How to file taxes or get an extension even if you can’t pay on time

This year’s tax filing date is April 18, and if you request an extension, you’ll have until October 17, 2022, to complete your 2021 tax return. Most states also have deadlines for submitting income tax returns.

No matter how much time you have till Tax Day rears its head, it’s important to understand the procedure and the measures you must follow. Let’s go through the specifics of how to complete your taxes, tax preparation strategies to think about, and what to do if you are unable to pay your taxes by the due date.

When can I file my taxes?

On January 24, 2022, the Internal Revenue Service (IRS) opened the doors to taxpayers who wished to file their 2021 returns. Individuals and families might have filed their taxes at any point since then, but it’s always a good idea to hold off until you have all the necessary paperwork in hand.

Speaking of which, the IRS advised everyone to prepare their taxes this year by making sure they had everything they required. The IRS said in a statement, “Having an accurate tax return helps minimize processing delays, refund delays, and subsequent IRS letters.” The agency added that this was crucial for recipients of the American Rescue Plan stimulus funds or the advance Child Tax Credit in 2021.

Taxpayers can check on the amounts they received on irs.gov, even though the IRS has already written letters to those who received these payments.

When is the last day to file taxes?

The deadline for filing a 2021 personal federal tax return or a request for an extension for most Americans is Monday, April 18, 2022. Although the tax filing deadline usually comes on April 15, this year it was moved to April 18 for many taxpayers owing to the District of Columbia’s Emancipation Day holiday.

The deadline for taxpayers in Maine and Massachusetts is April 19, 2022, however because of the Patriots’ Day holiday observed in both states on April 18, this year’s deadline for those taxpayers is April 18, 2022.

In either case, keep in mind that this deadline applies to paying all taxes due, even if you’re asking an extension to submit your actual tax return. It’s not only for filing. In reality, the IRS is very clear that in order to avoid potential interest and penalties, taxpayers must pay their estimated amount in full. Therefore, in order to pay your taxes if you lack the cash, you must either use a credit card or apply for an IRS payment plan. Below is further information about these choices.

How to file taxes in 7 steps

Here are seven stages that everyone may take when doing their taxes, even if the approach you use will depend on your income and how complex your return is.

• Step 1 is to compile your papers.
• Step 2: Select a filing method. Although you may file a tax return by mail, the IRS advises doing so online for quicker processing and refunds.

• Choose the proper filing status in step three. Whether you’re single, married, the head of your family, or in one of many other less frequent tax scenarios will determine your filing status.
• Step 4: Choose between taking the standard deduction and itemizing.
• Step 5: Choose a payment plan if you owe money. You must make a tax payment or apply for a payment plan if you aren’t getting a tax refund and end up owing money to the IRS for the 2021 tax year.
• Step 6: Decide how you want your refund to be sent.
• Step 7: Complete the procedure before Tax Day. To avoid potential penalties and interest, file your tax return by the state’s deadline.