July 6, 2022

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Tax Deadline 2022 | When Are Taxes Due?

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Tax Day is typically April 15 each year unless the day falls on a holiday or weekend. The pandemic in 2021 caused the Treasury Department and Internal Revenue Service (IRS) to extend this date to May 17. But that isn’t the case for tax returns filed in 2022. For this year, the deadline to file your income tax is April 18, though you can file an extension for October 15.

Remember that even if you file an extension, if you owe money, you must make income tax payments by April 18, 2022 to avoid interest and penalties. The IRS requires that you estimate your tax liability for the tax year and pay it when filing for the extension or by the deadline.

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The income tax return due date is determined by the April 15th Tax Day. When this day falls on a weekend or holiday, it is pushed back to the next business day. Tax Day is extended in 2022 because April 15, 2022 is Good Friday and Passover. This pushes the deadline to the next business day, which is Monday, April 18, 2022.

You can get information on when to file your tax return by checking publications on the IRS website. The IRS puts out Publication 509, which is updated annually and includes the entire tax calendar for the year. Going through IRS documents can sometimes be daunting. However, this information is also available via any one of the tax filing companies’ websites, such as Intuit TurboTax, in an easier-to-digest format.

Each state is responsible for determining its own tax filing date. For simplicity, most states follow the IRS guidelines and have the state deadline match it. For example, in tax year 2020, there were 35 states that elected to extend their deadlines to May 17th as well. Maryland was the lone state that extended it even further, giving filers until July 15, 2021. Hawaii, on the other hand, was one of the states that elected to not change its filing deadline of April 20.

Check with your state’s department of taxation to know what the 2022 filing deadline is. Visit our guide to the Best Tax Software of 2022 to find companies that include state tax filing as an option.

Estimated taxes are quarterly tax payments usually made by small business owners, freelancers, and independent contractors. These are payments made based on the income for that period. The IRS requires that taxpayers pay at least 90% of their taxes throughout the year through withholding or through estimated tax payments. Failure to do so can result in an estimated tax penalty.

The schedule for estimated tax payments are:

  • April 15 for period January 1 to March 31
  • June 15 for period April 1 to May 31
  • September 15 for period June 1 to August 31
  • January 15 of the following year for September 1 to December 31

These tax payments must be postmarked by the due date to ensure you will not be assessed a penalty. You can also use the IRS Direct Pay website and pay by 8 p.m. EST with a bank account or by midnight with a debit or credit card to make the deadline.

It’s best to meet the IRS tax deadline to avoid any issues. You can also get a free extension to October 15. The extension gives you extra time to file, but keep in mind that you still must pay any owed taxes by April 18. There is no penalty if you don’t owe taxes; the IRS just keeps your refund for longer.

The IRS doesn’t penalize you for not filing a return, but it will penalize you for not paying your owed taxes. Interest and penalties apply if you don’t pay your expected tax amount on time. Late payment penalties start at 0.5% per month with a maximum of 25% of the amount due. If you failed to file for an extension, the penalty goes up to 5% per month with the same 25% maximum penalty.

Interest will also be owed on the outstanding balance. The IRS determines the interest rate using the federal short-term rate plus 3%. In 2021, the rate was about 5%.

To file for an extension, you’ll complete IRS Form 4868. This is for an automatic six-month extension on your taxes for those filing a Form 1040, 1040NR, or 1040NR-EZ. Many people make the mistake of filing for an extension because they can’t make the tax payment. As we’ve discussed, this strategy can lead to penalties and interest payments. However, if you owe and can’t pay all the taxes upfront, the IRS offers various payment plans to help you reduce penalties and interest on your taxes.

You should file a tax extension if you:

  • Are owed a refund but can’t get your taxes done on time
  • Can pay the estimated amount owed but need more time to file
  • Are  dealing with a life event such as a family death or divorce, and you need more time to gather documents for your return
  • Run out of time to file because you were busy during tax season

Tax returns can be filed through e-file services or by mailing a paper copy of the return to the IRS. The IRS has free fillable forms for those with an income of $72,000 or less and who are comfortable completing their own tax returns. There is also an IRS Volunteer Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs that are free to eligible participants.

Most people want some type of help with their tax returns. This is where either using commercial tax software or going to a professional tax preparation provider is helpful. Some in-person tax filing firms such as H&R Block and Jackson Hewitt now have software that will help you fill out your tax forms. Visit our guide, How Does Tax Software Work? to learn more about what’s available.

When you go to an in-person location, you get the expertise of a tax professional who will do the taxes for you, asking you the pertinent questions that arise. When you use tax software, you are still doing the taxes on your own but often have the backup of audit protection. Some may even allow you to talk to a professional who can answer specific questions. To get tips on purchasing tax software, check out How to Buy Tax Software.

Learn More

For more information about tax software and filing your taxes, see the following guides:

Best Tax Software of 2022

Other Guides from 360 Reviews

 For comparisons and advice about other products and services, see our other guides:

Why You Can Trust Us: 10 Tax Software Researched

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