Is Tax Day A Public Holiday
Although Tax Day is not a public holiday, businesses and schools may be closed because it falls on the same date as Patriots’ Day in 2022, which is a public holiday in Maine and Massachusetts.
Tax Day is an important date to remember.
©iStockphoto.com/joel-t
The 2020 tax filing date has been moved from April 15 to July 15 in light of the COVID-19 novel coronavirus crisis.
What Happens If You Miss The Deadline
If you miss the tax filing deadline, the IRS recommends filing your late return as soon as possible to avoid a failure-to-file penalty. The IRS wont charge a failure-to-file penalty when a refund is due. However, there is a three-year statute of limitations on refunds. If you file more than three years after your deadline, then you wont get your money.
Individuals who miss the payment deadline may be subject to a failure-to-pay penalty along with interest charges on the amount due. An exception might be allowed if youre experiencing hardship and file a special extension.
Try to file your taxes as early as possible to avoid missing the deadline. Start gathering your documents as soon as you receive them, and be sure to make an appointment if youre working with a tax professional. Even if the IRS extends the due date, it might be in your best interest to file early, especially if youre expecting a refund.
Take Action To Avoid Penalties
Most importantly, avoid taking no action at all before the April 18 deadline.
If you dont file your return by Tax Day and dont file an extension, youll risk missing out on your tax refund if youre owed one, and could pay both interest on unpaid balances and penalties for failure to pay or file.
If you dont pay your estimated taxes due youll take on a penalty equal to 0.5% of taxes owed after Tax Day for each month the tax isnt paid, up to 25%.
If you know that you could owe a huge balance, that 0.5% could add up really quick, says Chan.
Even if you cant pay all the taxes you owe right now, look into short- and long-term payment plans the IRS offers. You may qualify to enroll in a plan to pay your taxes over time. Though these plans may still charge interest, they wont be as costly as the mounting non-payment penalties you could face otherwise.
Recommended Reading: Nj Employer Payroll Taxes 2021
What Is Tax Day
In the United States, tax season generally runs between January 1 and April 15 each year for filing and paying taxes for the previous year. Tax Day refers to the final deadline date when individual federal tax returns and tax payments are due. Most states that levy income taxes set the same deadline for their residents to file their state income taxes.
The Success Of Our Nation Is Closely Tied To The Success Of The Irs On Behalf Of All Irs Employees Commissioner Chuck Rettig Thanks You For Doing Your Part
Get to know the IRS, its people and the issues that affect taxpayers
Monday marks April 18, the annual tax deadline and a unique day for citizens of our nation. On behalf of the employees of the IRS, I want to thank everyone for taking the time to file and pay their taxes. This civic duty is important to our great nation in many ways, by funding critical needs essential to our democracy on issues ranging from schools and roads to defense. The IRS collects about $4.1 trillion a year, about 96 percent of the U.S. gross revenue.
This tax season has been unlike any other. The COVID-19 pandemic left a series of new challenges in its wakeand for the first time, the IRS was called upon to distribute emergency resources to millions of struggling families and businesses. IRS employees did not hesitate, fighting hard during the pandemic to deliver on every front. Working around the clock and in person throughout almost all of the last two years, IRS employees distributed three rounds of stimulus checks and advanced the Child Tax Creditdelivering nearly $1.5 trillion in needed relief to the American people. There is more to be done: Millions of returns are awaiting processing, and billions in refunds are still to be distributed. But our work is paying off. Refunds are rapidly being sent to the vast majority of taxpayers within 21 days, with 70 million refunds worth $222 billion delivered through April 8.
Chuck RettigIRS Commissioner
You May Like: Bexar County Tax Assessor Collector San Antonio Tx
When Is Tax Day
Tax Day is as inevitable as taxesit comes around every year. Tax Day most commonly falls on April 15, but it is sometimes moved due to varying circumstances, including when April 15 is a Friday, Saturday, or Sunday. In those cases, Tax Day moves to the following Monday or Tuesday. Sometimes, Tax Day is moved for other reasons. In 2021, Tax Day was moved to May 17 due to tax code changes resulting from the COVID-19 relief package.
In 2022, Tax Day is on Monday, April 18.
Contribute To Your Health Savings Account
This medical account, available to individuals who have a high-deductible health plan, provides a tax-saving way to pay for out-of-pocket costs. You have until the April 18, 2022, tax deadline to contribute to an HSA for the 2021 tax year. The 2021 limits were $3,650 for an individual HSA owner and $7,200 for a family. For 2022, the individual coverage contribution limit is $3,650 and the family coverage limit is $7,300. If you’re 55 or older, you can put an extra $1,000 in your HSA.
