The tax year for 2021 was very abnormal as the pandemic unfolded, people struggled, and deadlines were extended.
This has left many people wondering what 2022’s tax season will look like for filing 2021 taxes.
Many people are still getting their refunds after the IRS faced multiple backlogs due to stimulus payments during tax season.
Here are some things to be aware of for the 2022 tax season next year
Most of the time people may start filing their taxes in late January.
It’s unclear yet if that will be the same next year.
This year many could not file until February so the IRS had more time to prepare.
The delay may occur again depending on which changes are made to the tax laws through the Build Back Better bill.
The normal deadline is tax day on April 15.
As of now that is the date, but it could change.
This year it was pushed back to May 17, as well as an automatic extension for those that could not file by then.
Many had until Oct. 15 to file.
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The most important thing to remember is if you do not file, you may face hundreds of dollars in penalties.
A Failure to File Penalty could be sent with a penalty of 5% of your unpaid taxes. It could go as high as 25%.
If you’re over 60 days late, you may end up with a $435 fine or 100% of the taxes you owe.
Interest is charged on top of penalties as well.
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