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When are taxes due in 2022?
Most taxpayers have until April 18 this year, unless you live in Maine or Massachusetts.
Tax deadlines vary depending on the type of tax return you file. Here’s a quick rundown of when you can expect to pay taxes this year — and tips on what to do if you miss the deadline.
Tax deadlines due for 2021 returns
Generally, federal taxes are due in the spring and extensions are due in the fall. But the specific dates depend on the type of tax return you file. And since Emancipation Day falls on April 15th and Patriots’ Day is on April 18th, Maine and Massachusetts residents have an extended due date until April 19, 2022 to file their individual 2021 income tax returns.
|Type of tax return||Filing deadline||Extension deadline|
|Individual income tax returns||April 18, 2022|
(April 19, 2022 if you live in Maine or Massachusetts)
|October 17, 2022|
|Partnership returns||March 15, 2022||September 15, 2022|
|S-corporation tax returns||March 15, 2022||September 15, 2022|
An extension to file doesn’t extend the due date for taxes you owe. If you’re granted an extension until October 17, any federal taxes you owe are still due on the filing deadline date.
When are quarterly estimated taxes due?
If you’re self-employed or work as an independent contractor, you’ll need to make quarterly estimated payments. This is because payroll taxes aren’t withheld from your paycheck as they are in a W-2 job.
If you’re expected to owe at least $1,000 in federal taxes and you fail to make quarterly estimated payments, you’ll incur penalties and interest charges. Here’s a breakdown of when those payments are due:
|If you earned income during these months…||…taxes are due on|
|January, February, March||April 18, 2022|
|April, May, June||June 15, 2022|
|July, August, September||September 15, 2022|
|October, November, December||January 16, 2023|
What happens if I miss my tax deadline?
The type of penalty you’ll pay depends on your circumstances. The chart below breaks down two common penalty types and how much you could owe:
|Penalty type||What it means||Penalty amount|
|Failure to file||You didn’t file your tax return by the original or extended due date||If filed within 60 days of deadline:|
If filed after 60 days of deadline:
|Failure to pay||You didn’t pay your taxes in full by the original due date||0.5% each month the tax goes unpaid, up to 25% of the total owed|
The key to reducing your penalties and interest is to file and pay your federal taxes as soon as possible. If you wait to pay and file past the deadline, you could pay a penalty equal to 47.5% of the tax due — a 22.5% late filing and a 25% late payment penalty.
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How do I find out how much I owe in taxes?
Taxpayers who file their returns before the tax deadline will know how much they owe as soon as they complete their form. Those who request an extension need to estimate their payments beforehand.
There are two main ways to estimate your tax payment. Use an online calculator from a tax software company’s website, such as TurboTax or H&R Block. Or, use last year’s return to estimate your payment if your tax situation hasn’t changed.
If you owe more than you were hoping, you might want to adjust your tax withholdings to prevent this same thing from happening next year.
Are there ways to reduce my penalties and interest?
The IRS offers several payment and relief options for those who can’t pay back all or part of their taxes.
If you’re behind on paying your federal taxes, the IRS offers two types of installment plans. Set up these plans either online, by phone, mail or in person.
|Payment plan||Eligibility||Payment term||Fees|
|Short-term payment||Individual filer and owe up to $100,000 in combined tax, penalties and interest.||Within 120 days|
|Long-term payment||Individual filer and owe $50,000 or less in combined tax, penalties and interest.||More than 120 days|
Here’s a breakdown of two relief options offered by the IRS, along with eligibility requirements.
- Reasonable cause. If you’ve experienced some type of hardship — such as a death in the family, natural disaster or medical trauma — fill out IRS Form 843 and apply for a penalty refund for taxes paid in the past one to three years. You’ll need to provide thorough documentation to support your claim. If the IRS denies your request, you can make an appeal.
- First-time penalty abatement. The IRS may waive penalties if you meet these three requirements: you filed your tax return on time, you’re current on your tax bill or have a payment plan in place and you haven’t had any penalties in the past three years.
Your tax deadline depends on your return type and whether you filed for an extension. If you owed taxes and missed your deadline, explore your payment and relief options. Then, make a plan to pay them off as soon as possible.
Trying to decide whether you should file your taxes through an online software or professional? Explore our guide on how to file your taxes.
Frequently asked questions
What are the rules around filing an extension if I’m receiving a refund?
If you’re set to get a refund this year, you don’t have to file an extension and you won’t be penalized if you file after the deadline. The IRS will hold onto your refund for you. You have three years to file your tax return before you forfeit any refund you were set to get.
How does the IRS choose the tax deadline?
If any tax deadline falls on a weekend or federal holiday, it’s automatically bumped up to the next business day. For example, April 15, 2023 falls on a Saturday, so the deadline will likely get pushed to Monday, April 17.
How do I calculate my quarterly estimated payments?
The quickest way to calculate your quarterly payments is to add up your tax liability from last year and divide that number by four. This method doesn’t take into account any changes you have experienced in the past year, but you can use it as a general guide.
For a more exact calculation, use IRS Publication 505 or consult a tax professional.
Can I pay taxes due with a credit card?
Yes. The IRS allows credit card payments, but you’ll pay an additional fee to use this method — usually around 2%.
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