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Tax Due Dates for 2022



Tax Due Dates for 2022

With 2022 just starting out, it’s important that you get your finances for the year in check. A major part of being financially responsible is filing your taxes on time.

When it comes to filing your taxes in 2022, you can easily avail the IRS free file service, if you make less than $72,000 per year. However, you can go for the free electronic fillable form, or a tax filing software, if you make more than the previously mentioned amount.

Now that we’ve established how you can pay your taxes, it’s important to know when you have to pay your taxes. By knowing when which tax is due, you can easily plan your spending in advance. This will help you in tax planning, and not having to worry about accidentally skipping any important deadlines. So, for your ease, we have devised a calendar containing all the important tax dates for the year 2022.

Tax Calendar for Year 2022

For the years 2020 and 2021, the federal income tax calendars had to be altered due to the ongoing pandemic. Payment deadlines, and tax filing due dates, had to be extended by the IRS in order to give more time to tax payers, so they could easy manage their tax obligations. However, for 2022, there seem to be no extensions or accommodations in the calendar so far.

Although it’s worth mentioning that while the IRS is sticking to the planned calendar so far, there can be some changes to its deadlines in the future. This is due to any economic effects of Covid. Depending upon the future conditions, and the spread of the pandemic, the calendar might undergo some changes. But for now, it’s as definite as it can be for now, and has to be followed accordingly.

It’s crucial that you do plan and file your taxes according to the deadlines, and not miss any, because you can be heavily penalized if you don’t pay your taxes on time. These penalties can also show up in the form of interest. There are some standard penalties that you’ll have to pay if you don’t pay your taxes on time.

For example, you will have to 5% of the amount due if you’re unable to file your annual tax return on time. This penalty is applicable for every month your return is late. Furthermore, the penalty for late taxes is 0.5% of the unpaid amount if you end up paying your taxes late. However, this penalty can go up to a huge 25% of what you owe, added onto by interest charged on the unpaid taxes. Similar penalties may be applicable on missing other tax returns as well. On top of penalties, there can be other downsides of late tax returns too, such as losing out on a valuable tax break.

January 2022 Tax Due Dates

On the 18th of January, there are two tax payments that have their deadline on this date. Namely:

  • Estimated Tax Payment for the 4th Quarter of 2021 (Form 1040-ES).
  • Farmers and fishermen have to pay estimated tax for 2021 (Form 1040-ES).

January contains some important dates for tax-payers. However, the most important date is January 18th, which is the last day for most tax-payers to pay estimated taxes for their 4th quarter of 2021.

January 24 is also a very important date in 2022. While not exactly a deadline, it’s the day from which tax filing season officially begins. This means that the IRS starts accepting and processing 2021 income tax returns from the 24th of January.

February 2022 Tax Due Dates

While January was packed with some extremely important deadlines, February is a relatively easy month for tax payers. It does not have any heavy taxes, or back to back deadlines that need to be met.

March 2022 Tax Due Dates

March is another easy month for tax payers due to not much being due during it, and also due to its lack of deadlines.

April 2022 Tax Due Dates

For the year 2022, April is the most important month on the tax calendar. Unless you file for an automatic 6 months extension with the IRS, 18th April is the last day to file a 2021 tax return. The deadline was pushed from its initial April 15th to the 18th of April, due to the Emancipation Day holiday, celebrated in Washington, D.C.

Furthermore, tax-filers in Massachusetts and Maine will be able to submit their taxes till the 19th of April, due to Patriot’s Day falling on April 18th. If you, or anyone you know, want to receive an extension, you will have to request one by the 18th of April, the latest. If you receive this extension, you’ll have until the 17th of October, 2022, to file your tax return.

The month is also important for those who are saving for retirement, or are already retired.

May 2022 Tax Due Dates

After the hectic month of April, May is very easy on tax payers. It doesn’t have any important deadlines or heavy tax returns that need to be filed.

June 2022 Tax Due Dates

June is an important month for foreign tax payers, and military personnel. Those serving in the military can request an extension for four months by June 15th the latest.

