IRS says ‘Tax Day’ will be different this year – mark these important tax dates on your calendar

It’s not too early to start thinking about your 2022 tax return, if you can bear the thought.

This is because tax filing season is due to begin on Monday, January 23, the Internal Revenue Service said Thursday. It’s in less than two weeks.

April 18 is the deadline for most people to file a return and pay all taxes due. The extension gives an additional six months, giving a tax filing deadline of October 16th.

The IRS expects more than 168 million individual tax returns this year, it said.

Most households walk away with a refund, which is a major financial event during the year. According to IRS data as of the end of October, two-thirds of individual taxpayers received refunds averaging about $3,200 last year.

This year’s refunds will come at a time of high inflation and potential recession worries, and experts warn there’s a good chance many refunds could be smaller now that the pandemic era has boosted some tax credits.

Maximizing your income tax refund starts with staying organized and knowing when to keep an eye on the tax forms that come in from employers, banks, brokers, mortgage lenders, and others.

By rushing too soon, a person may miss out on a loan, deduction, or part of the paperwork supporting a claim. The same thing happens if they rush at the last minute. An error could prevent the return and delay the return to the IRS as it spends another tax season closing the backlog.

The tax agency, which received additional funding under the Inflation Reduction Act, is hiring and training more staff to help make this tax season a little smoother than it has been in recent years, Acting IRS Commissioner Doug O’Donnell said.

“While there is a lot of work left after some difficult years, we expect people to see improvements this tax season,” he said in a statement.

A day earlier, Erin Collins, National Taxpayer Advocate for the IRS, said “the good news is that since the close of the filing season in 2022, the IRS has made significant progress in reducing backlogs and correspondence.”

“While there is still a lot of work to be done after several difficult years, we expect people to see improvements this tax season.”


— Acting IRS Commissioner Doug O’Donnell

“We started seeing light at the end of the tunnel. I’m just not sure how much more we have to go before we see sunlight,” Collins added.

Here are the key tax season dates to help you plan for your maximum refund:

January 23A: The IRS will begin accepting and processing returns, although tax authorities and software vendors may already be accepting returns. Whenever taxpayers submit documents, it is best to do so electronically, including direct deposit information. Most refunds are issued within 21 days, according to the IRS.

The IRS Free File program starts on January 13th. Taxpayers earning $73,000 or less can use the free tax filing program through participating tax software providers.

January 31: By this point, employers should have submitted W-2s, forms that display a worker’s wages, tips and other compensation, said Curtis Tatum, director of federal payroll compliance and staff counsel for the American Payroll Association. He noted that the W-2 also lists money withheld from income and payroll taxes, as well as state and local taxes.

By the same date, independent contractors and workers in the gig economy should have received 1099-NEC, tax reporting documents for non-working compensation, Tatum said.

Other forms may appear by the end of January. These include 1099-DIV (for distributions such as dividends), 1099-INT (for interest income) and 1099-K (for money received through third party payment platforms).

Various 1099 forms could arrive by mid-February or even March 1 if they come from a broker, the IRS notes.

Last month, the IRS shelved rules that would trigger Forms 1099-K after $600 payments and just one transaction. Instead, this year it sticks to existing rules that trigger the form after the recipient has received at least $20,000 and made at least 200 transactions per year.

February, 15: After this point, the IRS may begin issuing refunds on returns claiming an earned income tax credit and a refundable portion of the child tax credit. The mid-February withholding date is due to a 2015 law and it is withholding the entire taxpayer refund, not just the cash amount associated with these loans.

IRS “Where is my return?” The agency said the tool will begin providing updates on February 18 for most fast registrars that qualify for these loans. (Data on the return tracker is updated once a day, usually at night.)

Earned income tax credit refunds will be available to many starting Feb. 28, the IRS said on Thursday. The EITC is targeted at low- and middle-income working households, and IRS records show that at least 29.5 million returns were applied for this loan last year.

It is also an example of a tax credit becoming less generous as the pandemic passes. An eligible worker without children can receive up to $500 from the loan this year. This is three times less than last year’s maximum loan amount of approximately $1,500.

April 18th: This is tax day, the time when people must file a return for 2022 and pay all taxes due. Tax day is usually April 15th, but it’s later this year because April 15th falls on a Saturday, while DC celebrates Emancipation Day on Monday, April 17th.

Of course, people can get a six-month auto-renewal using Form 4868. But a common misconception is that an extension is considered to delay the obligation to pay the amount owed. This does not extend the payment window. This simply adds six months before the IRS has to wait for a tax return.

Tax day does not apply to everyone. The IRS often pushes back the deadline for victims of natural disasters. For example, the IRS recently announced that California storm victims now have a May 15 deadline to file a 2022 return and pay any tax bill due.

April 18 is also the last day people can make 2022 contributions to certain tax-deferred accounts, such as IRAs and health savings accounts (HSAs).

October 16: This is the 2022 filing deadline for taxpayers who have taken advantage of the extension. After that, if taxpayers owe money, penalties and interest can apply. If taxpayers do not have to pay taxes, they do not face penalties for late filing of the return.

But if they don’t file a tax return claiming a refund within three years, the money is returned to the government.

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