17, 2022 – File your 2021 extended tax return. If you chose to file an extension request on your tax return, this is the due date to file your tax return. li>
- December 31, 2022: Required minimum distributions must be taken for individuals age 73 and older at the end of 2022. after you begin your first rmd on april 1 if you turned 72 in 2021, you must now take your rmd by the end of 2022 if you are 73 or older.
individual presenters: freelancers, independent contractors, independent workers (attachment c)
- January 18, 2022: Fourth quarter 2021 estimated tax payment due. If you are self-employed and make quarterly estimated tax payments, this is the due date of your last quarterly payment for tax year 2021.
- January 24, 2022: 2021 tax season begins.
- January 31, 2022: Employers must submit the w-2 form. If you work as a w-2 employee in addition to working for yourself, your employer must submit your w-2 to you. before January 31.
- January 31, 2022: Certain 1099 forms must be submitted. Certain 1099 forms relevant to self-employment individuals must be submitted by January 31 of each year. forms like 1099-nec, 1099-misc, and 1099-k must be sent to recipients before this due date, while the irs has them all by February 28 (or March 31 if filing electronically)
- April 1, 2022: Required minimum distribution due if you turned 72 in 2021.
- April 18, 2022 – tax day (except maine and massachusetts due to patriot day – april 19).
- April 18, 2022 – deadline to file Form 4868 and request an extension.
- April 18, 2022: Deadline to make IRA, 401(k) or HSA contributions for fiscal year 2021.
- April 18, 2022: first quarter 2022 estimated tax payment due. do for the year and then end up owing the irs for income taxes. You can use IRS Form 1040-ES to calculate the amount of tax liability you will have for the year. irs publication 505 contains all the rules and details you might need to know about how to calculate this amount. Your first quarterly estimated tax payment is due on April 18, 2022. If you overestimated the amount of tax liability you would owe for tax year 2021 and a refund is due, you can choose to receive that money now or apply the excess to your taxes. this year. quarterly tax payments.
turbotax tip: if you’re not sure how much you owe in estimated tax this year and don’t want to accidentally pay the wrong amount, you can choose to pay 90% of your estimated tax bill from current year or 100% (or 110% depending on AGI) of your prior year tax bill. this generally avoids having to pay an underpayment penalty.
- June 15, 2022: Second quarter 2022 estimated tax payment due. Although the irs refers to these payments as quarterly estimated tax, due dates due dates do not necessarily fall within “quarters” nor do they represent three months of tax payments. they represent an equal quarterly share of your estimated tax liability on income paid at unequal intervals. the first payment occurs at 3 and a half months of the year. the second five and a half months; the third is eight and a half months, and the fourth is due 12 and a half months after the year begins.
- September 15, 2022 – estimated tax payment for the third quarter of 2022.
- October 17, 2022: File the extended 2021 tax return. If you filed an extension to file your individual income tax return and have income and expenses to report in your schedule c, your 2021 tax return is due on this date.
- December 31, 2022: Required minimum distributions must be taken for individuals age 73 and older at the end of 2022.
- December 17, January 2023 – 4th quarter 2022 estimated tax payment due. This represents the last estimated quarterly tax payment due for 2021. If you choose the option to pay 100% of your prior year tax liability, any unpaid taxes will be due when you file your 2022 individual tax return in April 2023.
small business: llc, partnerships, s corps (1120, 1120s)
- January 18, 2022 – Fourth Quarter 2021 Estimated Tax Payment Due
- January 24, 2022: 2021 Tax Season Begins
- Jan 31, 2022: Employers must submit form w-2s
- January 31, 2022: Certain 1099 forms must be submitted
- March 15, 2022: Tax due for most types of business (partnerships, multi-member LLCs, and S corporations). small businesses organized as partnerships, llcs, and s corporations must file form 1120s or 1120s for s corporations) by March 15, 2022, if they are calendar year businesses. If your business uses a different tax year, you must file your applicable business tax return by the 15th day of the third month after the close of your tax year. For example, if your company uses a fiscal year from April 1 to March 31, your company’s tax return is due June 15 instead of March 15.
- April 18, 2022: First Quarter 2022 Estimated Tax Payment Due
- June 15, 2022: Second Quarter 2022 Estimated Tax Payment Due
- September 15, 2022: Third Quarter 2022 Estimated Tax Payment Due
- January 17, 2023: Third Quarter 2022 Estimated Tax Payment Due estimated taxes for the fourth quarter of 2022</strong
The above does not cover all tax deadlines, but only the most important and broadly relevant to these groups of taxpayers. For a complete view of all the important tax deadlines applicable to each taxpayer, visit IRS Publication 509.
what happens if i miss a tax due date?
