What Is The Tax Deadline In 2021
While the deadline usually falls in the middle of April, in 2021, American taxpayers will now have until May 17 to file federal taxes.
The original due date for 2021 was April 15, but the IRS has shown leniency for the second year running by extending the deadline.
Even though the IRS pushed back the tax filing deadline, its still a good idea to get them done as soon as possible, so you wont have to scramble to do your taxes as the deadline approaches.
Extended 2021 Filing Deadline For Hurricane Ida Victims
If you are an individual or business that successfully extended your tax filing to October 15, 2021, you now have until January 3, 2022 to file.
Quarterly estimated income tax payments originally due on September 15, 2021 and excise tax returns originally due on November 1, 2021 have also been pushed to January 3, 2022.
Will My Refund Be Issued By Paper Check Or Electronically
Previously, the Department might have issued you a paper check, even if you selected to receive your refund by direct deposit or prepaid debit card. This protection helped the Department avoid sending your money to an account or debit card that is controlled by a criminal.
While the Department honors taxpayer requests to issue a refund electronically, there may be situations in which we will determine its safer to issue a paper check. In some cases, we may send a letter requesting verification of taxpayer identity instead of automatically changing your request to a paper check. The letter instructs you to go to myVTax, select Return filing verification, and enter the verification code included on the letter. This verifies your request and allows us to proceed with processing your refund.
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Winter Storm Disaster Relief For Louisiana Oklahoma And Texas
Earlier this year, following the disaster declarations issued by the Federal Emergency Management Agency , the IRS announced relief for victims of the February winter storms in Texas, Oklahoma and Louisiana. These states have until June 15, 2021, to file various individual and business tax returns and make tax payments. This extension to May 17 does not affect the June deadline.
For more information about this disaster relief, visit the disaster relief page on IRS.gov.
Reasons To File Your Return Before The Tax Deadline
While its tempting to celebrate the news of the 2021 tax deadline extension, there are a lot of compelling reasons to file your return well in advance of the new May 17 deadline.
Here is a list of reasons to consider filing your taxes sooner rather than later
- Some taxes are still due on April 15
While the federal taxes deadline may have shifted to May 17, the date for estimated quarterly tax payments remains April 15. This may or may not affect you, depending on what state you live in.
For the last tax year, most states adjusted the estimated quarterly tax payment date to match the new federal tax deadline, so try to stay in the loop in your state.
- You could qualify for a stimulus payment
Theres a chance that by filing your taxes sooner rather than later, you could qualify for the most recent stimulus payment.
The latest stimulus payment is calculated according to your 2020, so if you noticed a decrease in income that year, you should file your taxes as soon as possible to give yourself a chance of receiving the payment sooner.
- You will have more time to make sure you filed correctly
One of the main reasons to do anything early is to give yourself more time.
If you have more time, you are more likely to notice any mistakes and provide any additional information if necessary. You give yourself the luxury of speaking with your tax consultant about any deductions you may be eligible for and anything else you might have missed out.
- You could receive a refund faster
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What Tax Extension Filers Can Do Before The October Deadline
The deadline for the approximate 19 million Americans who requested an extension to file their 2021 tax return is quickly approaching. “Taxpayers who requested more time to file an accurate return have until October 17, 2022,” according to the IRS.
Those who requested the extension but already have what they need to file are being encouraged to file electronically before the deadline hits to circumvent any delays in processing.
With the deadline looming, there are important steps that taxpayers who requested an extension can take to put themselves in a better position.
If you’re worried about the amount of taxes you owe and are unsure of the next steps, consider speaking with a tax debt relief expert. There are multiple ways to tackle outstanding tax debt.
Know The Tax Deadlines That Apply To You So You Don’t Get Hit With Irs Penalties Or Miss Out On A Valuable Tax Break
If you miss a tax deadline, the IRS can hit you hard with penalties and interest. For instance, the standard penalty for failing to file your annual tax return on time is 5% of the amount due for each month your return is late. If you pay your taxes late, the monthly penalty is 0.5% of the unpaid amount, up to 25% of what you owe, plus interest on the unpaid taxes. Similar penalties apply for missing other deadlines. And there could also be other negative consequences for being late, like losing out on a valuable tax break.
