When April rolls around again, everyone's favorite yearly obligation—filling out and submitting tax returns—comes into play. And regardless of whether you are an early riser or a person who thrives on the adrenaline rush of a last-minute dash to the finish line, there is one question that all of us must answer: "When can I file my taxes for 2022?" The significant tax deadlines for 2022, including the date by which your federal income tax return must be filed and the date by which anticipated tax payments must be made, are listed in the following cheat sheet.
When Are Taxes Due In 2022?
April 18, 2022, serves as the cutoff for submitting a tax return to the federal government for 2021. The deadline has been extended to April 19, 2022, for residents of Maine and Massachusetts.
Do You Have To File Taxes By April 18?
The answer is no, but there is a catch. If you submit a request for an extension of time to file your taxes by April 18, 2022, the new deadline for filing your return will be October 17, 2022. Despite this, your due tax bill is still set for April 18, 2022. Obtaining a tax extension buys you more time to complete and file your tax return, but it does not provide you more time to pay your taxes.
When Are State Income Taxes Due?
The deadline for filing federal income taxes is normally followed by the deadline for filing state income taxes, although there are notable exceptions. In Virginia, for instance, people have until May 1 to file their state tax forms. For further details, please contact the entity that oversees taxes and revenues in your state.
Tax Deadline For Estimated Quarterly Payments
You may be interested in learning more about another set of deadlines known as quarterly projected payments if you are self-employed, work as an independent contractor, or get income from investments. Many persons whose income isn't subject to payroll withholding tax must make these anticipated tax payments quarterly to the Internal Revenue Service (IRS).
When it comes to estimated taxes, the answer to the question "When are taxes due?" might vary. The calendar year is broken up into four separate payment periods, and payment due dates vary from period to period. Check out the list of dates that are below for 2022.
Tax Strategies To Think About Before The Tax Deadline
File your 2018 tax return (yes, 2018)
The Internal Revenue Service (IRS) predicts that unclaimed tax refunds from 2018 might amount to as much as $1.5 billion. If you were eligible for a tax refund for the 2018 tax year but did not file a tax return, you will only have until April 18 (tax day) to submit your old Form 1040 and collect your money if you did not file a tax return. Get to work if you still need to file your taxes! If you miss the filing deadline, the Treasury Department can retain the money you owe them.
Max out your 401(k) by Dec 31
Your total taxable income for the year will be reduced to the extent that you contribute to a regular 401(k). For instance, let's imagine you have an annual income of $65,000 and contribute the maximum allowed to your 401(k) in 2021, which is $19,500. You will only be responsible for paying taxes on $45,500 of your salary rather than the full income, which is $65,000, you received. Put another way; if you save for the future, you may deduct $19,500 from your taxable income. Many firms will match a certain percentage of the money you put into a savings account; this means that if you put in enough money, you'll also get some money for free.
Contribute to or open an IRA by Tax Day
You can deduct any money you put into a standard individual retirement account (IRA). You may contribute to an individual retirement account (IRA), either a Roth or a standard one, for the 2021 tax year up to the tax deadline of April 18, 2022. The maximum amount that may be contributed to any form of IRA is $6,000, or $7,000 if the account holder is at least 50 years old.
File for an extension by Tax Day (but still pay)
Complete and submit IRS Form 4868 if you need more time to complete your return than the April 18 deadline. Because of this, most taxpayers will now have until October 17 to file their tax returns.
When is the deadline for paying taxes in your state?
Be careful to find out when the day to pay taxes in your community is. Most taxpayers are subject to state income taxes, and most states that impose income taxes adhere to the deadline established by the federal government. Ask your state's tax department: When are taxes due? (And if that doesn't work, you can always ask, "How do I request an extension?")
