Tax return date: Here’s what you need to know if you haven’t filed your tax return yet — and even if you did

Editor’s Note: This is an updated version of a story originally run on April 14, 2023.

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Now is April 18, the official deadline to file your federal and state income tax returns for 2022. (Obviously this is also National Animal Biscuit Day for those celebrating. )

Whether you’ve filed your taxes or still need to, the good news is that this tax season is over much smoother compared to the previous three, who were hurt by the pandemic.

“This is the first tax season since 2019 where the IRS and the country are operating normally,” IRS Commissioner Danny Werfel said on a call with reporters.

For example, Werfel notes that since January, thanks to a number of new drugs expense After years of budget cuts, IRS employees were able to answer 87% of calls from applicants with questions. Last year, they responded 15% less. And the wait time on those phone calls has dropped to just 4 minutes this application season from 27 minutes in the previous application season.

The agency has also added a list of new online tools for applicants, he added.

Those online tools can be especially helpful today if you’re trying to get a refund before midnight. Or, if you realize that you need to apply for an extension. Either way, here are some important things to know:

Not everyone must file by April 18. If you live in a federally declared disaster area, have a business there — or have related tax documents stored by businesses in that area — it’s likely that the IRS has extended the deadline. apply and pay you. This where you can find specific renewal dates for each disaster area.

For example, due to multiple episodes of extreme weather in recent months, tax preparers in most of California — 10% to 15% of all federal filers — have been given an extension to file and pay their taxes until now. 16, according to an IRS spokesman.

If you are serving in the armed forces and are currently or recently stationed in a war zone, your 2022 tax filing and payment deadline will most likely be extended by 180 days. But your specific application and extended payment deadlines will depend on the date you left (or left) the war zone. This IRS Publication provide more details.

Finally, if you made little or no money last year (usually less than $12,950 for single filers and $25,900 for couples), you may not have to file a tax return. However, you may still want to if you think you qualify for a refund, such as refundable tax credits such as Earn income tax credits. (Use this IRS tool to assess whether you are required to file this year.) You may also be eligible to use IRS Free File (for those with adjusted gross income of $73,000 or less) you won’t have to file a return.

Your salary may not be your only source of income: If you have a full-time job, you may think that it is the only income you earn and must report. But that’s not necessarily the case.

Other sources of taxable and reportable income include:

Organize your tax documents: By now, you have received all tax documents required to be sent to you by third parties (employer, bank, brokerage, etc.).

If you don’t remember receiving a hard copy of your tax form in the mail, check your email and online account — the document may have been sent to you electronically.

Here are some tax forms you may have received:

“Please note that there is no form for certain taxable income, such as proceeds from the rental of your resort property, meaning it is your responsibility to self-report such income, according to the Illinois CPA Association.

A last-minute way to lower your 2022 tax bill: If you are eligible to make a Tax-deductible contributions to an IRA and have not done so for the last year, you have until April 18 to contribute up to $6,000 ($7,000 if you’re 50 or older). That will lower your tax bill and increase your retirement savings.

Re-read your return before submitting: Do this whether you are using tax software or working with a professional tax preparers.

Minor errors and omissions delay the processing of your return (and its release your refund if you owe one). You want to avoid things like misspelling your name, date of birth, Social Security number, or direct deposit amount; wrong filing status (e.g. married versus single); make a simple math error; or leave the required field blank.

What to do if you cannot apply by April 18: If you are unable to submit your application on time, please fill it out Model 4868 electronically or on paper and submit it no later than today. You will be automatically given a six-month extension to apply.

However, please note that file extensions are not paid extensions. You will be charged interest (currently at 7%) and penalty on any amount you owe for 2022 but unpaid by April 18.

So if you suspect you still owe taxes—perhaps you have some non-tax-deductible income, or you had a large capital gain last year—estimate how much you owe more and send that amount to the IRS by the end of today.

You may choose to do so by mail, attaching the check to your renewal request form. Make sure your envelope is postmarked no later than April 18.

Or the more efficient route is pay what you owe electronically at IRS.gov, said CPA Damien Martin, a tax partner at EY. If you do, the IRS notes that you won’t have to file Form 4868. “The IRS will automatically process an extension of time to file,” the agency notes in its guidance.

If you choose to participate electronically direct payment from your bank account, for free, select “extensions” and then “tax year 2022” when optionally provided.

You can also pay by credit or debit card, but you will be charged processing fee. However, doing so can turn out to be much more expensive than just a fee if you charge taxes but don’t pay your monthly credit card bill in full, as you could end up paying high interest rates on your credit card. unpaid balance.

If you are unable to pay the full amount you owe, the IRS will have some payment plan options. But first, it might be smart to consult a certified public accountant or a tax preparer who is a registered agent to make sure you’re making the best choice. for your situation.

If you still owe income tax to your state, keep in mind that you may need to do a similar exercise of applying for an extension and paying your state’s department of revenue, Martin. speak.

Use this interactive tax assistant for basic questions you may have: The IRS offers a “interactive tax assistant” can help you answer more than 50 basic questions related to your personal circumstances regarding income, deductions, credits, and other technical questions.

If you filed your return, you’re probably happy to have it in your rearview mirror. But you may still have a few questions about what lies ahead.

What about my refund? If your refund is due, the IRS usually sends it within 21 days of receiving your refund. When yours arrives, it could be smaller than last year, even if your financial life hasn’t changed much. That’s because some of the Covid-related tax breaks have expired.

So far, the average refund paid is $2,878 for the week ending April 7, down from $3,175 at the same time during last year’s application season.

Will I be audited?: The reasons and methods for auditing taxpayers can vary — and many audits result in “unchanged,” meaning you ultimately owe the IRS nothing more. But one thing is common to the vast majority of tax preparers in the United States: The test rate is extremely low.

For those reporting income between $50,000 and $200,000, only 0.1% of them were audited in 2020, according to the latest data from the IRS. Even for those reporting very high incomes, the audit rate is quite low: Just 0.4% for those reporting $1 million to $5 million in income; 0.7% for those with income between 5 million and 10 million USD; and 2.4% for profits over $10 million.

Going forward, the IRS commissioner noted in a press call that the agency will use money from the Inflation Reduction Act to enhance its compliance efforts to more focus on high income audit personal – defined as earning $400,000 or more. For applicants with incomes below that, he said he does not anticipate any change in the likelihood that they will be audited.