Are you a tax payer in the US? Are you wondering when tax return filing is due? Are you looking for the due date for filing taxes? If so, you should check out the blog post.
A lot of people from Canada and the United States and Canada are waiting for the date to file their tax returns. And If they don’t submit their tax returns by the deadline they could be subject to heavy penalties. This is why, in this post we’ll discuss What happens if you file Taxes in 2022? for both countries.
When can you file tax returns in 2022 United States ?
The revenue service organisation that is charged for the administration of Internal Revenue Codes and the collection tax within the US, Internal Revenue Service (IRS) announces that the closing date to file taxes for US citizens will be April 18th, 2022.
The most common deadline for paying tax on income for the US is the 15th of April. In the past two years there has been delays to the standard date due to the pandemic Covid-19. The same thing happens this year. is a delay to the tax deadline. This has people wondering What happens when you file Taxes in 2022? however this year’s delay isn’t due to Covid-19. Covid 19 pandemic.
The deadline is now moved from 15th April 2022 until 18th April 2022 due to Emancipation Day. Every year, the 16th day of April, it’s designated to be Emancipation Day, and all federal offices are closed on the 16th of April. When the date falls on a Saturday the day is celebrated on Friday. If it falls on a Sunday it’s celebrated on Monday.
Therefore, this year’s Emancipation Day will be recognized on the 15th of April, which is Friday. 16th April is a Saturday. So, the deadline for filing taxes has been moved to the next Monday, April 18th.
Can You Filing Taxes 2022 in Canada ?
The federal tax collection and regulating body, Revenue Agency, has extended the deadline for filing taxes. New deadlines are May 2022.
The standard date for tax payments in the United States is 30th April every year. This year, however, 31st April falls on weekend. Therefore, CRA extends the deadline for tax filing to the next working day which is Monday, May 2nd 2022.
However, there exists an exception for self-employed residents as well as citizens whose spouses and partner are also self-employed. In addition, the CRA is extending the timeframe until Wednesday, June 15th 2022.
We now know about What happens if you don’t file Taxes in 2022 We should be aware of how to avoid the penalties of failing to file taxes in time.
What is the penalties for not filing tax on time?
Tax filing on time is crucial but getting your tax refund when you are due isn’t the only advantage of paying taxes in time. A variety of government benefits could be negatively affected when tax returns are filed in late. Taxpayers also face penalty charges for late filing.
Conclusion
Taxes must be paid on time. This is crucial. If you’re an American citizen, US make sure you file your taxes within the timeframe we mentioned earlier.
