With the start of a new year comes the beginning of tax season. As you prepare to file your taxes for the 2021 fiscal year, it’s important to be aware of key deadlines and changes that may impact your filings. Here’s what you need to know in order to stay on top of this year’s tax season.
Tax Return Deadlines
The deadline for filing individual federal income tax returns is April 15, 2022. However, taxpayers can request an automatic six-month extension by filing Form 4868 by April 15. This extends their filing deadline until October 17, 2022.
State tax return deadlines vary depending on where you live, so it’s important to check with your state’s revenue department for specific dates and instructions.
Changes in Tax Law
Each year brings changes in tax laws that may affect how individuals and businesses file their taxes. For example, the American Rescue Plan Act passed earlier this year created several new provisions related to pandemic relief funds and unemployment benefits that can impact tax returns.
One significant change for the upcoming tax season is that some states are now providing free e-file services for taxpayers who meet certain eligibility requirements. This makes it easier than ever before for taxpayers to submit their returns electronically without having to pay additional fees or expenses.
Tips for Preparing Your Documents
To help ensure a smooth filing process and avoid potential delays or penalties, consider taking these steps as you begin preparing your documents:
- Gather all necessary paperwork such as W-2s, investment statements, charitable deductions receipts.
- If you’re missing any forms or information needed to complete your taxes accurately contact employers or banks right away;
- Ensure proper documentation if claiming home office deduction
- Double-check calculations before submitting
- Consider using online software tools offered by reputable accounting firms
Conclusion
In conclusion, the 2022 tax season is quickly approaching, and it’s important to be aware of your filing deadlines and any changes in tax law that may affect you. By preparing early and staying informed, you can ensure a smooth process for submitting your returns accurately and on time. Don’t hesitate to reach out to qualified accounting professionals or the IRS if you have any questions or concerns about your tax filings this year.
FAQs
Q: When does tax season begin for 2022?
A: Tax season for 2022 officially begins on January 24, which is when the Internal Revenue Service (IRS) will start accepting and processing tax returns.
Q: Can I file my taxes earlier than the official opening date of tax season in 2022?
A: No, you cannot file your taxes before the designated start date of tax season, which is January 24, 2022. Attempting to file your taxes earlier than this may result in rejected or delayed return processing.
Q: What if I need more time to prepare my taxes after the official opening date of tax season?
A: If you are unable to meet the deadline for filing your tax return by April 18, then you can request an extension from the IRS. This gives you an additional six months until October 17, but it’s important to note that any outstanding payments must still be received by April 18 to avoid penalties and interest charges.
