Review Of Irs Tax Extension Deadline 2022 2023

Taxes 2022 IRS tax deadline is April 18, how to file extension, more from www.usatoday.com

IRS Tax Extension Deadline 2022: What You Need to Know

Introduction

If you're one of the many taxpayers who filed for an extension on your 2021 tax return, it's important to know when the deadline is to avoid any potential penalties or fees. In this article, we'll go over everything you need to know about the IRS tax extension deadline for 2022.

When is the Deadline?

The deadline for filing your tax return after receiving an extension is October 17, 2022. This gives taxpayers an additional six months to file their return, but keep in mind that the extension only applies to the filing of your return, not the payment of any taxes owed.

What Happens if You Miss the Deadline?

If you miss the deadline for filing your tax return, you may be subject to penalties and interest on any taxes owed. The penalty for filing late is typically 5% of the unpaid taxes for each month or part of a month that your return is late, up to a maximum penalty of 25%. Additionally, there is a penalty for paying late, which is 0.5% of the unpaid taxes for each month or part of a month that the payment is late.

How to File Your Return

To file your return after receiving an extension, you can use IRS Form 1040 or 1040-SR, depending on your age and filing status. You can file your return electronically or by mail, but keep in mind that paper returns may take longer to process.

What to Do if You Can't Pay Your Taxes

If you're unable to pay the full amount of taxes owed by the October 17 deadline, you should still file your return on time to avoid the late filing penalty. You can then work with the IRS to set up a payment plan or request an extension of time to pay.

What Documentation Do You Need?

When filing your tax return, you'll need to provide documentation of your income, expenses, and any deductions or credits you're claiming. This may include W-2 forms, 1099 forms, receipts, and bank statements, among other documents.

How to Avoid Future Extensions

To avoid needing to file for an extension in the future, it's important to stay organized throughout the year by keeping track of important documents and deadlines. You can also work with a tax professional or use tax preparation software to ensure that your return is filed accurately and on time.

Conclusion

Filing for a tax extension can be a helpful tool for taxpayers who need more time to file their return, but it's important to know when the deadline is and to file your return on time to avoid penalties and fees. If you have any questions or concerns about filing your tax return, be sure to reach out to a tax professional or the IRS for assistance.

Share :