The IRS requires estimated quarterly tax payments from many individuals whose income is not subject to payroll tax (typically self-employed, independent contractors, or individuals with capital gains). For estimated taxes, the answer to the question “When are taxes due?” varies: the year is divided into four payment periods, and each period has its own payment due date. If at least two-thirds of your gross income comes from farming or fishing, you can only make an estimated tax payment for the 2021 taxation year until January 18, 2022. If you file your 2021 tax return by March 1, 2022 and pay the taxes you owe at that time, you will not need to make estimated tax payments. Extending the deadline for filing federal income tax returns to 17. May 2021 applies only to individual federal tax returns and tax payments (including self-employment income taxes) that are otherwise due on April 15, 2021, and not to tax payments or government deposits or payments of other types of federal taxes. Taxpayers must also file tax returns in 42 states plus the District of Columbia. The government`s filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS asks taxpayers to check with their state tax authorities for these details. You do not have to make the payment on January 18, 2022 if you file your 2021 tax return by January 31, 2022 and pay the full balance due with your tax return. Keep in mind that the tax extension gives you more time to file your tax return, not more time to pay the tax you owe.
You must estimate the amount you owe and make your payment before the tax return deadline. Note: Like tax day, quarterly tax payments are due on April 18 of this year. However, since January 15, 2022 is a Saturday and Monday, January 17 is Martin Luther King Jr. Day (a federal holiday in the United States), the deadline to pay estimated taxes on self-employment income earned in the fourth quarter of 2021 has been extended to January 18, 2022. If you send your estimated tax payment in the mail and the U.S. postmark is no later than the due date, the IRS will generally consider the payment to be on time. If you use IRS Direct Pay, you can make payments up to 8P.m. Eastern time on the due date. If you use a credit or debit card, you can make payments until midnight on the due date. The Internal Revenue Service (IRS) usually starts processing tax returns at the end of January each year, but you can start filing once you have all the required documents together. In this guide, you`ll learn all the important data you should know in 2022 to ensure a smooth and easy tax filing process. For example, let`s say you earn $65,000 a year and put $19,500 (the limit in 2021) into your 401(k).
Instead of paying income tax on all of the $65,000 you earned, you only owe tax on $45,500 of your salary. In other words, if you`re saving for the future, you can protect $19,500 from taxes (and even more if you`re 50 or older; learn more here). Many employers offer to match some of what you save, which means that if you contribute enough to your account, you`ll also get free money. All information in this table is current at the time of the “Last Revision” on the preview page of the corresponding area. This diagram has only been created as a general guide to interesting topics and does not represent professional advice. You should not act on the basis of the information contained in this table without seeking specific professional advice. No representations or warranties (express or implied) are made as to the accuracy or completeness of the information contained in this table, and to the fullest extent permitted by law, PwC assumes no responsibility, liability or due diligence for any consequences arising out of your or any other action or failure to act on the information contained in this table or for any decision based on it. Finally, unless you live in a state without income tax, you probably also owe estimated tax payments to your state. The due dates of state payments may or may not match federal data, so check with your state`s competent tax authority. Facts, laws and regulations regarding COVID-19 are changing rapidly. Since the date of publication, there may be new or additional information that is not mentioned in this Recommendation. Please contact your legal counsel for advice.
As of December 16, 2021, the 2022 IRS calendar does not include filing dates and deadlines for: estate taxes, gift taxes, trusts, exempt organizations, certain types of businesses, foreign partnerships, or non-resident foreigners. You can check the data for each specific category in January 2022. Note: If the due date for an estimated tax payment falls on a Saturday, Sunday or holiday, the payment will be made on time if you make it the next day, which is not a Saturday, Sunday or holiday. If you missed one of these important tax deadlines, you have options. These options depend on the deadline that was missed and whether you owe money or get a refund. In general, taxpayers benefit from an automatic extension of six months of the return, or two months if they are outside the country, in which case the extension also applies to the payment of taxes due. (If you find yourself in the latter situation — in other words, you live outside of the U.S. and Puerto Rico — you can get an additional four months, as long as you request it before the new due date assigned to you with your initial two-month extension.) Even if you can`t pay your taxes for one reason or another, still file your tax return and ask for a payment plan immediately if you can`t pay the tax you owe in one go. The IRS usually allows you to pay over time, as long as you make arrangements to do so. For estimated tax purposes, the year is divided into four payment periods.
Each period has a specific payment due date. If you do not pay enough tax on the due date of each payment period, a penalty may be imposed on you, even if you receive a refund when you file your tax return at the end of the year. .