The 2022 tax season is here. On January 24, the Internal Revenue Service (IRS) began accepting individual tax returns. However, if you’re 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 that’s the case, then taxes are due on the following business day, which is the case for this year. If you don’t 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, it’s 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.
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. It’s 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:
- January 24 is when the IRS began the 2022 tax season. This means it’s time to file your tax return.
- April 18 is the due date to file 2021 tax returns or to request an extension.
- April 19 is the due date to file 2021 tax returns or request an extension for those who live in Massachusetts or Maine due to the Patriot’s Day holiday.
- October 17 is the due date for those who requested an extension on their 2021 tax returns – some military members may be eligible for an automatic extension if they were deployed to a tax-free combat zone for part of the previous or current tax year.
When you file your taxes, it’s important to make sure they’re 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, you’ll want to pay extra attention to the amount you report.
You should also be aware of the health insurance tax credit that’s available to small businesses. If you pay at least half the cost of coverage for your employees, you could qualify. You’ll also want to claim your recovery rebate credit on your tax return if you’re eligible.
On top of this, it’s important to note that the IRS can’t issue a refund involving the Earned Income Tax Credit or Additional Child Tax Credit before mid-February.
Each state determines its own tax filing due date. However, most states follow the IRS guidelines with the same due dates.
Some states that don’t follow the IRS guidelines include:
- Delaware: May 2
- Iowa: April 30
- Louisiana: May 15
- Maine: April 19
- Massachusetts: April 19
- Virginia: May 2
There are also certain states that have no state income tax. These states are:
- South Dakota
- New Hampshire
According to TurboTax, if you miss the tax due date, you’ll likely end up paying a fine of 5% of the unpaid tax per month. The maximum late payment is 25% of the amount due.
It’s also important to note that you should pay any owed taxes by April 18, even if you filed for an extension. However, assuming you’ve filed for an extension, there’s no penalty for filing after April 18 if you don’t owe taxes. The IRS will likely just keep your refund for longer.
Thinking about requesting an extension? To file a tax return extension, you’ll need to fill out Form 4868. This will give you until October 17 to file your tax return. Generally, people request this extension if they’re unable to locate important tax forms (like a W2) and are waiting for a duplicate. Sometimes, certain life events can cause you to need an extension, like:
- A natural disaster
- An illness in the family
- A death in the family
There is also a common misconception that tax extensions don’t apply to people who can’t make a payment on their owed taxes. The IRS does offer payment plans for anyone who can’t pay the full amount owed up front.
If you’re self-employed or earning income outside of your regular paycheck, you’ll likely need to pay estimated taxes each quarter. This includes small business owners, freelancers and independent contractors. According to TurboTax, income that you’ll need to pay estimated taxes on includes:
- Interest income
- Gains from sales of stock or other assets
- Business earnings
- Taxable alimony
The IRS requires you to pay at least 90% of estimated taxes throughout the year. Not sure when to file estimated tax payments? The current estimated tax payment due dates are:
- April 18, 2022 for January 1 through March 31, 2022
- June 15, 2022 for April 1 through May 31, 2022
- September 15, 2022 for June 1 through August 31, 2022
- January 17, 2022 for September 1 through December 31, 2022
To learn more about estimated taxes, you can read through the IRS website.
Can I File Taxes If I’m Awaiting Processing of a Previous Tax Return?
You don’t need to wait for your 2020 tax return to be fully processed to file your 2021 return. The pandemic caused delays in previous year’s tax return processing, but that shouldn’t impact the 2021 tax season.
Filing taxes varies from person to person. For instance, W-2 and 1099 forms may need to be attached for any taxpayer receiving wage or other income.
However, the way you file depends on how many dependents you have and where you worked.
To start filing your taxes, you’ll need basic information like your:
- Full legal name
- Social Security Number
- Spouse’s full name and Social Security Number
- Stimulus payment information
- Identity protection PIN if you have one
- Bank routing and account numbers to receive your refund via direct deposit
When you’re filing taxes, you’ll need to include information for any dependents. This includes their:
- Date of birth
- Social Security Number
- Childcare records
You may also need to file Form 8332, which shows a child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent. Also, IRS Letter 6419 provides official documentation with the details you need to report your advance Child Tax Credit payments.
There are a few sources of income that should be reported on your tax return, including:
- Employed (W2)
- Unemployed (1099-G)
- Rental income
- Retirement income
- Savings and investments
- Other income like gambling winnings
- Awards or prizes
- Trust income
You can file your taxes yourself using the forms on the IRS website and mailing them. Although, filing electronically is recommended through an e-file service’s tax software. Companies that offer this include:
Remember, when you’re using tax software, you’re still filing taxes yourself, but you’re also getting some audit protection included. It’s also possible to get in-person help with your taxes by going to firms like H&R Block and Jackson Hewitt.
Next Steps: Want to learn more? Sign up for the Small Biz Ahead newsletter to receive a weekly roundup of the latest tools, trends, and resources.