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Content Return Due Dates & Extensions Filing Frequency and Due Dates Expert does your taxes Federal, State, and Local Tax October 1, 2023 What If You Can’t Pay Your Taxes? You can contribute a maximum of $6,000 to an IRA for 2019, plus an extra $1,000 if you’re 50 or older. To understand how individuals (including self-employed individuals, trusts and estates) and corporations will be impacted by this tax deadline extension, read more below. If you file for an extension, you’ll have until October 15, 2021 to file your taxes. There are three other deadlines for victims of natural disasters. The first one is for victims of the Arizona severe storms on July 17 and 18, 2022. The second one is for victims of the Missouri storms and flooding that began on July 25, 2022. Return Due Dates & Extensions That’s also the deadline for taking an RMD for 2022 if you’re 73 or older at the end of the year. Victims of the flooding and mudslides in Washington State that began on November 13, 2021, have until March 15 to file federal returns and pay federal taxes originally due from November 13 to March 14. Contributions to a traditional 401(k) reduce your total taxable income for https://turbo-tax.org/ the year. For example, let’s say you make $65,000 a year and put $10,000 into your 401(k). Instead of paying income taxes on the entire $65,000 you earned, you’ll only owe taxes on $55,000 of your salary. In other words, saving for the future lets you shield that $10,000 from taxes (and even more if you’re 50 or older; read more on 401(k) contribution limits here). Estimated tax payments for the 2nd quarter of 2022 are also due June 15, while the tip reporting deadline for workers who received tips in May is June 10. In 2023, 10 states have extended deadlines for federal individual income, business, and quarterly tax filings as a result of FEMA-declared natural https://turbo-tax.org/tax-dates-and-deadlines-in-2021/ disasters. Estimated tax payments on income earned during the first quarter of the year (January 1, 2023, through March 31, 2023) are due today. Estimated tax payments for the 2nd quarter of 2023 are also due June 15, while the tip reporting deadline for workers who received tips in May is June 12. Filing Frequency and Due Dates If so, they must file a 2021 tax return to claim their remaining stimulus amount. People can also use IRS online account to view their Economic Impact Payment amounts. More than 160 million individual tax returns for the 2021 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline. The agency is also sending letters to filers with information on their stimulus and child tax credit payments for 2021. These letters should help tax payers determine if they received the correct amount of money and reconcile any mistakes. Even though many taxpayers file their tax returns on or by about April 15 every year, there is no need to put it off until the last minute. Indeed, filing an early tax return can make sense for a variety of reasons. However, taxpayers expecting a refund are still encouraged to file their tax returns as soon as possible so that they can receive their refunds. The average refund this year has topped $2,800, according to the IRS. Expert does your taxes The IRS encourages everyone to have all the information they need in hand to make sure they file a complete and accurate return. Having an accurate tax return can avoid processing delays, refund delays and later IRS notices. The IRS is mailing special letters to recipients, and they can also check amounts received on IRS.gov. The US tax year is the same as the calendar year—January 1 to December 31. “Tax season” is when the IRS begins accepting income tax returns. Estate taxes aren’t necessarily imposed on the date of death, but they will have been assessed by the time an heir officially receives assets. At this time, people fill out their taxes themselves, use tax software, or hire tax professionals. Whichever method is chosen, it’s important to get taxes in by the due date so as to avoid penalties, fees, and interest charges. Federal, State, and Local Tax The date for your extension will depend on the structure of the business. In addition, expats employed by a foreign business that does not withhold or pay taxes to the US government on their behalf may also need to file estimated quarterly payments. If you need more time to file your expat tax return, you can request an additional filing extension to October 16. In extreme cases, you can even request an extension to December 15. April 18 is also the last day that you can contribute to an IRA or health savings account (HSA) for 2022. If tax is automatically deducted by your employer, you probably don’t need to worry about this deadline. For the speediest refund, the IRS encourages filers to submit their returns electronically and choose direct deposit. For example, let’s say you make $65,000 a year and put $10,000 into your 401(k). To avoid fees and required payments, the IRS recommends you should file your return as soon as possible if you miss a deadline. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets.