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Tax season is the time of year when taxpayers file their income tax returns with the Internal Revenue Service (IRS). It is an important time of year for individuals and businesses alike, as it determines how much of their income will be taxed. Tax season usually begins in late January and ends in mid-April. During this time, taxpayers must gather the necessary documents and complete their tax returns before the deadline. But when is tax season over for the year? Read on to find out.
Tax Season Deadline
The tax season deadline for filing taxes in the United States is April 15th. This is the last day for individuals to file their tax returns with the IRS, and for businesses to file their corporate tax returns. The deadline for filing taxes is the same across the entire country, regardless of where you live. If you miss the deadline, you may be subject to penalties and interest.
Extension of Tax Season
If you are unable to file your taxes on time, you may be able to get an extension of the tax season deadline. The IRS allows taxpayers to request an extension of up to six months, which would move the tax season deadline to October 15th. To request an extension, you must file Form 4868 with the IRS before the April 15th deadline. The form must be submitted online or via mail.
E-Filing
E-filing is an easy and convenient way to file your taxes. The IRS offers taxpayers the ability to file their taxes electronically, which makes the process of filing taxes much simpler. Taxpayers can use a tax preparation software or a certified tax preparer to file their taxes electronically. Once the tax return is filed, taxpayers will receive a confirmation of the filing. The IRS recommends that taxpayers e-file their taxes to ensure that they are received in a timely manner.
Tax Season for Self-Employed
Self-employed individuals may have to file their taxes at different times than other taxpayers. Self-employed individuals may be required to file their taxes quarterly, rather than annually. Self-employed individuals must report their income and expenses for each quarter and pay the necessary taxes. The IRS offers a variety of resources to help self-employed individuals understand the tax filing requirements.
When Is Tax Season Over for Businesses?
The tax season for businesses is usually a bit longer than for individuals. Businesses may have to file their taxes by the 15th of the fourth month after their fiscal year ends. For example, a business with a fiscal year ending December 31, 2021 would have to file their taxes by April 15, 2022.
Tax Refunds
Taxpayers who are due a refund from the IRS may have to wait a bit longer to receive it. The IRS typically takes up to three weeks to process refunds, so taxpayers should not expect to receive their refund until late April or early May. Additionally, taxpayers who choose to file a paper return may have to wait even longer to receive their refund.
Conclusion
Tax season usually begins in late January and ends with the filing deadline on April 15th. Taxpayers can request an extension of up to six months if they are unable to file their taxes on time. Self-employed individuals may have to file their taxes quarterly, and businesses may have to file their taxes in the fourth month after their fiscal year ends. Taxpayers who are due a refund may have to wait up to three weeks to receive it. As you can see, the tax season is a busy time of year for taxpayers.