Tax Day Definition

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Tax Day Definition

What Is Tax Day?

Tax season in the United States normally runs from January 1 to April 15 each year for filing and paying taxes for the previous year. Tax Day is the last deadline for filing individual federal tax returns and making tax payments. The deadline for filing state income taxes in most states that collect income taxes is the same.

Key Takeaways

  • Tax Day is the deadline for filing and paying federal individual income taxes, which is usually on April 15 or the next working day.
  • If April 15 comes on a weekend or holiday, or in other unusual circumstances, the IRS will extend tax deadlines.
  • Taxpayers who are unable to meet the deadline may request for a six-month extension, but they must still pay an estimate of any taxes owed by the deadline.

According to the IRS, 2021 tax returns were due on April 18, 2022, which was subsequently pushed back owing to the District of Columbia’s Emancipation Day holiday on April 15th. Due to the Patriots’ Day holiday in both states, the deadline for anyone residing in Massachusetts or Maine was April 19, 2022.

Understanding Tax Day

On Tax Day, most individuals who earn money must submit a return, including everyone whose employer deducts taxes from their paychecks. It also covers self-employed individuals and small company owners who must submit quarterly returns to pay estimated taxes and yearly filings to reconcile their accounts.

On Tax Day, retirees submit income taxes to account for their Social Security and pension income, investment income, and retirement account withdrawals. Those under the age of 65 who earned $12,550 or more in 2021, and those 65 and older who earned $14,250 or more in 2021, are required to file.

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Tax Day is the deadline for filing federal income tax returns and making tax payments. Most taxpayers must file federal income tax returns with the Internal Revenue Service (IRS) by April 15 of each year. This deadline applies to persons who submit their taxes on a calendar year basis. If you utilize a fiscal year, you must submit your taxes by the 15th of the fourth month after the end of the fiscal year. For example, if your fiscal tax year ends on June 30, you must file your federal tax return by October 15.

State tax dates may vary from federal income tax deadlines. Check with your state tax office to confirm the due dates if you are obliged to submit a state income tax return.

Filing an Extension

If you need more time to prepare your tax return, you may request an extension. This might provide you with an additional six months to submit your taxes, but your tax payment is still due on tax day.

To request an extension:

  • Fill out an extension request and add your projected payment in the IRS Free File tool.
  • Pay your anticipated tax amount in whole or in part, and specify that your payment is for an extension.

Your request for an extension must be submitted on or before your original tax payment due date.

Special Considerations

When a tax filing deadline comes on a weekend or a legal holiday, it is pushed to the next working day. The only national legal holiday that would influence Tax Day is Emancipation Day, an April 16 holiday in Washington, D.C. that commemorates the end of slavery in the United States.

If Tax Day comes on a legal holiday in your state or the state where you are obliged to file, your tax filing deadline may be extended. Tax Day may be postponed in Maine and Massachusetts due to Patriots’ Day (Patriots’ Day in Maine), a statewide legal holiday observed on the third Monday in April.

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Because of how some holidays happened in 2022, the 2021 tax returns were due on April 18, 2022, in response to the District of Columbia’s Emancipation Day holiday on April 15th. Due to the Patriots’ Day holiday coming on April 18th in both states, the deadline for people in Maine and Massachusetts was April 19, 2022.

The IRS may also extend tax filing deadlines in response to a downturn in the economy or a natural calamity. The Federal Emergency Management Agency (FEMA), for example, labeled a severe winter storm in Texas a major disaster in 2021. The IRS reacted by extending the deadline for filing federal individual income taxes in Texas to June 15, 2021.

Due to the COVID-19 epidemic, the IRS extended the deadline for tax submissions and payments to July 15, 2020. Economic troubles caused by the epidemic persisted into 2021, and the IRS delayed the filing and payment deadlines once again. Individual income tax returns have to be filed and paid by May 17, 2021. The IRS, on the other hand, did not extend the deadline for quarterly projected payments, which remained due on April 15, 2021.

How to File Your Federal Income Taxes

To submit their income taxes, many people consult with a tax expert or utilize tax preparation software. Another alternative is to use the IRS’s Free File Program. If your adjusted gross income (AGI) is $73,000 or less, Free File will prepare your taxes for free via a partner site. If your AGI exceeds $73,000, you may prepare your own taxes online for free using IRS Free File.

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If you anticipate a return, you should file online if feasible. Individuals who do this usually get their refund within three weeks of the IRS receiving it. You may also send a hardcopy return to the IRS, but this may take six to eight weeks.

However, the COVID-19 pandemic has caused considerable delays in processing paper returns.

What Happens if You Miss the Deadline?

If you miss the tax filing deadline, the IRS recommends filing your late return as soon as possible to avoid a failure-to-file penalty. The IRS won’t charge a failure-to-file penalty when a refund is due. However, there is a three-year statute of limitations on refunds. If you file more than three years after your deadline, then you won’t get your money.

Individuals who miss the payment deadline may be subject to a failure-to-pay penalty along with interest charges on the amount due. An exception might be allowed if you’re experiencing hardship and file a special extension.

Try to file your taxes as early as possible to avoid missing the deadline. Start gathering your documents as soon as you receive them, and be sure to make an appointment if you’re working with a tax professional. Even if the IRS extends the due date, it might be in your best interest to file early, especially if you’re expecting a refund.

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