When Are Taxes Due in 2022? | Tax Deadlines and Important Dates

All right, guys, tax deadline reminders for you, starting with one that's already passed and for the rest of the year. So March 15th is the deadline for S corporations and partnerships filings, or it's all— it's the deadline to file an extension of 6 months. So you don't have to have the return filed, but an extension filed, and that would give you till September. We'll get to that. April 18th is the deadline this year. It's usually the 15th, but that date can change depending on if it falls on a Saturday or weekend or national holiday like Emancipation Day. Anyways, this year it is April 18th. And that is for your personal tax return. It's also the deadline for C corporations. It's also the deadline. It's a big day. It's the deadline for your quarter 1 estimated tax payments, which, by the way, if you haven't filed your personal return yet, you don't really have a good number for that anyways. So it's ludicrous in my mind that the IRS has this as a deadline, especially also on the same day that if you owe taxes, you pay that. So anyways, I'm going to digress here. I don't like the IRS very much. I don't like the way they use government uses our money. And then it's also— you can file an extension, another 6-month extension. So that gives you 6 months to file it. I have to reiterate this. If this is the only thing you take away from this video, this is the most important part. And I'm reiterating it because after 15 years in business, I have clients I've worked with for 15 years, and I know that this is something that is often forgotten. The extension to file is— is— I already said it. The extension that you file right now is only to extend the filing of your tax return. Taxes, your individual taxes, are owed on April 18th this year, or April 15th in a normal year. They're owed even if you haven't filed. So starting on April 18th, the IRS starts their ticker on penalty for payments and interest on any amount you owe, even if you file an extension. Let that sink in. Just because we see it every single year, people are surprised, even though we do our best to communicate about 1,700 times. You can extend the filing of the actual tax return, but the taxes are due On April 18th. Um, okay, so the next one would be June 15th. This is the quarter 2 estimated payment deadline. Then September 15th is the quarter 3 estimated payment deadline, and it's also the final deadline for S corporations and partnerships. October 17th, a month later, that's the final extended deadline. to get your personal tax return filed. Again, not paid, filed. Payment is due April 18th. The IRS will charge you interest and penalties if you don't pay on April 18th. And it's also the extension deadline for C corps. And then January 17th, 2023 is the Q4 estimated deadline. If again, those are if you're doing estimated payments. A couple things about sales tax: you either are likely have a monthly sales tax filing or a quarterly sales tax filing. That's going to vary depending on your state because the sales tax filing is a state filing, not a federal filing, and some states are different. New York, for example, likes to be off a month from a lot of the world. So check that. I don't— I can't go through all the states and their deadlines, or I don't want to really. But if you have questions, let us know and we can specifically look up your situation. When it comes to payroll, I purposely am not giving you payroll filing deadlines because I think you should just use a professional. We have a great relationship with ADP. And if you want to have someone help you with it, ADP is a great company for your live payroll needs. We do payroll for specific situations as well. But the reason I strongly urge business owners to use a professional for payroll filings is because the penalties for screwing up on your payroll filings are way more drastic. And there's a couple of ways you can screw up on it. which is why I didn't really want to get into the deadlines. And I'll just quickly tell you, they— the IRS can penalize you up to double your tax basically if you mess up on the payroll filings. Also, you don't want to get into this game where you're not using a payroll soft— payroll company because you're using the float, meaning I send out the checks to my employees, but I don't technically have the cash yet. Because I need— because I need that time for income to come in. So it's in the bank account by the time these employees get around to depositing their checks, which then also means I'm not automatically paying the payroll tax to the IRS when I'm supposed to. That unfortunately is called theft because it's their money that the government obligates you to voluntarily submit. On behalf of the client, and they're called trust taxes. And if you don't pay those, the penalties for that is much more severe because the IRS views it as you stealing money from your employees. That's why I like using a payroll company, because they— One, do direct deposit, so it's way more convenient for your team members. And 2, they will take out the payroll tax so that, that burden is getting handled and you're not playing any crazy games hoping that there will be enough revenue to come in when the actual tax bill is due. Because in our experience, rarely does the business owner have the cash at that point as well. And of course, that again gets an also thing. If you're struggling with that, reach out to us. We have some great cash flow management strategies. Let's get you to a point where you're feeling peace of mind for, uh, you know, the cash flow and having the cash available to pay your people and the tax burden. Okay, there you go. That's a rundown of the, uh, the deadlines that we wanted to share with you today. Um, great. Remember, profit is a choice. Have the courage and wisdom to choose it.