It’s easy for tax deadlines to sneak up on you, and when they do, there’s nothing quite as frustrating as getting stuck with a fine that you could have avoided. Our team here at Perfect Balance Bookkeeping and Tax Services invites you to take the time to review all of the relevant filing dates so that you can add them to your calendar and stay a step ahead of the IRS.
2022 Tax Deadlines and Extensions
2022 Tax Deadlines and Extensions
Tax Day in 2022
April 15 is the official tax day every year unless that date happens to fall on a weekend (as it does this year). In such cases, the date is moved to the following business day. This date is the day on which individual taxpayers, sole proprietors, and C corporations must file their taxes. For those filing based on the fiscal year that isn’t the calendar year, the tax filing deadline is different and depends on several factors, including your business entity and the date on which your fiscal year ends.
When is the Tax Payment Deadline?
It’s important to note that the deadline for paying your taxes doesn’t change, even if you successfully file for an extension. The extension allows for a penalty of 0.5% of the taxes owed for each month, as opposed to a 5% penalty for late filing. In either case, it behooves you to always try to file on time.
In cases where you’re filing as a self-employed individual, it’s likely that your business pays taxes in four amounts throughout the year, instead of on a single “tax day.” These dates typically fall on April 15, June 15, September 15, and January 15 (again, adjusting to the following business day if these dates fall on a weekend).
How Late Can You File For An Extension?
Fortunately, you have right up until tax day to submit your filing for an extension. This is true both for individuals as well as businesses.
Tax Deadlines for 2022
What follows is a list of each tax deadline for 2022.
January 18 - Estimated Quarterly Payments
This is the final estimated quarterly payment date for the previous tax year (2021).
January 31 - Form W-2 Filing Deadline
For business owners, this is the date when you’ll need to have filled out two copies of Form W-2 for each employee. One of these W-2 forms must be submitted to the Internal Revenue Service, and the other sent to the employee.
January 31 - Form 1099-NEC Copy A and B Filing Deadline
When you work with independent contractors, this is the date by which you must file a Form 1099-NEC. Copy A goes to the IRS, and copy B goes to the independent contractor.
January 31 - Form 1099-MISC Copy B Filing Deadline
Whether filed electronically or with paper forms, Form 1099-MISC Copy B needs to be sent to the payee by this date.
February 28 - Form 1099-MISC Paper Filing Deadline
In some cases, a 1099 will require a 1099-MISC form. This is the deadline for paper filing only — if you’re filing electronically, or if you miss this deadline, you may still file on March 31st. Copy A goes to the IRS. Copy B, which goes to the payee, was due January 31st.
March 15 - S Corporation and Partnership Tax Returns Due
If you’re a business owner filing for an S corporation or partnership, you have less time to file your required taxes. This date is the deadline for an S corporation or partnership tax return. This is also the last date to file for an extension for an S corporation or partnership tax return.
March 31 - Form 1099-MISC Copy A Electronic Filing Deadline
This is the deadline for electronic filing of 1099-MISC Copy A. This includes payments made to an individual or LLC of a minimum of $600 during the year in rent, legal settlements, and prize winnings
April 18 - Estimated Quarterly Payments
If your business pays taxes on a quarterly basis, your estimated quarterly tax payment is due on this date.
April 18 - “Tax Day”: Individual Tax Returns and C Corporation Tax Returns Due
Form 1040 for individual tax returns is due on this date, as are Form 1120 tax returns for C corporations. This is also the final date you can file for an extension on these returns.
June 15 - Estimated Quarterly Payments
When filing quarterly, the second estimated quarterly payment is due on this date.
September 15 - Estimated Quarterly Payments
This is the third due date for estimated quarterly payments. Tax returns for S corporations or partnerships that successfully filed for an extension previously are also due on this date.
Form 1040-ES Estimated Tax for Individuals (Payment Voucher 3)
October 15 - C Corporation Income Tax Return Extension Due
For C corporations that filed for an extension, this is the due date for their income tax returns. This date is also the new date for sole proprietorships that received a previous extension.
November 1 - Planning Ahead
Business owners should begin some end-of-the-year tax strategizing to reduce taxable income for the year. These strategies may include
Deferring business income until January
Salvaging bad debt deductions
Implementing office repairs and improvements
Take advantage of any new business deductions available
December 31 - End of Year Deadlines
The last day of the year is also the final day that you can make any tax moves for the 2022 tax year. If you’re self-employed, this is the final date to set up a solo 401(k).
When Can You Begin Filing Taxes for 2022?
In most cases, the Internal Revenue Service will begin accepting tax returns in mid-to-late January of 2023. Generally, it’s best to get started as early as possible, as the demand for professional tax services goes up the closer you get to a deadline.
When Can You Expect Your Tax Refund?
After your tax return is received by the IRS, most filers will get their refund within 21 calendar days. This timeframe isn’t guaranteed, but assuming that you’ll receive your refund in three to four weeks is generally expected.
Preparing for tax season can be intimidating and tiring on your own. Let the professionals at Perfect Balance Bookkeeping and Tax Services help! Contact us today to get started, and reach out to us if you have any questions about the dates and deadlines for your taxes.