It is a new year, and everyone has marked birthdays, anniversaries, and other crucial dates in their calendar. There is one other date you should put a reminder for, it is the 2022 tax filing due date. Even if it is only February, the buzz to file taxes 2022 is already going high.
Yes, you heard it right! The tax filing season is already upon us, and everyone is on their toes to pick every document from their pile to reduce their tax liabilities. But what are the key dates which a taxpayer should note down in their handbook to prevent penalties and get maximum benefits?
Key Dates to File Taxes 2022
So, before we start, remember that even if we file those papers in 2023, we are filing taxes for money received in 2022. Therefore, tax professionals refer to 2022 as the tax year and 2023 as the filing year in order to avoid any misunderstandings.
Here are the key dates that each taxpayer should keep note of to file taxes 2022.
- The IRS Free File debuts on January 13. The taxpayers can prepare the tax in advance.
- The expected tax payment for the fourth quarter of the tax year 2021 is due on January 17.
- IRS tax season for 2022 begins on January 23.
- The Earned Income Tax Credit Awareness Day is on January 28. The goal is to increase public awareness of tax credits that are available to many people, including the possibility of using income from a previous year to qualify.
- Due to the Emancipation Day holiday in Washington, D.C., April 18 is the deadline for filing a 2022 tax return.
- April 18 is also the last date to request an extension.
- Due to Patriots’ Day, April 19 is the deadline for Massachusetts and Maine residents to submit their 2022 tax returns, ask for extensions, and pay any outstanding taxes.
- June 15 will be the second estimated tax payment for the 2023 filing year.
- You have Sept. 15 as the deadline for the third estimated tax payment.
- Oct. 16 is the extended deadline to file the 2022 tax return.
- Jan. 16, 2024, will be the fourth estimated tax payment date.
The cutoff is typically March 15 each year for S-Corps, partnerships, and multi-member LLCs. These firms can, however, use Form 7004 to request a six-month extension.
So, hire a professional tax firm for filing taxes 2022 to prevent yourself from penalties.
2022 Income Tax Brackets
The 2022 tax filing season starts in January 2023. In the first month of the year, the IRS will start taking and processing 2022 federal tax returns. There are seven tax rates, but to account for inflation, the income thresholds for each rate changes slightly every year. The following rates and income ranges are applicable for 2022:
|Tax Slab||Individual Filers||Married people file jointly (and eligible widows or widowers)|
|10%||$0 to $10,275||$0 to $20,550|
|12%||$10,276 to $41,775||$20,551 to $83,550|
|22%||$41,776 to $89,075||$83,551 to $178,150|
|24%||$89,076 to $170,050||$178,151 to $340,100|
|32%||$170,051 to $215,950||$340,101 to $431,900|
|35%||$215,951 to $539,900||$431,901 to $647,850|
|37%||$539,901 or more||$647,851 or more|
What is the Minimum Income to File Taxes of 2022?
It’s not necessary for everyone to file a tax return. You are exempt from filing a tax return if your income is below a specific threshold. Here is the list of minimum earnings with age criteria which will make you eligible to file 2022 federal taxes.
|Status and Age||Minimum Income|
|Eligible Widow or Widower; 65 or Older||$27,300|
|Eligible Widow or Widower; Under 65||$25,900|
|Head of Household; 65 or Older||$21,150|
|Head of Household; Under 65||$19,400|
|Married Filing Jointly; Both Spouses 65 or Older||$28,700|
|Married Filing Jointly; One Spouse 65 or Older||$27,300|
|Married Filing Jointly; Both Spouse Below 65||$25,900|
|Single; 65 or Older||$14,700|
|Single; Below 65||$12,950|
What Happens if I File Taxes 2022 Late?
IRS is taking extreme measures and also simple approaches to get the maximum number of citizens paying taxes. So, if you fail to file your 2022 taxes, there will be a penalty. The fine for submitting late is 5 percent of the monthly amount owed, and the fine for non-payment is 0.5 percent every month with a maximum annual fine of 25 percent. However, when both fines are assessed in a single month, the total penalty is 5 percent each month, i.e., 4.5 percent for failing to file and 0.5 percent for failure to pay. Additionally, interest accumulates, with the present rate of 3%.
So, if you file beyond the deadline, you may request a formal extension by submitting IRS Form 4868. Since October 15 occurs on a Sunday this year, the extended date for filing your return under the automatic extension is officially October 16.
A filing extension does not entitle you to a payment extension. So, if you owe taxes, you must still pay them by April 18 to avoid fines. The IRS won’t impose a fine if you file late and are due a refund, but you won’t receive it until you do. Also, you will lose money if you don’t request a refund within three years.
Tips for Filing 2022 Taxes
The IRS suggests taxpayers follow these steps for hassle-free tax filing and refunds.
- Arrange and compile 2022 tax data, including
- Social Security numbers.
- Individual tax identification numbers.
- Adoption tax identification numbers.
- Identity protection personal identification numbers.
- For the most recent tax information, visit IRS.gov. From here, you can receive information on reconciling Child Tax Credit advance payments or claiming a Recovery Rebate Credit for missing stimulus funds.
- Also, set up an account at IRS.gov to access personal tax account information, including balance, payments, and tax records.
- When you are prepared, online file a complete and correct return and select direct deposit for the quickest refund.
- Direct deposit can be used using a bank account, prepaid debit card, or mobile app.
What Does IRS Say on Tax Refund?
The IRS claims that it will likely send your refund within 21 days of receiving your return. However, this claim is under the condition that if you file your return electronically. Moreover, the IRS has a different timeline for a refund if you file paper returns. So, you will receive a refund in under 21 days if you fill it out completely and accurately, and choose to have your refund sent to you via direct deposit.
If there is a delay in an IRS refund on a return, then possibly you have made minor mistakes or you may owe federal taxes. Moreover, as per the laws, IRS does not allow to provide any refunds for the Earned Income Tax Credit or Additional Child Tax Credit before mid-February.
Frequently Asked Questions
The deadline to file 2022 taxes is April 18, 2023. The IRS opened the e-file on 13th January and is accepting returns from 23rd January. Moreover, you can receive the refund within 21 days of your electronic return filing.
For single filers who are younger than 65 in 2022, the minimum income is $12,950. They do not need to submit a federal tax return if their income is below that limit. On the other hand, if the single filer is more than 65 years of age then the minimum income is $14,700.
If a taxpayer fails to pay the taxes on time then for each month in which the tax return is late, there is a penalty of 5% of the unpaid taxes. However, the fine will not be more than 25% of your delinquent taxes.
You can acquire free online tax preparation software from several tax preparation organizations, through the IRS Free File program. However, your adjusted gross income must be $73,000 or less in 2022 for you to be eligible for Free File software. The IRS also provides free access to fillable tax forms that may be completed electronically to all taxpayers, regardless of their income level.
I am Billie wilson, a financial analyst who loves to share knowledge. I believe that everyone deserves the opportunity to succeed and so I guide people in their journey to financial growth