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When Should I Start Filing Taxes for 2021?

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If you are a U.S. citizen, when you file taxes for 2021 depends on when your tax year starts.
The IRS has specific rules regarding when people can start filing their taxes. This post will look at the different scenarios when people can start filing their taxes and when they should be filed.

When do you have to pay your taxes?

Individuals and businesses have until April 15, 2022, to file their 2021 tax returns. Because of the coronavirus outbreak, the deadline for filing 2021 taxes has been pushed back from April 15
to July 15, 2022. However, the reporting deadline for the year 2021 has not been extended.
You have until October 15, 2022, to file your tax return if you cannot do so on time. Your taxes must be paid by the due date specified on your notification. If you do to comply, you may be
fined or charged interest.

According to the IRS, Americans should check their withholdings, gather tax papers such as
their 2021 return and W-2s, and double-check their contact information with employers and
banks this year. If you received unemployment benefits in the fiscal year 2021, you should also
receive a Form 1099-G.

When will I be able to file my taxes in 2022?

Even though most people’s tax payments are due by April 15, 2022, you can e-file your taxes
before that date. Because the IRS is expected to begin accepting electronic returns between January 15 and February 1, 2022, when individuals should have received their tax returns, you
may e-file (electronically file) your taxes earlier than usual.
Those who cannot file their taxes by April 15 should request a postponement. Filers who cannot submit their 2022 return on time due to a variety of factors, including a lack of information from
third parties, can request an extension until October 15, 2022.

What Should I Be Aware Of When It Comes To Taxes?

You’ll need your W-2s or 1099s, as well as the W-2s or 1099s of any spouses or dependents, as well as employment-related individual income tax papers such as W-2s or 1099s. If you were unemployed in 2021, you should receive a Form 1099-G. You will receive a pension if you have one.

In addition, you need to have the following information:

  • -The number assigned to you by the Social Security Administration
  • -The Social Security number of your spouse (if applicable)
  • -The sum of all of your taxable income
  • -Any credits or deductions you might be eligible for

On, gather all necessary forms and schedules, as well as publications that will assist you in preparing your federal tax return. These documents will be sent to you automatically if you the IRS Free File application.

You’ll need paperwork for your expenses if you wish to deduct them. Deductible charges include charitable contributions, investment account contributions, medical bills, rental income, mortgage interest, and other loan interest payments, to name a few. You’ll need bank account details if you’re getting a tax return and want it sent directly to your bank account.

Is there a penalty if you file your taxes late?

A late filing penalty of up to 25% may be levied if you do not submit your 2021 tax return on time or do not pay the taxes you owe by April 15, 2022. You will be charged interest on any outstanding balance until the sum is paid in full. The late filing penalty will not apply if the IRS owes you money when filing your tax return.

For taxpayers who cannot pay their taxes in full, the IRS provides installment arrangements and an Offer in Compromise program. If you’re unable to fulfill the deadline, consider these alternatives.

Is it feasible to postpone my deadline for submitting my paperwork?

When filing for 2021, send Form 4868 (Application For Automatic Extension Of Time To File U.S. Individual Income Tax Return) to the IRS by mail or electronically on or by April 15, 2022, to get a six-month extension. When applying for an extension, bear the following in mind:

  1. -The extension is solely for the time it takes to submit your taxes, not for the amount of time it takes to pay them. All tax payments must be received by April 15, the original deadline.
  2. -If you owe money, interest will be imposed on any overdue sums beginning on the due date.

You can also submit an online request for an extension.

What happens if I am unable to pay my taxes?

There are a few things you can do if you can’t afford to pay your taxes:

  • -File your tax return on time and state that you cannot pay the total amount due. The IRS will work with you to develop a payment schedule.
  • -When filing your taxes, request an Installment Agreement.
  • -Apply for a compromise offer if paying the whole sum will put you in too much financial trouble. The IRS may authorize this only if there are no other options for settling tax debts, and it results in a realistic likelihood of repaying the bill over time.

What are some frequent tax blunders that I should avoid while submitting my taxes?

There are a few common errors that can cause your return to be delayed in processing—for example, forgetting to sign and date your forms when mailing them in or having incorrect information on form W-g will cause processing to be delayed—in addition, when calculating figures, typing too many zeroes may result in extra money owed when filing for 2021.

Keep in mind that if you file a return anticipating a refund, the IRS may withhold it until all of your information is validated by third parties, such as employers and banks. You should get a different Form W-G or Form 4852 (Substitute Form W-G) in the mail if you receive unemployment compensation in the 2021 fiscal year.

As tax season approaches, examine the most up-to-date information on what you’ll need to know when paying your taxes in 2021. Between January 15 and February, the IRS is expected to begin accepting electronic returns, so be sure you have all of your documents ready!

Visit the IRS website for additional information on when you may begin filing taxes for 2022. You can also call The Oasis Firm if you want your tax filing done right and on time. You can book an appointment with us today!

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