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Jan 30, 2022

2022 Tax Deadlines You Need on Your Calendar

As we bring 2021 to a close, it’s time to start preparing your end-of-year business checklist. One of the most important things to include on your list is getting ready for tax season. Businesses have several tax deadlines to keep in mind, and in this article, we will discuss the most important tax deadlines.

January 15, 2022 

Individuals who make quarterly tax payments must have their fourth quarter of 2021 tax payment filed by January 15, 2022.  

 

January 31, 2022 

January 31, 2022, is the deadline for businesses to send W-2 forms to their employees, and 1099-NEC forms to independent contractors who performed services in 2021. 

  

March 15, 2022 

Deadline for businesses to file corporate tax returns, Form 1120-S. Businesses may request a six-month extension by filing Form 7004.

Partnership tax returns (Form 1065) must also be filed by this date or file a Form 7004 for an automatic six-month extension.  

Note: The automatic extension only applies to the filing of the return. All tax payments are still due at this date and will accrue interest and penalties if not paid by the due date. 

 

March 31, 2022 

Deadline for e-filing of Forms 1099-MISC, if filing electronically. If filing via mail, they are due February 28th, 2022.  Please note that this only applies to Form 1099-MISC. Form 1099-NEC was due January 31st, 2022. 

  

April 15, 2022 

First quarter estimated tax payments are due.  

 

April 18, 2022 

Deadline for individuals to file 2021 personal tax returns, or 1040/1040-SE forms and corporate tax returns, form 1120.

Taxpayers can file Form 4868 or 7004 to request a six-month extension to file the return.  

Note: The automatic extension only applies to the filing of the return. All tax payments are still due at this date and will accrue interest and penalties if not paid by the due date. 

 

June 15, 2022 

Deadline for second quarter estimated tax payments for both business and personal taxes. 

 

September 15, 2022

Third quarter estimated tax payments due for businesses and individuals. 

Deadline to file S-Corp and partnership tax returns if an extension was requested.  

 

October 17, 2022 

Deadline to file individual (Form 1040) and corporate (Form 1120) returns if an extension was previously requested.  

This is also the deadline for taxpayers who had an AGI of less than $72,000 to use the IRS program Free File to prepare tax returns. 

 

What Happens If You File After a Deadline? 

  • The “failure to pay” penalty is .5% for each month up to 25% total of the total amount of taxes due until the tax is paid.  

  • The “failure to file” penalty for a 1040 is 5% of tax liability per month, up to 25% total. 


 


Next Steps  

Now that we have your important tax deadlines, how should you use this information?  

 

Organize Documents and Set Reminders 

The first step is deciding which of the dates we discussed apply to you and your business and setting reminders of filing deadlines. These can be set in your online calendar, desk calendar, or with people in your organization. It is good practice to set several reminders to ensure none are missed.  

Starting early is also important and getting relevant information and documents to your accountant or tax professional as early as possible is good practice. For example, getting necessary forms such as W-9s, W-2s, and 1099s as early as possible can save time and ensure no delays when sending them to the required parties.  

 

Keep Your Books Updated 

The most important step you can take to ensure tax filings are accurate and timely is to keep accounting and tax records up to date. For example, many accounting programs have features that allow automatic categorization of expenses. By utilizing this feature, you can ensure that expense transactions are accounted for properly. Monthly reconciliations and quarterly audits also help detect errors timely. 

 

 

Disclaimer:

This publication is designed to provide information on federal tax and accounting laws and/or regulations. It is presented with the understanding that the author is not rendering legal or accounting services.

This text is not intended to address every situation that arises or provide specific, strategic tax and/or accounting planning advice. This text should not be used solely to answer tax and/or accounting questions and you should consult additional sources of information, as needed, to determine the solution to tax and/or accounting questions.

This text has been prepared with due diligence. However, the possibility of mechanical or human error does exist and the author accepts no responsibility or liability regarding this material and its use. This text is not intended or written by the practitioner to be used and cannot be used by a taxpayer or tax return preparer, for the purpose of avoiding penalties that may be imposed.

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