Since 1955, tax days in the United States have fallen on similar days with a few exceptions. Even though Uncle Sam was lenient enough to take the pandemic into account and extend the tax date for the 2019 and 2020 tax years, there might not be extra time for payment and submission of the 2021 tax return.
2022 Tax Day
April 15, 2022, is the tax day and deadline to file the 2021 taxes. This is the day taxes due every year, except there is a public holiday, or it falls on a weekend. If such happens, the deadline will become the next business date.
Should we expect an extension of tax deadlines again?
Uncle Sam is in the best position to answer this. Even though, as it stands, there was no plan to extend the tax deadline for 2020 even though Uncle Sam gave a month extension.
While the pandemic has left the country in a dicey state, there is no indication from Uncle Sam that it will postpone the tax date again. Also, when you consider the change of rules that will be effected in 2022 and other factors like the repayment of all Social Security Taxes deferred and expanded child tax credit payment, one will be better off gathering data for their 2021 tax return now.
Will Filing for Extension be Possible?
Based on Uncle Sam's policy, an extension is possible if you need more time to file your 2021 tax return. However, this means you must file and submit Form 4868 before the April 15 deadline. However, filing for an extension doesn't exempt you from paying your tax, so you need to pay it to avoid interest and penalties.
For taxpayers not in the country, they have an automatic two-month extension to file, which also applies to payment. People who are not on US soil can also get an extra four months as long as they request it by the due date that came with the two-month extension.
People who want to qualify for this extension need to file Form 4868 before April 15. There shall not be a notification from Uncle Sam, except the request is not granted.
Tax Due Date and Extensions
For people who file Form 4868 who got the six months extension, October 15, 2022, is the new date to submit the 2021 tax return.
Everyone who will need such an extension should request for and file Form 4868 on time. This gives the applicant enough time to take care of any error and submit it before the April 15 deadline. You also get the time you need to collate your documents and receipt before the Oct deadline.
Due Date for Estimated Taxes
There is a pretty different filing schedule for people who pay estimated tax compared to others. People paying quarterly estimated taxes are the self-employed and people on independent jobs. In short, everyone who does not have their income taxes automatically withdrawn from the income will have to pay the estimated tax.
Such taxes are due every quarter, and one needs to submit them with Form 1040-ES. The schedules for the estimated payments are:
April 15 – Payment for the first quarter
June 15 – payment for the second quarter
September 15 – payment for the third quarter
January 18, 2022 – payment for the fourth quarter
Note: the same with tax date, the payment for quarterly tax is also due in the middle of the month. However, January 15, 2022, is a Saturday, and Monday, January 17, is another federal holiday in America – Martin Luther King Jr Day. As a result, the fourth quarter's deadline for such estimated tax will be pushed to January 18, 2022.
As long as nothing interferes, this is the ideal schedule for the estimated tax filing deadline.
All workers who earn tips will need to report their total monthly earnings from tips to their boss by the 10th of the month after. The employer will send such a number to Uncle Sam and take care of whatever amount to remove from your paycheck for tip withholding.
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