F&M BANCORP 5 MINUTE READ | JANUARY 17, 2022
RAMSEY SOLUTIONS
Just thinking about Tax Day is enough to make some of us reach for a bottle of aspirin (or bourbon). We get it. Taxes suck. It's easy to put them off until the last minute.
But since taxes are almost always due in April, wouldn't it feel great to get that tax monkey off your back by planning ahead now? Here are some important tax deadlines to keep in mind.
When Is Tax Day?Tax Day 2022 is April 18 for all federal tax returns and payments.1 This is only for federal returns, not state taxes (if applicable).
Tax Day is normally set for April 15 unless the 15th falls on a weekend or a holiday. So why the change this year? Emancipation Day is being observed on Friday, April 15, in Washington, D.C., which means government offices are closed. So you get until Monday to file your taxes. For you last-minute filers out there, leave it to the IRS to ruin your weekend plans, right?
April 18 is also the last date to request a six-month extension if you can't file on the due date.
Taxes shouldn't be this complicated. Let us help.
Now, if you're planning on snail-mailing your return, it's considered to be filed on time if the envelope is addressed correctly, has plenty of postage, and is postmarked by April 18. For those of you filing online, the date and time in your time zone when you click "submit" determines if your return is filed on time. Don't worry-you'll receive an electronic confirmation that the IRS has accepted your digitally filed return.2 Hooray!
If you live overseas or are on military duty outside of the United States, you have an automatic two-month extension to get your taxes filed without needing to request one. Even though Tax Day is on April 18 due to a holiday on April 15, you don't get those extra days for your extension. You have until June 15 to file and send in payment without being hit with a penalty. But, of course, there's a catch-you still have to pay interest on any owed taxes not paid by the original due date.3 (Whomp, whomp.)
We recommend just getting ahead of the game and sticking to the regular date so you don't end up paying Uncle Sam any more than you absolutely have to.
When Is the Deadline to Pay Your Taxes?The deadline to pay your taxes depends on your filing status. If you're filing an individual federal tax return, that's easy. Your deadline to file and pay is the annual Tax Day, as mentioned above. But even though Tax Day is three days later this year, that doesn't change other tax deadlines.
If you're self-employed, you'll most likely pay estimated taxes four times a year (these are also known as quarterly taxes). The upcoming due dates for quarterly taxes are April 18, June 15, September 15 and January 17 (of 2023). Occasionally those dates change due to holidays, but you can usually bank on estimated taxes being due on the 15th.
What Happens if You Can't File by the Deadline?If, for some reason, you're not able to file by your tax due date, you can get a six-month tax extension by filling out Form 4868. Just make sure you do this by Tax Day. If you file late without an extension, you'll pay a failure-to-file penalty that's 5% of your unpaid taxes each month up to a maximum of 25%.4 If your return is over 60 days late, the minimum penalty is the lesser of $435 or 100% of the tax owed.5 Ouch!
Keep in mind-and this is really important-even if you've requested an extension to file, that doesn't mean that you have an extension to pay. (Bummer, right?) You still need to send in your tax payment to the IRS on your filing due date. The last thing you want is to get hit with a penalty for paying late, which can be from 0.5% up to 25% of those unpaid taxes.6 No thanks!
When Are Tax Extensions Due?For most people, the tax extension due date is October 15 (six months after April 15). This year, it's October 17 because October 15 falls on a Saturday. But if you've got a different filing due date, then your extension due date will be different too. Whatever your situation, we recommend you get your taxes filed sooner rather than later. It can make all the difference in how much you'll end up having to shell out to Uncle Sam.
What happens if you don't file by the extension due date? You're going to owe money unnecessarily-and that's just flushing cash down the toilet. We want you to conquer Tax Day, not the other way around.
https://www.ramseysolutions.com/taxes/when-are-taxes-due
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F&M Bancorp published this content on 19 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2022 19:04:01 UTC.
