It is important to know when the upcoming tax deadlines are, so you can avoid facing possible penalties and late fees.
In this article, we will go over some of the scheduled dates to help you prepare for this tax season.
What date does tax day fall on in 2022?
You must file your individual tax return and pay any taxes owed by April 18, 2022. This means you must have your return postmarked for this day or e-file by midnight. If you plan on filing for an extension, it is also due on this date but understand an extension does not change the date any possible taxes are due.
April 18th is also the due date for Corporations to file a 2021 calendar year income tax return and pay any tax due. S-Corps and Partnerships must file by March 15, 2022.
Although there have been extensions made in years past, due to the coronavirus pandemic most recently, there has not been any indication that it will happen again this tax year.
The IRS has stated that individuals who live in Maine and Massachusetts will have until April 19, 2022 to file, due to Patriot’s Day falling on April 18th.
Avoiding Late Fees and Penalties
As stated above, you have until midnight to e-file your return or it must be postmarked by tax day. The IRS will deem your return late if you put an incorrect mailing address on the return or if you have provided insufficient postage, causing unnecessary delays.
Those who are self-employed most likely pay taxes in four payments throughout the year, rather than one large lump sum on tax day. These payments are known as estimate tax payments. The due dates for these payments in 2022 are April 15, June 15, and September 15, with the final installment due on January 15, 2023.
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Extended Tax Returns
If you filed an extension by April 18th, you have until October 15, 2022 to complete your return. For S-Corps and Partnerships that filed for an extension, these returns are due September 15, 2022.
A Breakdown of All 2022 Tax Deadlines:
January 18, 2022 – The final estimated tax payment is due for the fourth quarter of 2021.
This is for those that take advantage of splitting their tax payments into four installments. This is the final payment for 2020 taxes.
Keep in mind, individuals do not need to make this payment if they file their 2021 return (Form 1040 or Form 1040-SR) and pay any taxes owed by January 31, 2022.
January 31, 2022 – All employers must provide their employees with their copy of Form W-2 for 2021 by this date.
Form 1099-NEC is also due this day, for independent contractors paid in 2021.
When using these forms (W-2 and 1099-NEC) you will need to fill out two copies. One to be sent to the employee/contractor, and one to be sent to the IRS.
February 28, 2022 – Paper filings of form 1099-MISC are due this date, however if filing electronically, you have until March 31, 2022.
This only applies to the copy for the IRS, the copy to your recipient generally remains due on January 31.
March 15, 2022 – S-Corp and Partnership tax returns are due unless an extension was filed by the end of this day.
Partnerships must file a 2021 calendar year return (Form 1065). S corporations must file a 2021 calendar year income tax return (Form 1120-S) and pay any tax due.
Although S Corps and Partnerships do not pay taxes on their income, they must pay taxes on their shareholders or partners individual incomes, correspondingly.
March 31, 2022 – The electronic filing of Form 1099-MISC is due.
A 1099-MISC is required for each non-employee to whom you have paid at least $600 during the year for specific categories. This includes if you paid a lawyer for legal services for your business or if you received/awarded a prize (like a sweepstake). You can see the full list of examples on the IRS website if you are unsure if the form is necessary.
April 15, 2022 – First quarter 2022 estimated tax payment due.
If you are paying quarterly estimated taxes, your first payment is due. Make sure the Form 1040-ES is postmarked by this date.
April 18, 2022 – Individual tax returns are due for the 2021 tax year.
Individuals need to file Form 1040. If your income was less than $72,000 in 2021 you can e-file for free. Go to the IRS Free File website to learn more. If you made over $72,000 in 2021, you could use the IRS Free File website to access the necessary forms to print out and file your taxes yourself, if you are interested.
This date is also when corporation tax returns are due, using Form 1120.
April 18th is the deadline to file an extension for both corporations and individuals.
Every state has their own specific tax deadlines, you will have to look up your state for more information.
April 19, 2022 – Individual tax returns are due for those in Maine and Massachusetts.
Due to Emancipation Day on April 15, 2022 and Patriots’ Day on April 18, 2022, those who reside in Maine and Massachusetts have until April 19th to file their return.
June 15, 2022 – Second quarter 2022 estimated tax payment due.
The second estimated tax payment is due this day (Form 1040-ES).
September 15, 2022 – Third quarter 2022 estimated tax payment due.
The third estimates tax payment is due this day (Form 1040-ES).
S-Corps and Partnerships that filed for extensions must file their returns by this date. S-Corps use Form 1120S and Partnerships use Form 1065.
October 17, 2022 – Extended individual tax returns are due.
Both individuals and corporations that filed for extensions must file their returns by this date. Corporations need to use Form 1120.
Remember, the fourth quarter estimated tax payment will be due January 15, 2023.
When Will the IRS Start Processing Returns?
The IRS is expected to start processing 2021 tax returns on January 31, 2022.
When Can I Expect my Tax Refund?
Most fillers will obtain their refund within three weeks after their return is received by the IRS. Those who receive certain credits will need to have their information verified and this will cause a delay for their return to be processed.
What if I Pay my Taxes Late?
If you miss the deadline to pay your taxes, you will have to pay a fee. If you file late, there will also be additional penalties. Everyday your payment is late, the IRS will charge you interest and penalties, so it is best to know the tax deadlines now, so you can be prepared for tax season.
The IRS also has a program to assist if you ever find yourself struggling to make a tax payment.