It’s easy to avoid these headaches, though just don’t miss the deadline! But we realize that it’s not always easy keeping track of all the various IRS due dates. So, for those of you who need a little help remembering when to file a return, submit a report or pay a tax, we pulled together a list of the most important 2022 federal income tax due dates for individuals. There’s at least one deadline in every month of the year, so play close attentionwe don’t want you to get in trouble with the IRS.
NOTE: Some of the 2022 due dates listed below are extended for victims of recent natural disasters. In addition, several 2021 due dates were extended to January 3, 2022, for other natural disaster victims. In the case of Mississippi water crisis victims, several 2022 deadlines are pushed into 2023. For more information on these extensions, see our articles for victims of:
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What If I Need More Time
Don’t let a looming tax deadline force you to rush through the tax filing process and make a mistake on your return. Simply request an extension.
The IRS grants an automatic six-month extension of the tax filing deadline to anyone who requests it. You can request an extension electronically with TurboTax or use Form 4868.
Just keep in mind, the tax extension gives you more time to file your return, not more time to pay the tax you owe. You’ll need to estimate the amount you owe and make your payment by the tax filing deadline.
When Are Corporate Taxes Due 2022 Deadlines
Whether youâve just incorporated and are filing your companyâs taxes for the first time or are a seasoned tax pro, staying on top of your businessâ tax obligations isnât easy.
Keeping an eye on all the different tax deadlines that apply to youâwhether itâs for quarterly payments, filing W-2s for each of your employees, or your corporate income tax return itselfâcan be particularly challenging.
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What Tax Documents Should I Look Out For Before Filing
The U.S. tax code can be complicated, with various forms that taxpayers need to file to report their income sources. Here are the most common tax forms and their respective deadlines.
Review the tax filing deadlines for each form below, including the due dates for businesses or employers to send forms and the filing dates for individual taxpayers.
- W-2 Form: Employers must send by January 31, 2022
- Form W-2 contains information about your employee earnings, any taxes withheld, and other employer-provided benefits. Your employer must provide your W-2 Form by January 31, 2022.
- Recipients must file by .
Tax Deadlines And Extended Filing Deadlines 2022
Don’t miss important tax filing deadlines.
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Requesting an extension to file your income tax return has become common among taxpayers in the United States. According to the Internal Revenue Service , an estimated 19 million taxpayers requested an extension in 2021.
Whether you plan to file by the regular deadline or need an extension, make sure you are aware of all the relevant filing deadlines so you dont find yourself in trouble with the IRS.
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The 2021 Tax Deadline Extension: Everything You Need To Know
In response to the Coronavirus pandemic, the Treasury and IRS issued new instructions that call for a tax deadline extension, moving the customary April 15 deadline to May 17, 2021. Read more to learn about the relevant details and how they impact your situation.
For information on the third coronavirus relief package, please visit our American Rescue Plan: What Does it Mean for You and a Third Stimulus Check blog post.
Filing Due Dates For The 2021 Tax Return
For most people, the 2021 return has to be filed on or before April 30, 2022, and payment is due .
File your return early or before the due date to avoid being charged interest and penalties and to prevent a disruption to your benefit and credit payments, such as:
- GST/HST credit, including any related provincial or territorial credits
- Canada child benefit , including related provincial or territorial payments
- Old age security benefits
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Federal Income Tax Deadline For 2021 Tax Returns
The filing deadline for the 2021 tax year is April 18, which falls on a Monday. If you need even more time to complete your 2021 federal return you can request a six-month extension by filing Form 4868 through your tax professional, tax software or using the Free File link on IRS.gov. Filing Form 4868 gives taxpayers six extra months to file their 2021 tax return but does not grant an extension of time to pay taxes due. You may owe a late payment penalty on any tax not paid by the original due date of your return.
If you mail in your return, it must be postmarked April 18, 2022, or sooner. The IRS typically issues refunds within 21 days after a tax return is filed.
People who still want to contribute to an individual retirement account for the 2021 tax year still need to make contributions by April 15, 2022. It is also necessary to include contributions made to traditional IRAs on your tax return. If you contributed to a Roth IRA during 2021, you wont need to report those contributions on your tax return.
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Reminder: Deadline Coming For Filing Delayed Income Tax Returns
Taxpayers who requested an extension to file their individual income tax returns have less than a month to file a complete and accurate return, according to the Michigan Department of Treasury.
