Tax Payments Due In 2022: What You Need To Know
Tax season is right around the corner, which means it is important to know when tax payments are due in 2022. Knowing the due dates will help you make sure you do not miss any important deadlines or incur any unnecessary fees. Here is what you need to know about tax payments due in 2022.
When are Taxes Due in 2022?
Tax payments are due by April 15th, 2022. This is the standard due date for all tax returns, regardless of filing status. However, there are some exceptions for certain taxpayers. For example, if you are a member of the military and are stationed overseas, you may have additional time to file your taxes.
What is the Penalty for Late Payment?
If you fail to pay your taxes on time, you may be subject to a late payment penalty. This penalty is 5% of the unpaid taxes for every month or partial month that the taxes are not paid. This penalty can be as high as 25% of the unpaid taxes.
What is the Interest Rate for Late Payment?
In addition to the late payment penalty, the IRS will also charge interest on any unpaid taxes. The interest rate is variable and is based on the federal short-term rate, plus 3%. The current interest rate is 5%. This interest rate is charged from the date the taxes were due until the date the taxes are paid in full.
Can I Get an Extension to File My Tax Return?
Yes, you can get an extension to file your tax return. An extension will give you an additional six months to file your taxes. However, it is important to note that an extension to file does not change the due date for payment. You will still need to pay your taxes by April 15th in order to avoid any penalties and interest.
What is the Deadline to Make Tax Payments?
The deadline to make payments is the same as the filing date. This means that any payments must be made by April 15th in order to avoid any penalties or interest. If you are unable to make a payment by this date, you should contact the IRS to discuss your options.
What Options Do I Have for Making Payments?
The IRS offers several options for making payments. You can pay by check, money order, or credit card. You can also set up an installment plan to make payments over time. If you need assistance with making a payment, you can also contact the IRS directly.
What is the Best Way to Avoid Late Payments?
The best way to avoid late payments is to plan ahead and make sure you have the funds to make your payment by the due date. If you know you will not be able to pay by the deadline, the best course of action is to contact the IRS to discuss your options. They may be able to provide you with some relief or an alternative payment plan.
Conclusion
Tax payments are due on April 15th, 2022. If you fail to make a payment by this date, you may be subject to a late payment penalty and interest. You can get an extension to file your taxes, but the due date for payment remains the same. The best way to avoid late payments is to plan ahead and make sure you have the funds to pay by the due date. If you need assistance with making a payment, you can contact the IRS directly.