» MORE: Learn more about the tax effects of HSAs and flexible savings accounts
Don’t Miss: Texas Franchise Tax Instructions 2021
What If I Made A Mistake And Need To Re
Mistakes happen. You file your tax return, then realize you forgot to report some income or claim a certain tax credit. You typically don’t need to redo your whole return. Along with filing an amendment using Form 1040-X, youll also need to include copies of any forms and/or schedules that youre changing or didnt include with your original return.
IRS Form 1040-X is a two-page form used to amend a previously filed tax return. TurboTax can walk you through the amendment process to correct your tax return.
To avoid delays, make sure you only file Form 1040-X after your original Form 1040 has been accepted. If youre filing a Form 1040-X to collect a tax credit or refund from a previous year, youll need to file within three years after the date you timely filed your original return, or within two years after the date you paid the tax, whichever is later.
File Electronically And Choose Direct Deposit
To speed refunds, the IRS urges taxpayers to file electronically with direct deposit information as soon as they have everything they need to file an accurate return. If the return includes errors or is incomplete, it may require further review that may slow the tax refund. Having all information available when preparing the 2021 tax return can reduce errors and avoid delays in processing.
Most individual taxpayers file IRS Form 1040 or Form 1040-SR once they receive Forms W-2 and other earnings information from their employers, issuers like state agencies and payers. The IRS has incorporated recent changes to the tax laws into the forms and instructions and shared the updates with its partners who develop the software used by individuals and tax professionals to prepare and file their returns. Forms 1040 and 1040-SR and the associated instructions are available now on IRS.gov. For the latest IRS forms and instructions, visit the IRS website at IRS.gov/forms .
Recommended Reading: Tax Assessment Procedures Domestic Judgement Registry
When Are Taxes Due
Just thinking about Tax Day is enough to make some of us reach for a bottle of aspirin . We get it. Taxes suck. Its easy to put them off until the last minute.
But since taxes are almost always due in April, wouldnt it feel great to get that tax monkey off your back by planning ahead now? Here are some important tax deadlines to keep in mind.
Tax Day For Maine And Massachusetts Residents
Residents of Maine and Massachusetts got an extra day this year until April 19 to file their federal income tax return. Why? Because Patriots’ Day, an official holiday in Maine and Massachusetts that commemorates Revolutionary War battles, fell on April 18 this year. So, for the same reason Tax Day was moved from April 15 to April 18 for most people , the IRS couldn’t set the tax filing and payment due date on April 18 for taxpayers in those two states. As a result, the deadline was moved to the next business day for Maine and Massachusetts residents, which was April 19.
Also Check: Number To The Irs For Taxes
What Happens To My Tax Deadlines If I Live In An Area Impacted By A Natural Disaster
If you need more time because you live in an area hit by a natural disaster, you might qualify for tax relief from the IRS. The IRS often postpones the tax filing deadline for taxpayers who live in or have a business within a federally declared disaster area.
For example, the IRS announced it would postpone tax filing and tax payment deadlines for taxpayers affected by the September 2020 California wildfires.
What If I Cannot Complete And File My Return On Time
To avoid a late filing penalty, you must file your return by Oct. 16, 2023. Do not send an incomplete return.
To avoid other penalties and interest, you must pay your tax by the due date. If you do not know your total tax due, you may estimate the amount and pay it by the due date. To see your payment options and make a payment, go to .
For more information, see Minnesota Statute 270C.395.
Recommended Reading: State Of New Jersey Tax Refund
In The Us Modern Income Taxes Are A 20th Century Invention Courtesy Of The Revenue Act Of 1913
This act, also known as the Underwood Tariff or the Underwood-Simmons Act, was signed into law by President Woodrow Wilson. It restored a federal income tax for the first time since 1872. This established a 1% tax on income above $3,000 per year, which affected approximately 3% of the population. The act also substantially lowered tariff rates from 40% to 26%. President Wilson had long seen high tariffs as equivalent to unfair taxes on consumers, and tariff reduction was one of his first priorities upon taking office.
State Tax Return Due Dates
Unless you live in a state with no income tax, don’t forget that you probably have to file a state tax return as well. Most states synch their income tax return deadline with the federal tax due date but there are some states that have different deadlines . State rules regarding tax filing extensions may differ from the federal rules, too. Check with the state tax agency where you live to find out when your state tax return is due and/or how to get an extension.
