Tax season for 2021 has already started, and the IRS has set a deadline for submitting returns for April 18, 2022.
Normally the deadline is April 15, but a holiday has pushed it out three days.
The average refund for Americans this year is 11% higher at $2,775, according to The Sun.
What you’ll actually end up getting back depends on different factors.
When will the IRS officially accept my return this year?
The IRS started taking American’s tax returns on Jan. 24, 2022.
Last year that date was extended into Feb. due to COVID restrictions.
The extension in 2021 was for the IRS to better prepare for changes in tax laws, including the $600 stimulus checks.
The IRS deadline is April 18, 2022
Normally taxes are due on April 15 every year, but that hasn’t been the case for three years now.
In 2020 and 2021 the deadline was extended by months due to COVID, and this year it’s extended by 3 days.
This is because Emancipation Day falls on Saturday, April 16.
The holiday is widely recognized in federal offices in Washington D.C., so it will be observed Friday, April 15.
This made the next business day April 18, which will be the 2022 tax deadline.
Issues you could face not filing with the IRS on time
If you fail to file your taxes and owe, you can face hundreds in tax penalties.
One penalty, known as the failure to pay penalty, could result in a 5% penalty on unpaid taxes.
That amount can go as high as 25% depending on how late you are filing.
After 60 days, you could owe $435, or your full taxes, whichever is less.
Interest is added on top of the penalties.
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