April 12, 2022
The deadline to file your tax return is inching closer. For taxpayers expecting refunds, tax season couldn’t come soon enough.
For most taxpayers, the last day to file your taxes is April 18. Typically the deadline falls on April 15, but it was pushed back because of the Emancipation Day holiday in Washington, D.C. Taxpayers in Maine and Massachusetts have until April 19 because of Patriots Day.
Taxpayers who filed for an extension have until Oct. 15 to send their return, but if they owe taxes, they must be paid by the April deadline.
Farmers and fishermen who didn’t pay all their 2021 estimated taxes by January 18 must also file their 2021 tax return by April 18. This deadline is normally on March 1, but the IRS extended the due date this year because there were problems with e-filing a certain form before the regular deadline.
There are some special deadlines in April for retirees and anyone saving for retirement, too. In addition to April 18 being tax day, it is also the last day that you can contribute to an IRA or health savings account (HSA) for 2021. In addition, except for those who request an extension to file their 2021 tax return, April 18 is the due date for (1) self-employed people to contribute to a solo 401(k) or a simplified employee pension (SEP) plan for 2021, or (2) withdrawing excess IRA contributions made in 2021.
It should be noted that estimated taxes for the 1st quarter of 2022 are due April 18, and April 18 is the last day to claim a tax refund for the 2018 tax year.
What happens if you miss the tax deadline?
If you are getting a refund, there is no penalty. Then again, not getting your money from the IRS might be punishment enough.
However, if you owe the IRS, the penalties kick in. According to the IRS penalties can reach 5% of the amount owed for each month you are late. The maximum amount taxpayers can be penalized is 25% of the amount due.
Need an extension?
It’s not too late. Louis Mamo and Company can help you file an extension. Call us today at 954-942-1120.
(Sources: Internal Revenue Service and USA Today).