![]() ![]() This group includes freelancers, sole proprietors, single member LLCs, household employers (form 1040), and C corporations (form 1120). ![]() Small business owners should either file their taxes or apply for an extension by Monday, April 18, 2022. This deadline is earlier as it gives partners time to receive their individual Schedule K-1 documents for their personal tax returns. Tuesday, March 15, 2022, is the business tax deadline for partnerships, S corporations, or multi-member LLCs (forms 10S). Here are a few different deadlines to add to your calendar that may apply to you. That said, if you need more time to get your return in order, you can apply for a tax extension, which we’ll cover further on in this guide.ĭepending on the type of business you own or where you operate, there may be other dates to keep in mind. It’s also worth remembering that failure to file by the due date can result in the IRS penalizing you between 0.5-25 percent of the amount owed, so do your best to avoid those by filing your returns on time. Treasury.The deadline to file your 2021 taxes is Monday, April 18, 2022.Īlthough tax day can feel as though it sneaks up fast, preparing your taxes is a great time to reflect on your previous year’s success and set new financial goals to reach. Any of those taxpayers who don't file their 2018 returns by April 18 will lose their refunds as their money then becomes the property of the U.S. The IRS estimates there are 1.5 million taxpayers who never filed their 2018 tax returns to claim refunds worth more than $1.5 billion. Today is also the last day for any procrastinators who still haven't filed a 2018 tax return. The IRS is experiencing a major backlog because of budget constraints and staffing shortages.Īnyone getting a refund and who wants it fast should avoid the post office and file electronically. So, another thing that you can do is actually create an online account and create your own payment arrangement." ![]() Of course, you can pick up the phone and contact them, but we know contacting the IRS could be very challenging at this time. Internal Revenue Service spokesperson Alejandra Castro said "if a taxpayer’s financial situation is very, very complicated at this time, they don't have money to pay this, they should definitely contact the IRS and arrange for a payment plan so they can pay in installments."įorbes tax analyst Kemberley Washington said "you can do that a couple of different ways. Filers should be sure to designate that the contribution is for 2021 and not 2022, when they make their contribution with their financial institution.Īnyone who owes money to the IRS but can't pay right now shouldn’t panic. Those contributions can be made to either a traditional or Roth IRA. Monday, April 18 also is the last day to make any contributions to an IRA that taxpayers want counted for 2021. Also, taxpayers who do pay a portion and pay electronically won't have to file a separate extension form as they will get a confirmation number for their records. Taxpayers also can ask for more time by paying some or all of their estimated income tax due, and notating that the payment is for an extension. Taxpayers will have to estimate their tax liability on the extension request form and pay any amount due by the April 18 filing deadline, otherwise the IRS will tack on penalties and interest. However, the IRS advises an extension of time to file is not an extension of time to pay. Taxpayers can request an extension on the IRS.gov website using Form 4868. The IRS estimates 15 million taxpayers will ask for more time to file their returns.Īnyone can request a six-month extension which will give you until October 17th to file. The IRS encourages taxpayers to file electronicallybecause tax software not only does all of the work for you but it can also help spot mistakes.įiling electronically and using direct deposit is the fastest way to get a refund.Īnyone who hasn’t started to work on preparing their tax returns for 2021 is not alone. Procrastinators will be in front of their laptops Monday working on their tax returns. Tax Day is typically April 15th but because Friday was a holiday in D.C., taxpayers had a few extra days to file. BALTIMORE - Monday is crunch-time for last minute taxpayers preparing to file their taxes. ![]()
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