Why Is Tax Day April 18

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Deadline To File 2021 Income Tax Returns Is April 18

Tax Day Is April 18 This Year! – Presented By TheStreet TurboTax

The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia.

The deadline to file 2021 income tax returns is here. We spoke to an expert about the most important things you should know.

WASHINGTON — Here’s a look at the annual income tax filing deadline in the United States.

Why is it not April 15?

The IRS says: “By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do. The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia for everyone except taxpayers who live in Maine or Massachusetts. Taxpayers in Maine or Massachusetts have until April 19, 2022, to file their returns due to the Patriots’ Day holiday in those states. Taxpayers requesting an extension will have until Monday, October 17, 2022, to file.”

Filing Statistics

The Internal Revenue Service’s fiscal year runs from October 1 to September 30.

Fiscal Year 2020

Individual Income Tax Returns Filed

Total Number of Returns: 157,195,302

Gross Amount Collected : $1,837,443,578

Total Individual Income Tax Refunds

Number: 141,420,379

Amount : $391,223,927

Where Do The Taxes Go?

  • Medicare, Medicaid, CHIP, marketplace subsidies 25%
  • Social Security 23%
  • Benefits for veterans & federal retirees 8%
  • Interest on debt 8%
  • Science and medical research 2%
  • Non-security international 1%

Timeline

—–

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

Things To Know About Tax Day

Known as Tax Day, April 15 is usually a day associated with the often stressful deadline of filing your state and federal income tax returns. This year however, Americans have a couple of extra days to file their taxes as Tax Day has been pushed to April 18 .

Tax Day was moved this year due to the timing of Emancipation Day, a holiday observed in Washington, D.C. This day celebrates the freeing of slaves in the nations capital and is recognized either on April 16, or, if the date falls on a weekend, its marked on the weekday closest to that date.

In recognition of Tax Day, The Daily sat down with Tom King, department chair and professor of accountancy at Weatherhead School of Management.

Read on to learn about the history of Tax Day.

Recommended Reading: How Much Is Stock Taxed

How To File Your Federal Income Taxes

Many individuals work with a tax professional or use tax preparation software to file their income taxes. Another option is the Free File Program offered by the IRS. If your adjusted gross income is $73,000 or less, Free File offers tax preparation services through a partner site at no cost. If your AGI is above $73,000, you can use IRS Free File to prepare your own taxes online for free.

If youre expecting a refund, youll want to file electronically if possible. Individuals who do so typically receive their refund within three weeks of when the IRS received it. You can also choose to mail a paper return to the IRS, but it may take six to eight weeks to process.

However, the COVID-19 pandemic has caused considerable delays in processing paper returns.

Tax Day Is April 18 What Should You Look Out For

Tax Day is NOT April 15th Cartoon Cartoon
Experts say you should pay attention to potential scams

MOBILE, Ala. – Were just a few days away from Tax Day. April 15th is usually Tax Day, but due to the emancipation holiday, its been moved to Monday.

Charles Hubbard in Mobile has had a busy season helping people navigate their taxes. He says in regard to refunds, its been so far, so good for the IRS.

The number one question is always, when am I going to get my refund? The IRS has pretty much been on time this year. Ive been a little bit surprised, but the IRS, they certainly have their challenges, and theyre facing their hurdles this year, Hubbard said.

One of those hurdles is the third COVID stimulus which most people received in March of 2021. But if you didnt, theres an opportunity to get it this year.

Its challenges like that and the child tax credit that have people paying closer attention to their accounts.

Another hurdle is scams. Hubbard says rest assured, if the IRS wants to get in touch with you, theyll do it in a secure way.

If the IRS needs to get in contact with you, theyre going to do it through the mail. Youre going to receive a very official-looking letter. Theyre going to give you plenty of time to respond to that letter. But they dont email you and they dont just call you out of the blue, Hubbard said.

The IRS does have a free file option on their website to save you some cash if you decide to file on your own.

Copyright 2022 WALA. All rights reserved.

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What Is The Last Day To File Taxes

The last day to file taxes for individual federal income tax returns is April 15, or as late as April 18 in the event Tax Day falls on a Saturday, Sunday or official holiday. Some state-level holidays can extend the tax deadline by one day further. You can request a six-month filing extension through filing Form 4868, making your last day to file individual income taxes October 17, 2022.

If you also file taxes for your small business as a partnership, LLC or S Corp, the last day to file taxes is March 15 unless it falls on a weekend or official holiday. If your business runs on a non-calendar tax year, your federal tax return is generally due by the 15th day of the third month following the end of the tax year.

Remember, with TurboTax, we’ll ask you simple questions about your life and help you fill out all the right tax forms. With TurboTax you can be confident your taxes are done right, from simple to complex tax returns, no matter what your situation.

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 .

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What Happens If I Dont File Taxes

Failure to file penalties result in a 5 percent penalty each month on any unpaid taxes, capping at 25 percent. Here is how it breaks down: First month: 5 percent of tax liability. Second month: 5 percent of tax liability, plus a penalty of $210 or 100 percent of your tax liability, whichever is less.

