Important Tax Due Dates in 2022 for 2021 Tax Reporting and 2022 Tax Estimates

The 2022 tax filing season begins on January 24, the IRS has announced. For a majority of taxpayers, the deadline to file your 2021 tax return is April 18.

On January 24 the IRS will start accepting and processing tax returns for individuals. By this date the IRS will update programming to ensure that eligible people can claim the proper amount of the Child Tax Credit after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax return.

For the 2021 tax calendar year the following due dates are apply in 2022.Form

Estimated tax payments for the 2022 Tax Year:

In general, you should make estimated tax payments to the IRS if you expect to owe $1,000 or more in taxes by the end of the year. For this purpose, the year is divided into four quarters with a payment deadline for each of them. If you miss a payment deadline or don't pay enough of taxes in each payment period, you might be charged a penalty at the end of the year. Below are the dates and the details for the estimated tax deadlines.

Estimated tax payments deadlines

EARNING PERIOD TAXES DUE

Jan. 1 – March 31, 2022 April 18, 2022

April 1 – May 31, 2022 June 15, 2022

June 1 – Aug. 31, 2022 Sept. 15, 2022

Sept. 1 - Dec. 31, 2022 Jan. 16, 2023

The pandemic continues to create challenges, but there are important steps you can take to help ensure your tax return and refund don't face processing delays. Filing electronically with direct deposit and avoiding a paper tax return is more important than ever this year. And we urge extra attention to those who received an Economic Impact Payment or an advance Child Tax Credit last year. This is especially important for people who received advance Child Tax Credit payments or Economic Impact Payments (American Rescue Plan stimulus payments) in 2021; you will need the amounts of these payments when preparing your tax return.

Watch for the IRS letters about advance Child Tax Credit payments and third Economic Impact Payments. The IRS is mailing special letters to recipients, and you can also check amounts received on the IRS.gov. The IRS started sending Letter 6419, 2021 advance Child Tax Credit, in late December 2021 and continues to do so into January.

Like last year, there will be individuals filing tax returns who, even though they are not required to file, need to file a 2021 return to claim a Recovery Rebate Credit to receive the tax credit from the 2021 stimulus payments or reconcile advance payments of the Child Tax Credit

Although the last two tax filing seasons were significantly impacted by the Covid-19 pandemic, and the IRS extended both deadlines, the IRS is not expected to extend the tax filing deadline for 2022.

Note: The IRS will delay processing by 2-3 weeks if an income tax return has the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC), since these credits are often misused. The additional time allows the IRS to verify that taxpayers qualify for the credits.

The Covid stimulus payments sent out earlier in the year will not affect your income tax refund. However, some taxpayers who did not receive one, may be determined to have been owed one, in which case they may be able to have it added to their 2022 refund as a credit. Ask your tax professional.

Have a smooth tax season!

Reach us out by calling 678-780-8615 or email to iwhitnah@whitnahcpa.com