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Updated for Tax Year 2022 • October 31, 2022 12:28 PM OVERVIEW Make sure your calendar’s up-to-date with these tax deadlines, dates, possible extensions and other factors in play for both individuals and businesses in 2023. 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.
Key Takeaways • Individual income tax returns are typically due April 15, unless the date falls on a weekend or holiday or you file Form 4868 seeking an extension until October 15. • Independent contractors, gig workers, and self-employed people usually have to make quarterly estimated tax payments are pre-set dates throughout the year. • Partnerships (including multi-member LLCs) and S-Corps filing deadlines are typically either March 15 unless they operate on a fiscal year. A six-month extension to September 15 (or five months after the original deadline) can be requested using Form 7004. When are 2022 taxes due?The due date for filing your tax return is typically April 15 if you’re a calendar year filer. Generally, most individuals are calendar year filers. For individuals, the last day to file your 2022 taxes without an extension was April 18, 2023, unless extended because of a state holiday. You could have submitted Form 4868 to request an extension to file later during the year. If you have a business that operates on a fiscal year basis, your return is typically due on or before the 15th day of the third or fourth month (depending on the type of business entity) 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 to do taxes isn’t the only important tax deadline to know, however. There are several other important tax deadlines you should know for 2023. If you're wondering, "When are taxes due, anyway?" Here are the important dates at a glance. Important Tax Deadlines and DatesIndividual Filers - including employees, retirees, self-employed individuals, independent contractors, and gig workers
TurboTax Tip: If you’re not sure of how much you should pay in estimated taxes this year and you don't want to pay the wrong amount by accident, you can choose to pay 90% of your estimated current year tax bill or 100% (or 110% depending on AGI) of your prior year tax bill. This generally avoids needing to pay an underpayment penalty. Businesses - Partnerships (including LLCs), C Corps (Form 1120), and S Corps (Form 1120S)
The above doesn't cover every tax deadline, merely the most important ones broadly relevant to these groups of taxpayers. For a comprehensive view of all the important tax deadlines applicable to each taxpayer, please visit IRS Publication 509. What if I miss a tax deadline?If you missed one of these key tax deadlines, you have options. Those options depend on what deadline was missed and whether you owe money or are due a refund. What happens if you miss the tax filing deadline and are owed a refund?If you overpaid for the 2022 tax year, there's typically no penalty for filing your tax return late. However, you should file as soon as possible. Generally, you have three years from the tax return due date to claim a tax refund. That means for 2022 tax returns, the window closes in 2025. After three years, unclaimed tax refunds typically become the property of the U.S. Treasury. What happens if you miss the tax filing deadline and owe taxes?When you miss a tax filing deadline and owe money to the IRS, you should file your tax return as soon as possible. Every day your tax return is delinquent, the IRS typically charges interest, failure to file penalties and failure to pay penalties until you file your return and pay the balance due. What happens if you miss an estimated tax payment deadline?If you miss an estimated tax payment, make your payment as soon as you can. The penalties and interest the IRS charges depend on how much you owe and how late you are, but you can minimize the damage by making your payment as soon as possible. What if I owe more than I can pay?Don't put off filing just because you can't afford to pay the amount due on the day you need to file your tax return. The IRS starts charging penalties and interest on the day the return is due, no matter when you file. You can minimize failure-to-file penalties by filing as soon as possible, paying as much as you can when you file, and setting up an installment plan for the balance. What's the fastest way to file my tax return?The fastest and most accurate way to file your tax return is to file electronically. E-filing your tax return with 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. 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 typically grants a 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 even if you file an extension. What happens to my tax deadlines if I live in an area impacted by a natural disaster?If you need more time because you live in an area hit by a natural disaster, you might qualify for tax relief from the IRS. The IRS often postpones the tax filing deadline for taxpayers who live in or have a business within a federally declared disaster area. For example, the IRS announced it would postpone tax filing and tax payment deadlines for taxpayers affected by the September 2020 California wildfires. What if I made a mistake and need to re-file my taxes?Mistakes happen. You file your tax return, then realize you forgot to report some income or claim a certain tax credit. You typically don't need to redo your whole return. Along with filing an amendment using Form 1040-X, you’ll also need to include copies of any forms and/or schedules that you’re changing or didn’t 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 your original Form 1040 has been accepted. If you’re filing a Form 1040-X to collect a tax credit or refund from a previous year, you’ll 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. What is the last day to file taxes?The last day to file taxes for individual federal income tax returns is usually April 15 unless this falls on a Saturday, Sunday or official holiday. Some state-level holidays can extend the tax deadline by another day. You can request a six-month extension by filing Form 4868, making your last day to file individual income taxes October 15, or the next business day if this is a weekend or holiday. If you also file taxes for your small business as a partnership or S corporation, the last day to file taxes is March 15 or April 15 for C-corporations unless this day 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 company's fiscal 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. All you need to know is yourselfAnswer simple questions about your life and TurboTax Free Edition will take care of the rest.
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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business. Do you have to pay income tax right away?If you can't pay the full amount due at the time of filing, consider one of the payments agreements the IRS offers. These include: An agreement to pay within the next ten days. A short-term payment plan to pay within 11-120 days.
How long do I have to pay taxes?The most important thing everyone with a tax bill should do is file a return by the April 18 due date, for most taxpayers (even if they can't pay in full). Taxpayers may also request a six-month extension to file by October 17, 2022, to avoid penalties and interest for failing to file on time.
How long do you have to pay IRS?With a streamlined plan, you have 72 months to pay. A minimum payment does kick in, equal to your balance due divided by the 72-month maximum period. If you can't pay an amount equal to what you owe divided by 72, you will need to complete Form 433-F unless you qualify for an exception.
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