Whether you’re a head of household filing taxes for your family or the owner/operator of a business filing for your company, missing tax deadlines can quickly add up to an expensive headache. The IRS can hit late filers with interest and penalties that mount up over time.
The best way to stay out of trouble with the IRS is to keep current with all your filing deadlines. But who has the time to keep track of all those dates? To make things a bit easier, we have provided this fact sheet detailing the important filing deadlines for both personal and business taxes for the third quarter of 2022 (July1 to September 30).
Personal Filing Deadlines
For individuals and heads of households, these are the important filing deadlines for the third quarter of 2022:
Sept 15: Estimated quarterly tax filing deadline for third-quarter estimated tax payments (form 1040-ES).
Business Filing Deadlines
Business owners, these are the essential filing dates for the third quarter of this year:
Aug 1: The IRS requires that businesses report quarterly the federal income taxes and any other payroll taxes withheld from employees’ pay. Use form 941.
Sept 15: This is the quarterly tax filing deadline for third-quarter 2022 estimated tax payments. Corporations should use form 1120-W.
Tax Return Deadline for S Corp and Partnerships
For partnerships and S corporations that requested a 6-month extension to file their 2021 return, this is the time to file that return and provide each partner with a Schedule K-1.
Also worth noting is that September 15 is the filing deadline if you received a 6-month filing extension. If you file by this date, no penalties will be assessed.
What if You Miss A Deadline?
Missing a tax filing deadline isn’t the end of the world, but you should be aware that the IRS begins to assess fines and penalties on the first day of tax delinquency. If you can file but do not have sufficient funds to pay the tax, file promptly anyway—this will avoid potentially costly fines and penalties for late filing. Often you can work out an installment arrangement to address the back balance. Interest penalties on installment payments will be assessed, but these are far less than the penalties for late filing or non-filing.
Similarly, if you miss an estimated tax quarterly filing deadline, file as soon as you can. There may still be a penalty, but paying as promptly as possible can help minimize the penalty (and your stress level).
What if You Owe More Than You Can Pay?
The COVID-19 pandemic has altered the economic landscape in many ways. Some are coping with financial troubles resulting from the pandemic, job loss, and other factors. If you are in this group, you may not have the funds available to pay your tax bill by the deadline. Don’t delay filing just because you can’t afford to pay the amount due on the deadline. The IRS starts charging penalties and interest on the day the return is due, no matter when you file. You can minimize failure-to-file penalties by filing as soon as possible, paying as much as you can when you file, and setting up an installment plan to address the outstanding balance.
What If You Made an Error on Your Return?
The IRS understands that honest mistakes occur, and does not wish to penalize taxpayers for simple errors. If you believe you made an error in calculating your taxes, you may file form 1040X, an amended return that corrects and prior errors.
Why Work with an Experienced Tax Preparer?
Filing your taxes can be complex and confusing. Laws are nuanced and can change, often with little notice. Why attempt to navigate this landscape alone? A skilled preparer can help you:
- Better understand the tax system
- Avail yourself of money-saving options when filing
- Stay apprised of filing and extension deadlines
- Avoid potentially costly fines and penalties
- Get you the refund you’re due
- Ensure you file an error-free return
We hope you find this helpful. At Moskowitz LLP, we’ve been helping individuals and businesses successfully navigate the often complex landscape of IRS deadlines regulations. We assist filers with each phase of tax preparation, ensuring that you pay only the tax you owe, and not a penny more.
Why stress over your taxes? Contact us today!