Are you a tax-paying resident in the US? Are you unsure when Tax return filing is due? Are you looking for the due date for filing taxes? If so, you should check out the blog post.
A lot of people across Canada and the United States and Canada are searching for the last day to file their tax returns. And should they fail to submit their tax returns by the deadline the tax payers could face severe penalties. This is why, in this post we’ll talk about the deadline for filing Taxes 2022? for both countries.
When can you file tax returns in 2022 United States ?
The revenue service agency that is entrusted for administering Internal Revenue Codes as well as the collection of taxation across the US, Internal Revenue Service (IRS) announces that the final date to file tax return for US citizens is April 18, 2022.
The standard deadline for paying tax on income within the US is the 15th of April. In the past two years there’s been delays in the usual date due to the pandemic Covid-19. Again this year, there delays in the tax deadline. This has people wondering What happens when you file Taxes in 2022? However, this year’s delay isn’t caused by this year’s Covid 19 pandemic.
The deadline is now moved from the 15th of April 2022 to 18th April 2022 due to Emancipation Day. Every year, the 16th day of April, it’s celebrated to be Emancipation Day, and all federal offices are closed on the day. In the event that the day falls on a Saturday the day is celebrated on Friday. However, if it falls on a Sunday, then it’s recognized on Monday.
Therefore, this year’s Emancipation Day will be recognized on the 15th of April, which is Friday. 16th April is a Saturday. Thus, the date for filing taxes has been moved to the next Monday, April 18th.
Can You Pay Taxes in 2022 in Canada ?
The federal tax collection and regulating body, Revenue Agency, has extended the deadline for filing taxes. This new date is May 2022.
The deadline to pay taxes in the United States is 30th April every year. This year, however, the 31st April falls on weekend. Therefore, CRA extends the deadline for tax filing until the next day of work which is Monday, May 2nd 2022.
There are exemptions for citizens who are self-employed as well as citizens whose spouses and partner are also self-employed. In addition, the CRA is extending the timeframe until Wednesday, 15th June 2022.
Now that we have learned about What happens if you don’t file Taxes in 2022 We should be aware of what happens if you don’t file taxes in time.
What is the penalties for Not Filing Taxes on time?
Tax filing in time is vitally important and getting a tax refund in time isn’t the only advantage of paying tax returns on time. Certain government benefits may be negatively affected when tax returns are filed in late. Taxpayers also face penalty charges for late filing.
The timely payment of taxes is vital. If you’re an American citizen, US be sure to file your taxes before the date we mentioned earlier.