Individual income tax returns due under an extension must be received by Treasury on or before Oct. 17, 2022. Returns can be sent through the U.S. Postal Service or e-Filed.
For the convenience of taxpayers, the extension deadline is the same as the Internal Revenue Service.
âIf you havenât filed your individual income tax return yet â regardless of an extension please consider doing so today,â said Deputy State Treasurer Glenn White, who oversees Treasuryâs Revenue Services programs. âSome individuals who havenât filed could be entitled to a refund due to tax credits or other forms of assistance. Please reach out to us if you have questions about navigating through the filing process.â
Taxpayers who have yet to file their individual income tax return should consider:
Filing a return to claim an outstanding refund. Taxpayers risk losing their state income tax refund if they dont file a return within four years from the due date of the original return. Go to www.michigan.gov/mifastfile to learn more about e-filing.
When Are 2022 Tax Extensions Due
You have right up until tax day to file for an extension. For individuals, that means you can still file for a tax extension right on April 18, 2022. The same goes for businesses: S corps and partnerships can still get an extension on March 15, and the last day for C corps to file for an extension is April 18.
What You Need To Know About The Oct 17 Deadline
If you have requested an extension, you must file your taxes on or before the final deadline. The IRS has already granted additional time to prepare your tax return. Any filers who miss this extended deadline will be subject to a failure-to-file penalty that can be as high as 25% of the amount owing, depending on how long it takes them to pay, and additional penalties. For this reason, it is imperative that anyone who has not yet filed get their taxes in order and filed before the deadline passes.
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Deadline For Individual Tax Returns
Usually, individuals must file their income tax returns by April 30 of the year following the year for which they are filing
If you are an employee, your employer is required to give you your T4 information slips by the last day of February. However, if you have all of your information early and you want to file electronically, the agency opens its NETFILE system in early February. Alternatively, you can acquire paper return packets from tax centre offices.
What Is Backup Withholding
The person or business paying the taxpayer doesnt generally withhold taxes from certain payments. They dont do this because its assumed the taxpayer will report and pay taxes on this income when they file their federal tax return. There are, however, situations when the payer is required to withhold a certain percentage of tax to make sure the IRS receives the tax due on this income. This is whats known as backup withholding. If a payer does backup withholding, they are required to deposit that withholding on those payments with the IRS.
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What Is The Business Tax Deadline For 2022
The main tax date in 2022 will be . Individuals, sole proprietors, and C corporations need to file their taxes by this date. The main tax day usually falls on April 15. However, April 15, 2022, is Emancipation Day.
Residents of Maine and Massachusetts have until , as April 18th is also a legal holiday .¹
Depending on the type of business you run and what your primary source of income is, you may have different business tax filing deadlines.
Which Tax Returns Qualify For Relief
The IRS is offering relief to both business and individual taxpayers for the 2019 and 2020 taxable years. If a taxpayer filed both returns late, they may qualify for relief for two years.
Heres a listing of federal income tax returns the IRS says will qualify for relief if filed on or before Sept. 30.
- Form 1120, U.S. Corporation Tax Return
- Form 1041, U.S. Income Tax Return for Estate and Trusts
- Form 1065, U.S. Return of Partnership Income
- Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return
- Form 990-T, Exempt Organization Business Income Tax Return
- Form 990-PF, Return of Private Foundation
Some international tax returns may also qualify for penalty relief.
If you havent filed your return for 2019 or 2020, you should do that as soon as possible. The IRS wont expect you to pay a failure-to-file penalty if you submit your tax return on or before Sept. 30. To make certain you meet the deadline, file electronically using one of todays best tax software programs.
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What Is The Department Doing To Help Prevent Fraud
Because fraudsters work hard to devise new ways to steal identities and money, the Department continues to experience attempted tax refund fraud. The Vermont Department of Taxes works with the IRS, other state revenue departments, and companies and trade associations in the tax and financial services industries to develop and implement new procedures to help protect taxpayer money.
Submitting false W-2 information is a favorite tactic of fraudsters. Because of this, the Department continues efforts to validate wage withholding information with filings and payments by employers. The Department has emphasized the February 1 due date for employers to file W-2 information. Filing this information electronically with the Department by the due date prevents a frequent source of refund delay. Learn more about identity theft and fraud.