Everything You Need To Know About Irs 2022 Estimated Tax Dates
Why Do We Have Estimated Tax Dates?
The United States government requires individuals and businesses to pay taxes on their income. To ensure that individuals and businesses are paying their taxes on time, the Internal Revenue Service (IRS) has established estimated tax dates that must be followed. Estimated tax dates are specific dates when taxpayers are expected to pay a certain portion of their taxes. These dates were established to make sure that taxpayers are paying the correct amount of taxes and to ensure that the IRS is collecting the correct amount of taxes.
When Are the IRS 2022 Estimated Tax Dates?
The IRS 2022 estimated tax dates are as follows: April 15, 2021, June 15, 2021, September 15, 2021, and January 15, 2022. Taxpayers are expected to pay a certain amount of their taxes by each of these dates. The exact amount will depend on the amount of income the taxpayer has earned during the year. Taxpayers who do not pay the estimated taxes by the due date may be subject to penalties and interest.
Who Is Required to Pay Estimated Taxes?
The IRS requires certain individuals and businesses to pay estimated taxes. Individuals who are required to pay estimated taxes include those who owe at least $1,000 in taxes after subtracting any withholding taxes and estimated taxes paid during the tax year. Businesses are required to pay estimated taxes if the business has a tax liability of $500 or more. Sole proprietors, partners, and S corporation shareholders may also be required to pay estimated taxes.
How Do I Pay My Estimated Taxes?
Taxpayers can pay their estimated taxes in a few different ways. The most common method is to pay the estimated taxes directly to the IRS. Taxpayers can also choose to pay their estimated taxes through their employer if their employer offers this option. Finally, taxpayers can also choose to pay their estimated taxes with a credit card, debit card, or electronic funds transfer.
What Happens If I Don't Pay My Estimated Taxes?
Taxpayers who do not pay their estimated taxes by the required dates may be subject to penalties and interest. The IRS will also assess a late payment penalty if the taxpayer does not pay their estimated taxes by the due date. The amount of the penalty will depend on the amount of taxes due and the number of days the taxpayer is late in paying the taxes.
Can I Get an Extension for Estimated Taxes?
Taxpayers who are unable to pay their estimated taxes by the due date may be able to request an extension from the IRS. The extension will allow the taxpayer to pay their estimated taxes by a later date. Taxpayers should be aware that the extension does not eliminate the requirement to pay the estimated taxes, but it does give the taxpayer additional time to pay. Taxpayers should also be aware that they may still be subject to penalties and interest if they do not pay the estimated taxes by the extended due date.
What Should I Do If I Can't Pay My Estimated Taxes?
If a taxpayer is unable to pay their estimated taxes, they should contact the IRS to discuss their options. The IRS may be able to work with the taxpayer to set up a payment plan or to reduce the amount of taxes owed. The taxpayer should also consider other methods of payment, such as using a credit card or loan to pay the taxes. Finally, the taxpayer should make sure to file their tax return by the due date even if they are unable to pay the taxes.
Conclusion
The IRS 2022 estimated tax dates are an important part of the tax system. Taxpayers are required to pay a certain amount of their taxes by each of the estimated tax dates. Those who do not pay their estimated taxes by the due date may be subject to penalties and interest. Taxpayers who are unable to pay their estimated taxes should contact the IRS to discuss their options.