Awaiting Processing Of Previous Tax Returns People Can Still File 2021 Returns

Last-minute Tax Day tips

Rettig noted that IRS employees continue to work hard on critical areas affected by the pandemic, including processing of tax returns from last year and record levels of phone calls coming in.

“In many areas, we are unable to deliver the amount of service and enforcement that our taxpayers and tax system deserves and needs. This is frustrating for taxpayers, for IRS employees and for me,” Rettig said. “IRS employees want to do more, and we will continue in 2022 to do everything possible with the resources available to us. And we will continue to look for ways to improve. We want to deliver as much as possible while also protecting the health and safety of our employees and taxpayers. Additional resources are essential to helping our employees do more in 2022 and beyond.”

The IRS continues to reduce the inventory of prior-year individual tax returns that have not been fully processed. As of December 3, 2021, the IRS has processed nearly 169 million tax returns. All paper and electronic individual 2020 refund returns received prior to April 2021 have been processed if the return had no errors or did not require further review.

Taxpayers generally will not need to wait for their 2020 return to be fully processed to file their 2021 tax returns and can file when they are ready.

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What’s The Fastest Way To File My Tax Return

The fastest way to file your tax return is to file electronically.

E-filing your tax return to the IRS is more secure than paper filing. Because the tax return is electronically transmitted to the IRS, you don’t have to worry about it getting lost in the mail or arriving late. You’ll also get confirmation right away that the IRS has received your return and has started processing it.

If you’re waiting for a tax refund, the fastest way to get your money is to have it electronically deposited into your bank account. The IRS typically issues 90% of refunds in less than 21 days when taxpayers combine direct deposit with electronic filing.

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.

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What If I Made A Mistake And Need To Re

It happens. You file your tax return, then realize you forgot to report some income or claim a certain tax credit. You 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 youve already filed your original Form 1040. 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.

When Are 2022 Taxes Due

Best Tax Day Illustrations, Royalty

Each year, the IRS sets the due date for filing your federal tax return for April 15 if youre a calendar year filer. Generally, most individuals are, though if you have a business that uses a fiscal year that differs from a calendar year, your return is due on or before the 15th day of the fourth month after the close of your fiscal year. In instances where this due date falls on a Saturday, Sunday, or legal holiday, the due date is moved to the next business day.

The last day of tax filing for 2021 taxes was April 18, 2022, unless you lived in Maine or Massachusetts, where your last day of tax filing was April 19, 2022, because of holidays. Likewise, you could have submitted Form 4868 to request an extension to file later this year.

The last day to do taxes isnt the only important tax deadline to know, however. There are several other important tax deadlines for the 2022 tax year you should know, or for the taxes youll file in 2023. If you’re wondering, “When are taxes due, anyway?” Here are the important dates at a glance.

Recommended Reading: Small Business Income Tax Calculator

Key Information To Help Taxpayers

The IRS encourages people to use online resources before calling. Last filing season, as a result of COVID-era tax changes and broader pandemic challenges, the IRS phone systems received more than 145 million calls from January 1 May 17, more than four times more calls than in an average year. In addition to IRS.gov, the IRS has a variety of other free options available to help taxpayers, ranging from free assistance at Volunteer Income Tax Assistance and Tax Counseling for the Elderly locations across the country to the availability of the IRS Free File program.

“Our phone volumes continue to remain at record-setting levels,” Rettig said. “We urge people to check IRS.gov and establish an online account to help them access information more quickly. We have invested in developing new online capacities to make this a quick and easy way for taxpayers to get the information they need.”

Last year’s average tax refund was more than $2,800. More than 160 million individual tax returns for the 2021 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline.

Overall, the IRS anticipates most taxpayers will receive their refund within 21 days of when they file electronically if they choose direct deposit and there are no issues with their tax return. The IRS urges taxpayers and tax professionals to file electronically. To avoid delays in processing, people should avoid filing paper returns wherever possible.

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.

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Why Did They Change Tax Day

They were due on April 15, a deadline the IRS commissioner affirmed in Senate testimony on April 13. The postponement responded to concerns raised by lawmakers and tax professionals that Americans need more time to file and pay taxes this year because of the coronavirus pandemic and recent legislation responding to it.

Tax Day 202: Why This Year Will Be On April 18th

Taxes are due April 18: Tax expert shares how to avoid penalties

Tax Day has fallen out of date 26 times in the last 67 years

A calendar coincidence means you have a few extra days to complete your taxes this tax season. The federal tax deadline, which is usually on April 15, falls on April 18 this year. Taxes aren’t due until April 19 for the lucky residents of two states.

The extra time has nothing to do with the flu pandemic, which has pushed back tax filing deadlines in each of the last two years. The reason for this year’s extension is that the traditional April 15 Tax Day clashes with two lesser-known local holidays.

Why is April 18th Tax Day?

The solution is straightforward. Because the Internal Revenue Service’s District of Columbia offices will be closed on Friday, April 15, in observance of the locally recognized Emancipation Day, the deadline to file federal taxes is Monday, April 18.

Although the D.C. public holiday technically falls on Saturday, April 16, the government observes it on the closest weekday when it falls on a weekend. The filing deadline was originally set for March, but the Internal Revenue Code was revised in 1954, and the deadline was moved to April 15, where it remains today.

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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.

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