If you missed one of these key tax deadlines, you have options. those options depend on which deadline was missed and whether you owe money or are due a refund.
what happens if you miss the tax filing deadline and are due a refund?
If you overpaid for tax year 2021, there are generally no penalties for filing late. however, you should apply as soon as possible.
Generally, you have three years from the due date of the tax return to claim a tax refund. That means that for 2021 tax returns, the window closes in 2025. After three years, unclaimed tax refunds generally become the property of the US. uu. treasury.
what happens if you miss the tax filing deadline and owe taxes?
When you miss the tax filing deadline and owe money to the IRS, you should file your tax return as soon as possible. Every day your tax return is delinquent, the IRS generally charges interest, files no penalties, and pays no penalties until you file your return and pay the balance due.
what happens if you miss the estimated tax payment deadline?
If you miss an estimated tax payment, please do so as soon as possible. The penalties and interest the IRS charges depend on how much you owe and how late you are, but you can minimize the damage by making your payment as soon as possible.
what if I owe more than I can afford?
This year, many people are dealing with financial problems due to the pandemic, job loss and other factors. If you are one of them, you may not have the funds available to pay your tax bill before the due date. But don’t put off filing just because you can’t pay the amount due on the day you need to file your tax return. The IRS begins charging penalties and interest on the day the return is due, no matter when you file. You can minimize penalties for not filing as soon as possible, pay as much as you can when you file, and set up an installment plan for the balance.
what is the fastest way to file my tax return?
The fastest way to file your tax return is to do it electronically.
Electronic filing of your tax return with the IRS is more secure than filing on paper. Because the tax return is electronically transmitted to the IRS, you don’t have to worry about it getting lost in the mail or arriving late. You will also receive immediate confirmation that the IRS has received your return and has begun processing it.
If you’re expecting a tax refund, the fastest way to get your money is to electronically deposit it into your bank account. The IRS typically issues 90% of refunds in less than 21 days when taxpayers combine direct deposit with electronic filing.
what if I need more time?
Don’t let an impending tax deadline force you to rush through the tax filing process and make a mistake on your return. just request an extension.
The IRS grants an automatic six-month extension of the tax filing deadline to anyone who requests it. you can request an extension electronically with turbotax or use form 4868.
Just keep in mind that the tax extension gives you more time to file your return, not more time to pay the taxes you owe. You’ll need to calculate the amount you owe and make the payment before the tax filing deadline.
What happens to my tax deadlines if I live in an area affected by a natural disaster?
If you need more time because you live in an area affected by a natural disaster, you may qualify for tax relief from the IRS. The IRS often postpones the tax filing deadline for taxpayers who live or have a business within a federally declared disaster area.
For example, the IRS announced that it would postpone tax filing and payment deadlines for taxpayers affected by the September 2020 California wildfires. Taxpayers in that area who extended their 2019 tax returns to 15 October 2020, they now have until January 15, 2021 to file those returns.
what if I made a mistake and need to refile my taxes?
it happens. You file your tax return and then realize you forgot to report some income or claim a certain tax credit. you do not need to redo the entire return. In addition to filing an amendment using Form 1040-x, you will also need to include copies of any forms and/or schedules that you are changing or that you did not include with your original return.
irs form 1040-x is a two-page form used to amend a previously filed tax return. turbotax can guide you through the amendment process to correct your tax return.
To avoid delays, be sure to file Form 1040-x only after you have filed your original Form 1040. If you file a Form 1040-X to collect a prior year tax credit or refund, you must file it within three years from the date you timely filed your original return, or within two years from the date when you paid the tax, whichever is later.
what is the last day to file taxes?
The last day to file taxes for individual federal income tax returns is April 15, or until April 18 if the tax filing day falls on a Saturday, Sunday, or legal holiday. some statewide holidays may extend the tax due date by one more day. You can request a six-month filing extension through filing form 4868, with your last day to file individual income taxes being October 17, 2022.
If you also file taxes for your small business as a partnership, LLC, or S Corp, the last day to file taxes is March 15, unless it falls on a weekend or legal holiday. If your business operates in a non-calendar fiscal year, your federal income tax return is generally due by the 15th day of the third month after the end of the fiscal year.
Remember, with turbotax, we’ll ask you simple questions about your life and help you fill out all the correct tax forms. with turbotax you can be sure that your taxes are done correctly, from simple to complex tax returns, no matter your situation.