When Are Taxes Due?

Most of us are familiar with April 15^th as the annual tax filing deadline.  But there are some nuances.  Last year, in response to Covid, the customary April 15^th deadline was pushed back a month to May 17^th.  While the IRS could always do something similar in 2022, it’s best to plan for a mid-April deadline this year.

In 2022, April 15^th is on a Friday.  In other years, April 15^th falls on a weekend or holiday, in which case the IRS will typically move the tax filing deadline back a day or two so that it falls on the Monday following April 15^th.  That situation is likely to happen in 2023, when April 15^th falls on a Saturday.

While April 15^th falls on a Friday in 2022, it also falls on Emancipation Day, which is celebrated in Washington, D.C., causing all federal offices and many businesses to close.  As a result, the deadline for filing your 2021 personal tax return is Monday, April 18, 2022.

The IRS generally expects to receive income tax in the quarter in which the income is earned.  This is typically automatic for W-2 employees who receive regular paychecks, with tax withheld by the employer and sent to the federal and state treasury departments.  Self-employed taxpayers don’t get a paycheck with automatic tax withholding, so they are required to file quarterly estimated tax payments.  In 2022, these payments are due on or before:

              January 15^th                         4^th quarter 2021 estimated payment

              April 18^th                           1^st quarter 2022 estimated payment

              June 15^th                            2^nd quarter 2022 estimated payment

              September 15^th                   3^rd quarter 2022 estimated payment

If you miss a deadline, you should file your tax return as soon as possible.  The IRS may charge interest and penalties for every day your payment is late.  If you’re not able to pay the total amount due, you can set up an installment plan with the IRS.  If you’re not able to complete your return by the deadline, you may apply for an extension.  The IRS generally grants an automatic six-month extension to anyone who requests one.  Just remember that while the extension gives you more time to complete and file your return, the tax you owe must still by paid by the normal tax filing deadline.

John Vandyke, Founder