Read Also: How To Check Amended Tax Return Status
Tax Filing Season Begins Jan 24 Irs Outlines Refund Timing And What To Expect In Advance Of April 18 Tax Deadline
IR-2022-08, January 10, 2022
WASHINGTON The Internal Revenue Service announced that the nation’s tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.
The January 24 start date for individual tax return filers allows the IRS time to perform programming and testing that is critical to ensuring IRS systems run smoothly. Updated programming helps ensure that eligible people can claim the proper amount of the Child Tax Credit after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax return.
“Planning for the nation’s filing season process is a massive undertaking, and IRS teams have been working non-stop these past several months to prepare,” said IRS Commissioner Chuck Rettig. “The pandemic continues to create challenges, but the IRS reminds people there are important steps they can take to help ensure their tax return and refund don’t face processing delays. Filing electronically with direct deposit and avoiding a paper tax return is more important than ever this year. And we urge extra attention to those who received an Economic Impact Payment or an advance Child Tax Credit last year. People should make sure they report the correct amount on their tax return to avoid delays.”
Can You File Taxes On Tax Day
Yes, the Internal Revenue Service accepts tax returns on April 15, or at a date later than that. You wont pay failure-to-file or late-filing penalties for filing your return on tax day. Need more time to file your return? Place an automatic extension of time to file before April 15 and you will six additional months to file your return without being subject to any late-penalties.
Don’t Miss: H& r Block 2022 Tax Software
Is Tax Day Always April 15
Yes, the standard deadline to file a federal income tax return is always April 15. However, the Internal Revenue Service is very flexible against things that can concern taxpayers. As seen in 2020 and 2021, the Internal Revenue Service postponed the tax filing deadline to July 15 and May 15, respectively.
Tax Day For Individuals Extended To May 1: Treasury Irs Extend Filing And Payment Deadline
IR-2021-59, March 17, 2021
WASHINGTON The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig. “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”
Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.
Don’t Miss: When’s The Last Day To Do Your Taxes
Natural Disaster Victims Get Tax Filing And Payment Extensions
If the Federal Emergency Management Agency declares a disaster area following a natural disaster, the IRS usually offers tax relief for the disaster victims in the form of tax filing and payment extensions. In the case of certain recent natural disasters, the April 18 tax filing and payment deadline was extended for individuals and businesses residing or located in the disaster area.
Victims of the following natural disasters were granted extensions that delay this year’s federal personal income tax filing and payment deadline:
- Wildfires and straight-line winds in New Mexico that began on April 5 .
What Do People Do
A large proportion of residents of the USA have to inform the IRS of all income that they received in the previous fiscal year. Some groups, particularly veterans, pensioners and some low-income families, do not have to file a tax return unless they wish to qualify for certain types of income subsidy. Others may wait until the last moment to file their tax return and pay any money they owe. Some people may find that filing a tax return is complicated, while others may feel that they should not have to pay income tax. In the United States, income tax returns may be filed on paper or electronically. Now, people are encouraged to file a return via Internet as this is efficient and reduces the risk of mistakes being made or documents being lost in the post.
Recommended Reading: When Is Business Tax Due 2022
Why Is Tax Day On April 18
The answer is simple. The deadline to file federal taxes is on Monday, April 18, this year because the Internal Revenue Services District of Columbia offices will be closed on Friday, April 15, in observance of the locally recognized Emancipation Day.
The D.C. public holiday technically falls on Saturday, April 16, but is observed by the government on the closest weekday when it falls on a weekend.
Congress initially set the filing deadline in March, but it revised the Internal Revenue Code in 1954, moving the deadline to April 15, where it remains.
But through 67 years, Tax Day has fallen outside of April 15 26 times, according to Timeandate.com. In most cases, the deadline got pushed back to the 16th or 17th simply because the 15th fell on a weekend. Since DC Emancipation Day came officially online in 2005, Tax Day has landed on April 15 only seven times, the last time being in 2019. Emancipation Day will postpone the IRS deadline again in 2023.
2022 Tax guide:Key dates for filing and extensions, claiming credits and planning for refunds
Another regional holiday grants the residents of Massachusetts and Maine an additional day to report their taxes.
Most states that require residents to file state income taxes keep with the federal tax deadline, but some have state tax filing deadlines as late as May.