Paying your Taxes? Important Tax Deadlines and Dates

Reporting and paying taxes by the due date is essential to avoid penalties and other charges. If you owe taxes to the IRS, it is wise to pay them as soon as possible. The IRS adds interest and penalties on the late payment of your owed taxes. To save every earned dollar, it is important to pay taxes on time. Here are deadlines, dates, and extension period details to help you pay taxes on time.

Important Tax Deadlines and Dates

Missed Tax Deadline?

File your taxes immediately to avoid extra charges after penalties.

Missed Tax Filing Deadline and Owed a Refund?

There are no charges for filing a tax return late, but you should file as soon as possible. In addition, if you overpaid taxes in 2021, you will receive a refund. You have three years from the tax return due date to claim your tax refund. If you don’t collect this refund within three years, the funds will go into the U.S. Treasury.

Missed the Tax Filing Deadline and Owe Tax?

If you miss the tax filing deadline, pay your taxes immediately. You are also required to pay penalties and interest rates on the taxes you owe. Interest is added every day to your account until you pay your owed taxes. It is important to pay taxes by the due date or as soon as possible.

Missed an Estimated Tax Payment Deadline?

If you missed an estimated tax payment deadline, pay taxes immediately because penalties and interest are adjusted based on your pending tax amount and on the late period. It is important to pay your estimated taxes as soon as possible.

Owe More Taxes Than You Can Pay?

During the pandemic, many people are having problems paying taxes on time. To ease the process, the IRS allows taxpayers to pay taxes in installments. You are requested to pay whatever you can right now, and then choose an installment plan.

Fastest Ways to Pay Taxes

The fastest way to file taxes is online. Use the online platform to pay and report your taxable income. Not only is this the fastest way to pay taxes, it is also the most secure. You will receive an immediate response regarding your tax information from the IRS. You will also get a confirmation on every step of the tax return process. This is considerably more efficient than the traditional way of paying taxes.

Tax Extension

If you need more time to file taxes, you can request a six-month extension from the IRS. You can place an online request or use Form 4868. Use the extension to ensure your taxes are filed accurately and you’ve eliminated mistakes. If you request a tax extension because of a natural disaster, you might be eligible for tax relief from IRS.

Refiling Your Taxes

If you forget to submit taxable income or overpaid taxes, you don’t have to start the process again. You can use Form 1040X to refile your taxes.

Accounting, Finance and Tax solutions

Outsourcing tax filing is an efficient way to ensure taxes are paid on time. By partnering with an accounting, finance and tax solution provider, you can focus on your core competencies and grow your business faster. In addition, an outsourcing partner will manage your accounts and books and help you to report and file taxes on time. They will notify you regarding all the necessary tax deadlines and also aid in reducing taxable income.

Next Steps

● Do you want to reduce your taxable income and manage your accounts effectively? Contact us today to learn about our expertise.
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Written by

Analytix Editorial Team