As we look ahead to 2022, we can mark important dates on the calendar: birthdays, anniversaries, and, of course, IRS deadlines for filing returns and paying federal income taxes.
You should keep in mind that the declarations correspond to income received in 2021, although the forms are filed in 2022. To reduce confusion as much as possible, experts refer to 2021 as the tax year and 2022 as the tax year. presentation of the statement. Most, but not all, of the 2022 deadlines refer to the fiscal year 2021.
On what date must the declarations be submitted? the answer is complicated
For most taxpayers, the deadline to file your tax year 2021 federal income tax return is April 18. The traditional date of April 15 has not been applied since the 2019 tax season.
In 2020 and 2021, the April 15 deadline has been extended due to the COVID-19 pandemic. And in some non-pandemic years, the date is sometimes extended to the next business day because April 15 falls on a weekend.
The deadline to file this year is Monday, April 18, because Washington DC observes Emancipation Day on Friday the 15th. By law, when it comes to filing tax returns, the IRS must treat District of Columbia holidays as national holidays. Emancipation Day commemorates the day in 1862 that President Abraham Lincoln signed into law a measure intended to free DC’s slaves (Adding to the complexity of the dates is that the actual Emancipation Day is the 16th). April, but since it falls on a Saturday this year, the holiday is celebrated the day before).
Another factor that can add to the confusion is that taxpayers in Maine and Massachusetts don’t have to file their returns until April 19 because those states celebrate Patriot Day on April 18. This holiday commemorates the first battles of the American Revolutionary War in 1775.
Some taxpayers who have been affected by recent natural disasters have an additional deadline to file their returns. Victims of the January wildfires in Colorado have until May 16 to file their federal tax returns. The same goes for the victims of the December floods and tornadoes in Kentucky.
Are you going to file your return late?
Don’t let the expiration date pass you by. The penalty for filing a late return is 5% of the amount due each month, and the penalty for not paying is 0.5% per month, capped at 25% per year. (If both penalties are applied in the same month, the total penalty is 5% each month: 4.5% for not filing and 0.5% for not paying). In addition, interest accrues at a rate that is currently 3%.
If your return is due after the due date, you can get an automatic extension with IRS Form 4868. The automatic extension usually expires on October 15, but since that day falls on a Saturday this year, you’ll have until October 17 to file your return. However, the extension to file the return does not grant an extension to make payments. You must also pay the taxes you owe no later than April 18; otherwise, late payment penalties will apply. If you’re due a refund and you file late, the IRS will waive the penalty, but you won’t receive your refund until you file. If you don’t claim a refund within three years, you will lose your money.
Estimated Tax Payment
Self-employed workers must pay estimated taxes each quarter. The last payment for the tax year 2021 is due on January 18. The first payment for the tax year 2022 is due on April 18; subsequent payments are due June 15 and September 15, 2022, and January 17, 2023.
John Waggoner writes for AARP on financial topics, from budgeting and taxes to Social Security and retirement planning. He was previously a journalist for Kiplinger’s Personal Finance and USA Today and has written books on investing and the 2008 financial crisis. Waggoner’s investing column for USA Today ran in dozens of newspapers for 25 years.