The month is also important because the estimated tax payments for the second quarter of 2022 are also due during it.

July 2022 Tax Due Dates

July is another light month on the calendar. It only deals with employee tips, but otherwise is of less importance to most tax payers.

August 2022 Tax Due Dates

The ease continues into August as well. This month also only has a deadline relating to employee tips. Other than that, the month helps extend the break from heavy tax returns and back to back deadlines.

September 2022 Tax Due Dates

After a few relaxed months, when it comes to taxes, September brings with it the estimated tax payments for the 3rd quarter of 2022, the due date for which is September 15th. Other than that, there is not much due during this month.

October 2022 Tax Due Dates

After a few easy months, October brings with it some important deadlines. This month is especially important for those people who requested an extension when it came to filing their tax returns for the year 2021. October 17th is a very important date in this month, because that is when the extension ends.

November 2022 Tax Due Dates

November is another one of the easy months on the tax calendar, with no back-to-back deadlines, or taxes that are due.

December 2022 Tax Due Dates

While December comes with some important deadlines relating to taxes, it has more significance than that. It’s the time of the year during which you can make last-minute moves to lower your tax bill for the year ahead of you.

Tips On How You Can Make Tax Filing Easier

If you want to avoid speed refunds, and any processing delays when it comes to filing your taxes, then it’s advisable you follow the tips given below. These tips have been approved, and are even urged to follow, by IRS:

  • Create an online account with IRS. By logging into this account, you can easily access all your personal tax information, including payments, balance, and tax records after being accounted for adjusted gross income.
  • When filing for a return, do it electronically. File an accurate and complete return whenever you’re ready, and choose direct deposit. This will help you get the quickest refund.
  • Keep checking the official IRS website for the latest tax information.
  • Gather and organize the tax records from the previous year. In this case, it’ll be 2021. This information should include your social security number, Adoption Taxpayer Identification Numbers, Individual Taxpayer Identification Numbers, and the Identity Protection Personal Identification Numbers, valid for the year you’re living in, which would be 2022 in this case.
  • Make your final estimated tax payments for 2021 by the 18th of January, 2022. This will help you avoid any possible penalties, and a tax-time bill.

Conclusion

Filing your taxes can be tricky and time consuming. If you need any assistance regarding your tax filing, you can hire a CPA if you can afford one, to help you during the tax season. CPAs also help ensure that all bookkeeping has been done correctly. However, if you’re doing small business accounting, or have experience doing your taxes, then a CPA might just be an additional expense. If you still feel like you need guidance, you can easily get the relevant information off of the official IRS website. While you can call the IRS for help, they probably won’t be able to guide you much, due to the strong traffic of callers they receive every day.

References

https://www.kiplinger.com/taxes/tax-deadline/603992/2022-tax-calendar-tax-due-dates-and-deadlines

https://www.irs.gov/newsroom/2022-tax-filing-season-begins-jan-24-irs-outlines-refund-timing-and-what-to-expect-in-advance-of-april-18-tax-deadline


Final Thoughts

If any of the information provided above made you feel confused, don’t stress because you are not alone. There are many other businesses that have faced similar problems in the past. However, with time, they have fared well with just a little help.

If you are struggling or just don't have the time to keep up with it, it may be time to have Hall Accounting take over and invest with accurate accounting records and financial reports. The Hall Accounting team will manage your records from start to finish and make sure all adjustments are timely recorded. This option is also feasible for small businesses because it is cheap and hassle-free, at a fixed monthly rate. If you are interested, please feel free to email us at proposals@hallacctco.com and we will get you a free quote!


FUTURE IMPORTANT DEADLINES

1/24/22
IRS began accepting and processing 2021 tax returns

3/15/22

Deadline for partnerships and S-Corp returns for 2021

4/18/22

Deadline to file individual tax returns for 2021
First-quarter estimated tax payments due for 2022
Deadline to contribute to HSA for 2021
Deadline to contribute to IRA for 2021