Meeting tax filing due dates can be a challenge for small business owners. The IRS offers several resources to help you meet your tax obligations, including online filing and payment options. Still, when are taxes normally due?

These dates seem to change every year. For the tax year 2019 (filed in 2020), the deadline to file your federal income tax return is Wednesday, April 15, 2020. However, if you cannot file by the deadline, you can get an extension by filing Form 4868 with the IRS. This will give you until October 15, 2020, to file your return.

This article will discuss every important tax filing deadline in 2022.

When is Tax Season?

The dates for tax season generally remain the same from year to year, although there can be slight changes. For the tax year 2021 (which you will file in early 2022), the IRS is scheduled to begin processing returns on Friday, February 11, 2022. T

the deadline to file your return is Monday, April 18, 2022. However, if you need more time to prepare your return, you can get an extension by filing Form 4868 with the IRS. This will give you until October 17, 2022, to file your return.

When is Tax Day in 2022?

In 2022, Tax Day is on Monday, April 18. This is the deadline to file your federal income tax return for the tax year 2021.

If you cannot file by this date, you can get an extension by filing Form 4868 with the IRS. This will give you until October 17, 2022, to file your return.

It’s important to note that an extension of time to file your return does not extend the time you have to pay any taxes owed.

If you think you will owe taxes and cannot pay them by the April deadline, you should still file your return by the deadline and include a payment for the taxes owed. You can use a credit card, debit card, or direct debit from a bank account to pay your taxes.

You can also apply for an installment plan to make monthly payments on your taxes owed. For more information on payment options, visit the IRS website or speak with a tax professional.

What Happens if I Don’t File My Taxes?

If you don’t file your taxes, the IRS will eventually catch up to you. The sooner you file your return, the lower your penalties and interest will be.

The penalty for not filing a return is 5% of the unpaid tax for each month or part of a month that a return is late, up to 25%. The penalty is based on the amount of tax owed and starts accruing the day after the filing deadline.

In addition, you will owe interest on any unpaid taxes. The interest rate is currently 5% per year, compounded daily.

If you don’t file your return or request an extension by the deadline, you may also be subject to a late filing penalty of up to $205 or 100% of the tax owed, whichever is less.

If you owe taxes and cannot pay them, the IRS may take enforcement action against you, including wage garnishment, bank levies, and property liens.

The best course of action is to file your return on time, even if you cannot pay the taxes owed. This will minimize the penalties and interest you owe. If you cannot pay the full amount, you can make arrangements with the IRS to pay in installments.

How Do Tax Deadlines Vary for Different Business Structures?

The tax deadlines discussed above apply to individual taxpayers. The deadlines will vary depending on the business structure if you are filing taxes for a business.

For corporations, the deadline to file your federal income tax return is March 15, 2022. If you cannot file by this date, you can get an extension by filing Form 7004 with the IRS. This will give you until September 15, 2022, to file your return.

For partnerships, the deadline to file your federal income tax return is April 15, 2022. If you cannot file by this date, you can get an extension by filing Form 8736 with the IRS. This will give you until October 15, 2022, to file your return.

For S corporations, the deadline to file your federal income tax return is March 15, 2022. If you cannot file by this date, you can get an extension by filing Form 7004 with the IRS. This will give you until September 15, 2022, to file your return.

If you have any questions about tax deadlines or filing requirements for your business, speak with a tax professional or visit the IRS website.

What are the Most Important Tax Deadlines in 2022?

The most important tax deadlines in 2022 are:

• January 17 – Last day to make contributions to a traditional IRA, Roth IRA, or SEP-IRA for the tax year 2021
• April 18 – Tax Day (deadline to file a federal income tax return for the tax year 2021)
• June 15 – Deadline to file your federal income tax return if you received an extension
• September 15 – Deadline to file your federal income tax return if you received a corporation extension or partnership extension

What are the Different Types of Taxes?

There are four main types of taxes: income tax, payroll tax, self-employment tax, and capital gains tax.

• Income Tax: Income tax is the most common type of tax. It is a tax on your personal or business income.
• Payroll Tax: Payroll tax is a tax on the wages you pay to your employees. You are responsible for withholding payroll taxes from your employees’ paychecks and paying them to the government.
• Self-Employment Tax: A self-employment tax is a tax on your self-employment income. If you are self-employed, you are responsible for paying this tax yourself.
• Capital Gains Tax: Capital gains tax is a tax on the profit you make from selling an asset, such as a stock or a piece of property.

There are also other types of taxes, such as estate tax and gift tax. These taxes are less common and usually only apply to high-income taxpayers.

What is the Difference Between Taxable Income and Tax-Exempt Income?

Taxable income is income that is subject to taxation. This includes most forms of income, such as wages, interest, dividends, and capital gains.

Tax-exempt income is income that is not subject to taxation. This includes some forms of income, such as life insurance proceeds and child support payments.

The difference between taxable income and tax-exempt income is important to understand because it can affect how much tax you owe.

How to File Self-Employment Taxes

If you are self-employed, you are responsible for paying self-employment tax. This is a tax on your self-employment income.

To file your self-employment taxes, you must complete Schedule SE (Form 1040). This form is used to calculate the amount of tax you owe.

You will also need to pay estimated taxes if you expect to owe more than $1,000 in taxes for the year. Estimated taxes are paid quarterly and are due on April 15, June 15, September 15, and January 15.

Conclusion

There are a few things to keep in mind when it comes to taxes and your business. First, it’s important to know the different types of taxes that may apply to your business.

Second, you need to be aware of the deadlines for filing your tax return and paying any taxes that you owe. And finally, if you are self-employed, you will need to file self-employment taxes.

If you have any questions about taxes or your business, speak with a tax professional or visit the IRS website.

 

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