If you worked in any of these countries, you could be due a Tax Refund

Key Dates for the US Tax Year 2022

#TaxTipsUSA #TravelTipsUSA

Here are the most important dates and deadlines for the US tax year in 2022, and what they could mean for you!

Knowing when to file your taxes can make tax season a whole lot less stressful.

By knowing key tax dates, you can prepare for what you need to do, instead of leaving it until the last minute.

Let's explore the key tax dates in the US that everyone should know.

January 1, 2021

Start of the 2022 tax year.

The tax year in the US in most cases is the same as the calendar year. The difference is:

  • Calendar year - 12 consecutive months beginning January 1 and ending December 31.
  • Fiscal year - 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month

 

January 17, 2022

If tax is automatically deducted by your employer, you probably don’t need to worry about this deadline.

However, if you didn't pay your income tax for the year 2020 through withholding (or didn't pay in enough tax that way), you must use Form 1040­ES.

For example, if you’re self-employed or a landlord, you need to pay your final installment for the year 2021. You don't have to make this payment if you file your 2021 return Form 1040 or 1040-NR and pay any tax due by January 31, 2022.

 

January 24, 2022

The IRS E-file opens. Taxpayers can start filing returns through IRS Е-file partners; tax returns will be submitted to the IRS starting from January 24. Tax software businesses are also taking tax filings in advance.

 

January 24, 2022

The tax season for 2022 begins. Individual tax returns for the year 2021 start being accepted, and processing begins.

 

January 29, 2022

Earned Income Tax Credit Awareness Day is a day dedicated to raising awareness of the beneficial tax credits available to many people, including the possibility to qualify using prior-year income.


January 31, 2022

If you didn't pay your last installment of estimated tax by January 15, you may choose (but aren't required) to file your income tax return (Form 1040 or Form 1040-NR) for 2021 by January 31. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of the last installment.

All businesses. Give annual information statements to recipients of certain payments you made during 2021. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient on February 1, 2022.

Section 6071(c) requires you to file Form 1099-NEC on or before February 1, 2022, using either paper or electronic filing procedures.

 

February 15, 2022

Deadline for individuals.

If you claimed an exemption from income tax withholding last year on Form W­4, Employee's Withholding Allowance Certificate, you must file a new Form W­4 by this date to continue your exemption for another year.

 

February 28, 2022

Deadline for businesses to submit any other 1099 forms (1099-MISC, 1099-B, 1099-DIV, 1099-INT, etc.) and 1096, if filing on paper. These documents relate to business transactions that aren’t covered by W2 (anything that falls outside of tips and wages). If filing electronically, the deadline is March 31.

 

March 15, 2022

Forms 1042-S, whether filed on paper or electronically, must be filed with the IRS by March 15, 2022. You also must furnish Form 1042-S to the recipient of the income by March 15, 2022.

 

March 31, 2022

Deadline for electronic filing of Forms 1097, 1098, 1099 (not including 1099-NEC), 3921, 3922, and W-2GS. This date applies only if you file these forms electronically.

 

April 18, 2022

The last day to file an original or amended tax return from 2019 and claim a rebate unless you have an extension, then is October 15, 2022.

File a 2021 income tax return (Form 1040-NR) and pay any tax due.

Last day to contribute to an Individual Retirement or Health Savings Account (IRA/HSA) and have it considered retroactive to 2020. Finally, it’s the deadline for the first quarterly estimated tax payment of 2020.

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Due to the Emancipation Day holiday in Washington, D.C., the deadline to file a 2021 tax return, request an extension, and pay any taxes owed has been extended, even for individuals who live outside the city.

April 19, 2022

Due to the Patriots' Day holiday, the deadline to file a 2021 tax return, request an extension, and pay any taxes owed has been extended for persons who live in Massachusetts or Maine.


May 15, 2022

Deadline for non-profit organizations to submit details to the IRS or request an extension. These organizations are required to submit a Form 990 or information return so IRS can evaluate their operations and ensure they’re exempt from federal tax.

June 15, 2022

Second-quarter estimated payments are due on this date.

Tax returns from taxpayers staying outside the US on the 15th of April can be filed with automatic extension by the 15th of June.


September 15, 2022

Third-quarter estimated tax payments are due. If an extension was requested on corporate, trust income, or partnership tax returns for the year 2021, this is the final deadline for filing.

 

October 1, 2022

If you’re self-employed or a small business owner, this is your last chance to set up a SIMPLE IRA for the year 2021. SIMPLE IRAs (Savings Incentive Match Plan for Employees Individual Retirement Account) are Individual Retirement Accounts for small companies and their employees and are designed to be cheaper and easier to maintain than their more corporate counterparts.

 

Оctober 17, 2022

Deadline for filing a tax return if you filed an extension on the 4828 form before the 15th of April and FBAR (if applicable).

 

Оctober 17, 2022

For individuals asking for an extension on their 2021 tax returns, this is the deadline to file.

 

December 31, 2022

Last day to make any tax moves for the year.

Note: If any deadline falls on a weekend or bank holiday, the due date will be the next working day.

 

Planning your income and expenses year by year is a really useful method of managing your income tax effectively. By incurring expenses a year early (‘accelerating’ expenses) or delaying them until the following year, you can make significant changes to your tax values!

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US Tax Tips

 

1. Don’t miss the tax filing deadline

When you work in the US, you’ll be taxed on your income and if you earn over a certain amount, you must file a tax return.  In 2021 for example, if you are under 65 and single, you must file a tax return if you earn $10,350 or more. The deadline for filing your 2021 tax return is April 15, 2022. You must prepare it and post it to the IRS.

 

Read: The Ultimate Guide to Your J1

 

2. Keep your W2 form

You’ll need your W2 form or final cumulative payslip to file a tax return. This will state your total earnings and can help you get a refund of any overpaid tax. It's also important that you tell us your Social Security Number (SSN) or Individual Identification Number (ITIN). You cannot work in the US without one of these.

If you need an ITIN, you can apply for one here.

3. Reminders

Forms 1040A and 1040-EZ are no longer available. Forms 1040A and 1040-EZ will no longer be available beginning with the tax year 2018. For the tax year 2018, individuals will file Form 1040. For tax years after 2018, individuals will file Form 1040 or Form 1040-NR. If you need to file a prior-year tax return, use the form and instructions revision for that tax year

About The Author

Ciara Kennedy - Digital Content Writer @ Taxback.com

Ciara is our Digital Content Writer at Taxback.com. Since graduating in Journalism and Visual media, Ciara has worked in online marketing in Ireland and Australia and loves writing in all its forms.

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