With new year, new taxes are upon us. In this post, we have discussed all the deadlines to file your tax returns on time.
Filing your taxes costs your money and time. Before noticing all these details, you must consult an experienced CPA who can save your money and make your life at ease.
Also Read Previous Years Tax Brackets Comparison
- Comparison of 2022 Vs 2021 Tax Brackets
- Comparison of 2021 Vs 2020 Tax Brackets
- Comparison of 2020 Vs 2019 Tax Brackets
Various tax filing due dates in the year 2022 for the tax year 2021 for individual and business:
2022 Tax Due Dates and Deadlines
|Type Of Form||Due Date For Filing|
|Form W-2, W3, 1099 NEC and 1096 NEC||January 31, 2022|
|Form 1065 (for Partnerships)||15th March 2022|
|Form 1120S (for S-corporations)||15th March 2022|
|Form 1040 (for Individuals)||18th April 2022|
|Fin CEN 114 – FBAR||18th April 2022|
|Form 1041 (for Trusts and Estates)||18th April 2022|
|Form 1120 (for C-Corporations)||18th April 2022|
|Form 990 Series (for Tax-Exempt Organizations)||16th May 2022|
|Form 550 Series (for Employee Benefit Plan)||1st August 2022|
Due Dates for Extended Return
|Type of Form||Due Date|
|Form 1065||15th September 2022|
|Form 1120S||15th September 2022|
|Form 1041||30th September 2022|
|Form 1120||17th October 2022|
|Form 1040||17th October 2022|
|Fin CEN 114 (along with Form 1040)||17th October 2022|
|Form 990 Series||15th November 2022|
|Form 550 Series||15th October 2022|
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In Case Of Fiscal Year Tax Filers:
- In case of Partnerships and S-Corporations, the due date for filing will be 15th of the third month post completion of their tax year.
There will be no change in the filing date in case of S-Corporations.
- C-Corporations will have to file their returns on 15th of the fourth month post completion of their tax year.
C-Corporations, whose fiscal year ends on 30th of June, can now postpone their due dates until 31st December, 2025.
Those with Employee Benefit Plan can file their returns on the last day of the seventh month post completion of their plan year.
Whether you are an individual, Partnership, S-Corporation, or a C-Corporation, it is important to confirm the due dates for tax filings in your state. This is because your state may have set different due dates that may not be similar to Federal Due Dates.
Changes Carrying Over From 2017 to 2022?
Let’s take a look at various changes that have been introduced in the new Tax Filing Guidelines:
- In case of Form 1065 (partnership income), the extension period has been updated to six months instead of five months.
- In case of Form 1041 (Estates and Trusts), the extension period has been updated to five and a half months instead of five months, i.e. extra two weeks.
- Those with Employee Benefit plans will get an automatic extension of maximum three and a half months.
- In case of Fin CEN 114 – FBAR (foreign banks and financial accounts), the due dates will be similar to that of individual form 1040 with a permitted extension period of six months. In this way, the FBAR and Individual reporting will be aligned.
- In case of Form 990 Series, the automatic extension period has been updated to six months instead of three months, ending on 15th November for the calendar year filers.
That was all you needed to know about the latest changes in Tax Filings and now you don’t have to worry about anything. So, feed all these points to your brain and keep yourself away from the wrath of IRS.
Read about when you are not required to file a federal income tax return? Avail our expert Tax Services or Accounting and Bookkeeping Services to make sure you are saving thousands for your business growth.