2021 Tax Filing Schedule
Tax day will be here before you know it. There are a few key dates that you should add to your calendar now to make sure that you are ready to hit the ground rolling when it comes time to file.
The experts at MCK want to help so we’ve put together a list of key dates and tasks that you want to do by those dates to make sure that the 2022 tax season is a breeze.
Start of the Year
January 1, 2022: The official start of the 2022 tax year. Tax years run from January 1 to December 31 and are usually slightly different from some companies’ fiscal years.
January 31, 2022: This is the filing deadline for W-2 and 1099-NEC (non-employee compensation) for businesses. And most individuals will have their income forms, tax deduction forms and documents in their possession by this date. Make sure that you don’t file or prepare your taxes prior to getting all the documents you need. Failure to have all the documents could result in you having to file a tax amendment which could slow down your return. After your 2021 taxes have been filed and accepted, if eligible, you may receive a refund at any time during this window from February to mid-October.
February 28, 2022: This is the paper filing deadline for the 1099-MISC for miscellaneous income. This is for payments to individuals or LLCs that exceed $600 paid during the year for rent paid, legal settlements, or prize or award winnings.
March 15, 2022: S Corporation and partnership tax returns are due by this date.
March 31, 2022: If you’re filing the 1099-MISC electronically, this is the filing deadline.
April Key Dates
April is the real crunch time for taxes. It’s the month that all your taxes are due so it’s important to make sure that everything is done and ready well ahead of the deadline.
April 18, 2022:
Federal Taxes Due: This is not a typo. The date that 2021 federal taxes are due changed from April 15 to April 18 due to Emancipation Day in Washington, DC. Do not wait to file until April 18th if you can avoid it. This will make sure you can get assistance in case you have questions. It’s also important to file on time or early because the fines for late filings can sometimes be higher than late tax payment fees.
State Taxes Due: In addition to federal taxes, state tax filings for 2021 are also due on April 18, 2022. Except in California, your state taxes can only be e-filed in conjunction with your federal taxes. If you made income in multiple states, make sure to prepare all the state tax documents at once so you can e-file them all at the same time.
Paper State Taxes Due: You can file state taxes via mail up until April 18th, 2022. If you missed a state or want to file state and federal separately, you are allowed to fill out the data electronically and then print and mail the documents to the respective state. As mentioned above, except for California, you can only e-file state taxes in conjunction with your federal taxes.
File for an Extension: If you need an extension on your federal or state taxes, April 18, 2022 is the last day to file for that extension. Reminder: You should only file for an extension if you need more time to prepare your taxes, not if you need more time to pay.
Foreign Bank and Financial Accounts: If you personally or jointly own one or more reportable foreign financial accounts, you must file an FBAR – FinCEN Report Form 114 for the given tax year.
US Citizens and US Resident Aliens Abroad
June 15, 2022: If you are a US citizen or a US resident alien working and living abroad, taxes and extensions are due by June 15, 2022.
Quarterly Tax Filing Dates
If you file your taxes quarterly, there are a few key dates in 2022 that you should know.
April 15, 2022: Q1 Form 1040-ES for the 2022 tax year is due. You must pay online or by mail by April 15, 2022.
June 15, 2022: Q2 Form 1040-ES for the 2022 tax year is due. You must pay online or by mail by June 15, 2022.
September 15, 2022: Q3 Form 1040-ES for the 2022 tax year is due. You must pay online or by mail by September 15, 2022.
January 15, 2023: Q4 Form 1040-ES for the 2022 tax year is due. You must pay online or by mail by January 15, 2023.
If you filed for an extension, your S Corporation and partnership tax filing is due by September 15, 2022 and your individual tax filing is due by October 15, 2022 for the 2021 tax year. If you did not file an individual return by April 18, 2022 or later, you have the option to e-file by October 15, 2022 to avoid late filing penalties. Late payment penalties might apply.
Working out the specifics of the tax system alone can be daunting, especially if you own your own business. MCK can help. Contact us today to schedule an appointment to get started on your 2021 taxes.