Upcoming Tax Deadlines Tax Season 2022 to Avoid IRS Tax Penalties
There are 3 very important tax deadlines approaching in this 2022 tax season. Know the business and personal tax deadlines so you avoid getting penalties from the IRS.
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It’s March 2020 and there are 3 tax deadlines that are upcoming that you should know, so you avoid penalties from the IRS. That’s what we’re going to talk about in this video.
Hello from freedom tax accounting. We’re an accounting firm where we provide quality tax and accounting services, and we help small business owners achieve their financial goals.
Now this is the 2022 tax season. It’s already March; time is going pretty fast and there are 3 tax deadlines that if you’re a business owner, you should know that are coming because you need to file or do something before these tax deadlines, so you avoid penalties from the IRS.
Let’s show the 3 upcoming tax deadlines:
The first one that you need to know is March 15th, 2022. March 15th, 2022, if your business files as an S-Corp, meaning that you file your business taxes on the form 1120-S, or if you have any partnership, meaning that you file your business taxes on form 1065 your due date is March 15th, so just a couple of days away.
Now, how do you know how your business files taxes? The easiest way is to check your 2020 business tax return. So, check your 2020 business tax return, and all you have to do is check the top left, the top left of your business tax return tells you how your business files taxes. Consult with your CPA first because maybe your CPA filed a tax requirement change for 2021. Even if you filed as an S-Corp or as a Partnership in 2020, maybe your current CPA, maybe he changed the way your business files taxes for 2021. So, you need to check with your CPA.
Also, if this is your first-year filing business taxes, you can. also check the IRS EIN number. So, when you apply for an IRS EIN number you get this letter from the IRS and usually tells you right here in the middle what form your business files. So, here it says Form 1065, if you are a C corporation, is going to say 1120, and then you have the option of changing over to an S-Corp. That’s the way you can check how your business files taxes now.
You can change the way your business files taxes and you still have time to change the way your business files taxes, especially for example if you have an LLC, remember that the LLC has 5 different ways you can file taxes. We’re not going into detail in this video, but you can watch this video that we did a couple of months ago: 5 ways an LLC can file taxes. If you have an LLC, depending on how you open the LLC, the IRS gives you not automatic designation for taxes, but depending on your business activity, income and several factors, you can choose 5 different ways on how your LLC files taxes. If you file taxes one way in 2020, you can still change the way you file for 2021. That is something you should be discussing with your CPA to see if you can change the way your business files taxes to get better tax benefits.
Also, let’s say that March 15th comes by, and you still haven’t filed your business tax return, the S-Corporations or the Partnership returns that are due March 15th, you should file an extension. Why? Because if you file an extension, you at least have 6 more months, you have until September 15th, 2022, to file your S-Corp and Partnership business tax return. You at least don’t get the filing late penalty. Once again, if March 15th is very near and you think you’re not going to be able to file on time for your S-Corp or your Partnership, you can file an extension so that gives you more time and you avoid getting the late filing penalty with the IRS and even with the state.
The second upcoming tax deadline is April 18th, 2022. If your business is a C corporation, meaning that you file business taxes under formula 1120, if you’re a sole proprietorship, a single member LLC, independent contractor that you file under Schedule C and your personal tax return, which is formula 1040, these forms are due April 10th; usually it’s April 15th, but this year is April 18th due to the weekend and the holiday. Once again, if you see that you’re a C corporation, Schedule C filer or a form for your personal tax, if you think you’re not going to be able to file on time, file an extension to avoid the late filing penalty, you have another 6 months, meaning you have until October 17th, 2022, to file your C Corp taxes, your schedule C with your personal tax return.
It is important to note that if you owe taxes, a payment is due by April 18th, filing an extension saves you from getting the late filing penalty, but there are 2 penalties with the IRS. One is the late filing penalty and the other one is the late payment penalty. The extension does not cover the late payment penalty. So, if you file an extension to avoid the April 18th tax filing deadline, we recommend that you file the extension with an estimated payment, so you don’t get the late payment penalty.
The third tax deadline is May 16th, 2022, and this is more for non-profits. Depending on your non- profit revenue, depending on how your non-profit is structured, then your non-profit needs to file one of these three forms. The 990N, the 990EZ or the 990. And those are due May 16th, 2022.
If you need any help with your personal taxes, business taxes, payroll, bookkeeping, opening a business, trouble with the IRS. We can help you with everything, even if you’re not in Florida because we are based in Florida, we are authorized to do tax work for corporations and individuals in all 50 states. Below is our contact information and we will gladly help in your tax work.
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