Taxpayers should be aware of the tax deadlines to report to the IRS during the first quarter in the United States
To avoid getting into financial trouble from the first days of the year, it is essential to know the due date of the tax return. However, there are other deadlines to worry about as well.
In case of failure to meet the deadlines established by the IRS, the penalties and interest can be severe.
The average penalty for not filing an annual tax return on time is 5% of the amount due for each month late.
Also, if late taxes are paid, the monthly penalty will be 0.5% of the amount not covered, up to 25% of what you owe, plus interest on unpaid taxes.
Another negative consequence of not complying with a tax obligation on time is the loss of certain tax exemptions.
Hence the importance of becoming familiar with the different tax deadlines throughout the year.
It should be noted that there is at least one deadline in each month of the year for certain declarations with the IRS, at least the first quarter of 2023 is registered.
Tuesday 3: Self-employed people had to cover half of the deferred social security taxes for 2020.
Tuesday 17: Self-employed workers must pay the taxes corresponding to the fourth quarter of 2022.
For individuals who are self-employed or did not pay their taxes through W-4 tax withholding, it is an obligation to cover the estimated quarterly amount by the 17th day.
This applies to those who owe more than $1,000 in taxes when they file their returns.
Late January: Taxpayers who were due to pay their last installment of estimated tax by January 17 and missed that obligation must file the 2022 tax return (Form 1040) to avoid penalties. However, the deadline has not been announced so far.
— IRSnews (@IRSnews) January 9, 2023
Wednesday 15: Taxpayers who were exempt from income tax withholding in 2022 can claim it this year. To do this, they must complete a new Form W-4 and give it to their employer, but only those who qualify will access the exemption.
Wednesday 1: Farmers and fishermen must file a 2022 tax return (Form 1040), this to avoid penalties if the estimated tax is not paid before January 17.
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