When is tax season?
Everybody who works is legally required to contribute taxes to the government. Failure to pay taxes on time can result in penalties which can quickly add up if you are not careful. Therefore, it is important to know when is tax season to ensure you file and pay your taxes on time.
When is tax season?
Traditionally, it is understood that tax season begins each year on January 1 and ends on April 15. This is the time period that most individual taxpayers should have all of the information they need to begin filling out their tax forms and file them with the Internal Revenue Service (IRS) before incurring late penalties. For 2021 tax returns, the IRS started accepting and processing returns on January 24, 2022.
Variance in tax deadline date
Although generally the deadline to file your taxes is usually April 15, if that day happens to fall on a weekend or a holiday the deadline date will be moved forward to the next business day. For example, Emancipation Day in Washington D.C. falls on April 16 in 2022, however that day is a Saturday. Therefore, the holiday will be observed on the nearest weekday which is April 15.
As a result, taxpayers will have until April 18, 2022 to file tax returns with the IRS. Also, taxpayers from the states of Maine and Massachusetts will have until April 19, 2022 since April 18 is Patriots’ Day in those two states. Tax returns not filed by the applicable deadline will result in penalties.
It is the responsibility of employers to provide their workers with the necessary information needed to complete their tax returns. This includes contract workers as well as employees. Businesses also have to provide this information to royalty earners as well. Also, businesses should provide this information to workers as soon as possible since it can take as long as three months for tax preparers to complete a tax return due to the large influx of customers during tax season. If you have not received this information from your employer, be sure to contact your employer right away.
On the other hand, you can also choose to calculate your own tax return which can allow you to file timely even if your employer does not provide you with the necessary information as promptly as you would like.
Comprehensive tax planning
Not only is filing your taxes in a timely manner important to avoid late penalties, you should also try to do what you can to reduce your tax liabilities. There are many deductions and financial strategies that you can utilize to do this which may not be commonly known. Having the help of a knowledgeable financial professional can empower you to come up with a comprehensive tax plan that can save you money when tax season comes around each year.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete. Any opinions are those of the author and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.