- April 15, 2022
Tax Day is the day on which the citizens of the United States file their individual income tax returns with the Federal Government. The due date for filing the IRS tax Form 1040 for the individual tax returns is 15th April. For the year 2022, the tax day is postponed to April 18th, as April 15th is a public holiday, followed by the weekend. The tax deadline is April 19th, for those who live in Maine or Massachusetts. All the individuals should file their 2021 personal tax returns in the tax Form 1040 or 1040-SR by April 18th.
April 18th, 2022 is also the deadline to request an automatic extension for tax filing. Tax filers can file Form 4868, to request an automatic extension for six months to file their tax returns. This time is only for filing the tax returns, but not for paying the tax dues.
What if I miss a tax deadline?
April 15th is the ideal deadline for filing IRS tax Form 1040. For the year 2022, the tax deadline is April 18th. If the taxpayer misses the deadline, they have to pay a financial penalty or an additional interest charge, if they don’t make the payment due, within the deadline. The penalty for failing to file the 1040 tax returns is 5% of the tax due per month, which can go up to the overall cap of 25% when the additional fees pile up to 60 days.
The penalty for failing to pay the penalty is 0.5% for each month, up to the maximum of 25% of the tax that remains unpaid from the due date until the tax is paid in full. If the taxpayer doesn’t pay the taxes you owe within 10 days of receiving the notice from the IRS, then the failure to pay the penalty is up to 1% per month. Interests will accrue on any of the unpaid taxes from the start of the due date till the day the tax is paid in full.
Filing tax extensions:
If you are not ready with your tax forms within the deadline, there is still a way to escape the penalties and the interests levied by the IRS. The citizens of the US can use IRS tax Form 4868 to file tax extensions, which is essentially additional time to file the tax returns. Form 4868 will not extend the time for making the tax payment. To prevent potential penalties and interests for late tax payment, ensure that you either pay the tax with a timely tax return or along with an extension to file the respective tax returns.
The best way to prevent tax dues and penalties is to e-file the tax returns. This also helps prevent mistakes and helps in filing the tax forms on time. Choosing to file the tax returns through Tax2efile is one of the best ways to file the tax returns or the tax extensions within the due date.
