2021 has been a year, folks. Not just any year, but a year. Come to think of it, 2020 was also “a year,” and even a few years before that. Things have been rough for many people for quite some time, and the best we can do is to support each other through these trying times.
With 2021 coming to a close, it is now time to think about the year to come. Below we will list out the 2022 tax return due dates you’ll need, all in one place.
Individual Income Tax Due Dates
For your individual 1040 tax return, here are important due dates:
- January 15, 2022 – Q4 Estimated Taxes: If you are required to pay estimated taxes, this is the final (4th quarter or Q4) estimated tax payment you must make for the 2021 tax year. Estimated taxes are paid using form 1040-ES.
- April 15, 2022 – Q1 Estimated Taxes: Usually the due date for Q1 estimated taxes is the same as the due date for your 1040. The year 2022 is an exception. The IRS, in all its kindness, has extended the 1040 due date (known as Tax Day) to Monday the 18th to give you the full weekend to file your taxes, BUT they did not extend the estimated tax due date. So for people who must pay estimated taxes, it’s best to act as if April 15th is Tax Day.
- April 18, 2022 – Tax Day: Your individual 1040 tax return is due on April 18, 2022, unless you extend your due date. The IRS offers what it calls an “automatic extension” for many income tax returns, including the 1040, which will extend the due date to October 15, 2022.
- Keep in mind that an income tax return extension gives you more time to file your return, but not to pay any taxes you may owe. If you owe 2021 taxes and you don’t pay them by April 18, 2022, you may be subject to penalties and interest fees.
- Also April 18, 2022 – Last day to contribute to your IRA: Regardless of whether your IRA is a Traditional or Roth, any IRA contributions you would like to make for tax year 2021 are due by April 18, 2022. Contributions to other plans such as a SEP plan are also due this day, but extending your tax return also extends the due date for these contributions.
- June 15, 2022 – Q2 Estimated Taxes Due
- September 15, 2022 – Q3 Estimated Taxes Due
- October 15, 2022 – Extended 1040 Due Date
- January 15, 2023 – Q4 Estimated Taxes Due
Partnership and S-Corporation Income Tax Due Dates
If your business is a partnership or S-corporation, you need to file an income tax return for it that is separate from your individual 1040. Partnership (Form 1065) and S-Corporation (Form 1120S) tax returns are due earlier than the 1040:
- March 15, 2022 – Partnership (1065) and S-Corporation (1120S) Filing Due: Unless you extend your business’s tax return, it is due this day.
- September 15, 2022 – Partnership (1065) and S-Corporation (1120S) Extended Returns Due
If your business is an LLC, you need to find out if it is taxed as a Partnership or as an S-Corporation and then fill out the appropriate tax form.
If you don’t know whether your business is a corporation, you can see this information on your business license. We recommend that you have a paper copy on file in a known location, though you can also see a digital copy of your business license online at the Secure Access Washington government website.
If your business has not incorporated at all and has only one owner (whether a person or a married couple), the business does not need to file its own separate tax return. In many cases, you will report this income on Schedule C of your 1040.
What If I Miss a Due Date?
If you miss a due date for a tax return, the first thing you need to do is pay the amount you owe in full, if you are able to do so. If you are not able to pay your taxes on time, you can request a payment plan with the IRS. This is a good idea because they will limit the penalties they charge you if you work with them.
In general, a good policy is to pay government entities on time, even if you disagree or are unsure of the amount owed. (This is in contrast to suppliers and other vendors. If you are in dispute over an amount owed to a vendor, it’s generally best to resolve the dispute before paying them any money, unless ordered to do so by a court.)
Are you nervous about interacting with the IRS, or are you unsure of how to estimate your taxes? Contact us with questions like these or any questions about accounting, taxes, forecasting, cash flow concerns, or perhaps something we haven’t even listed here!
TL;DR: Your 1040 is due on April 18th, or October 15th if you extend. Partnership and S-Corporation tax returns are due on March 15th, or September 15th if you extend. Any estimated taxes owed are due when you file your extension. Estimated taxes are due four times a year, but keep in mind that even though they’re called “Quarterly” estimated taxes, they are not due every 3 months; the due dates are scattered throughout the year. Mark your calendars!