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When and What Important Tax Deadlines Are in 2022

There is a lot of stress that surrounds tax season, so here is a comprehensive list of important deadlines and what they are. Add these to your calendar so you are aware of when you are gathering your documents and preparing to start filing your taxes. 

TAX DAY

Everyone’s Favorite! In 2022, for most taxpayers, the deadline for filing 2021 personal federal income tax returns is April 18th. The deadline was changed from its prior date of April 15th because April 15th is Emancipation Day and is observed as if it’s a federal holiday in Washington DC.

However, there is an important list of different states that have other tax filing deadlines, so make sure you check the list below and with your state department of revenue. Businesses are held to different tax deadlines than individuals. See the list below for when specific business owners’ taxes are due because these can be different than the individual tax filing date. 

IMPORTANT DATES:

• January 31st, 2022: Employees and contractor deadline to receive 1099 or W-2
• March 15th, 2022: Filing deadline to submit 2021 Tax returns
  • For Who? 
    • S Corporations 
    • Partnerships
      • LLCs taxed as Partnerships 
• April 18th, 2022: Federal tax filing deadline to submit 2021 Tax returns, or pay for an extension. 
  • For Who? 
    • Individuals 
    • C corporations
    • Sole proprietorships 
    • Freelancers
    • LLCs (single-member LLCs or LLCs taxed as corporations)
• April 19th, 2022: MA or ME residents 
  • (delayed due to Patriot’s Day holiday)
  • For Who? Only Applies to Massachusetts and Maine residents
    • Individuals 
    • C corporations
    • Sole proprietorships 
    • Freelancers
    • LLCs (single-member LLCs or LLCs taxed as corporations)
• April 30th, 2022: Filing deadline to submit 2021 Tax returns, or pay for an extension. 
  • For Who? Only Applies to Iowa state residents
• May 2nd, 2022: VA and DA state filing deadline to submit 2021 Tax returns
  • For Who? Only Applies to Virgina and Delaware state residents
• May 15th, 2022: LA state filing deadline to submit 2021 Tax returns
  • For Who? Only Applies to Lousiana state residents
• June 15th, 2022: Federal tax filing deadline to submit 2021 Tax returns
  • For Who? U.S. Citizens and resident aliens not living in the U.S. 
• October 17th, 2022: Extensions for individual federal income taxes due
  • For Who? ***only applies to people that have filed for an extension by April 18th or their state tax filing deadline)
    • Individuals 
    • C corporations
    • Sole proprietorships 
    • Freelancers
    • LLCs (single-member LLCs or LLCs taxed as corporations)

QUARTERLY VS ANNUALLY

• Every three months you have to file Form 941 if your business has employees
• If your business sells specified goods that require an excise sales tax, you will have to pay a quarterly tax 
  • Ex. Alcohol 
• Freelancers also have to pay taxes quarterly, in addition to their end of year tax return
• Each type of business has different tax forms
  • Here is a list of tax forms for individuals and businesses 

CORPORATIONS MAKING ESTIMATED TAX PAYMENTS

• January 18th, 2022
  • Q4 2021 estimated payments due
• April 18th, 2022
  • Q1 2022 estimated payments due
• June 15th, 2022
  • Q2 2022 estimated payments due
• September 15th, 2022
  • Q3 2022 estimated payments due

*Keep in mind that these dates listed above are subject to change dependent on the corporation’s fiscal year-end. These dates listed above are based on a calendar year ending on December 31st. 

Businesses are allowed to have different fiscal year ends than the calendar year, but their tax returns are due 3 ½ months after their fiscal year-end. Their estimated payments are due on different dates than those listed above depending on their fiscal year-end. 

Ex. Apple Inc., Microsoft Corp., Adobe Systems Inc., etc.

TAX PREP TIPS

1. Set up an account or make sure you can access an old account at IRS.gov/account
2. File electronically and choose direct deposit
3. Organize 2021 tax records 
4. Check IRS.gov for updates on claiming Recovery Rebate Credit for unclaimed stimulus checks or Child Tax Credit 
5. Set up an identity protection pin through the IRS to ensure that no one else can file and claim your tax returns

HELPFUL THINGS TO KNOW

1. The earlier that you file taxes, the earlier you get your tax refund.
2. The IRS offers payment plans for people that cannot or do not want to pay their taxes in full on the day they filed, but you must file your taxes by your deadline.

• Payment Plan Options
  • Short Term Payment Plan
    • Needs to be paid in 180 Days or less
    • The total amount owed including taxes, interest, and penalties combined needs to be less than $100,000
    • No fee for the payment plan
    • May have to pay for late fees and interest accrued 
  • Long Term Payment Plan
    • Needs to be paid monthly 
    • The total amount owed including taxes, interest, and penalties combined needs to be less than $50,000
    • Set up fee for this monthly payment plan
      • Waved or lowered for low-income taxpayers
    • Late payment fee is half the regular, if taxes fled on time
    • Additionally, if you do any sort of playing and wagering, winnings made from online betting and casinos in Vegas are taxable

3. If you file for an extension, you do have to pay interest and are subject to penalty charges until your taxes are paid in full.
4. If you do not file taxes on time (or apply for an extension) you face failure to file and failure to pay penalties.
5. If you do any sort of playing and wagering, winnings made from online betting and Vegas casinos are taxable

The best way to manage taxes and deadlines is to keep good records and receipts and consult with a good tax professional. There are tax professionals for businesses and for individuals.