The deadline for filing tax returns is approaching.
For taxpayers hoping for a refund, the start of tax season couldn’t start sooner. This year, the Internal Revenue Service began processing returns on January 24, 17 days earlier than last year.
The IRS expects more than 160 million individual tax returns to be filed this year. And for taxpayers who are receiving refunds, the agency says they will arrive with 21 days from when the return was filed electronically. As of March 25, around 81 million returns had been processed.
However, some taxpayers may have complicated tax situations, while others who know they owe the IRS simply want to put off filing for as long as possible.
Here’s what you need to know about tax season deadlines.
2022 Tax Guide:Key dates for filing and extending, claiming credit and planning refunds
Write-off:Self-employed tax deduction: You may qualify for a tax write-off for starting a business
When is the tax filing deadline?
For most taxpayers, the last day to file your taxes is April 18. The deadline usually falls on April 15, but has been pushed back because of the Emancipation Day holiday in Washington, D.C. Taxpayers in Maine and Massachusetts have until April 19 because of Patriots Day. ,
Taxpayers filing for an extension have until October 15 to send their returns, but if they owe taxes, they will have to pay by the April deadline.
What happens if I miss the tax deadline?
If you’re getting a refund, there’s no penalty, according to H&R Block. Then again, not getting your money from the IRS can be quite a punishment.
If you owe the IRS, the penalty kicks in. TurboTax says you can up to 5% of the amount owed for each month you’re late. TurboTax states that the maximum amount taxpayers can be penalized is 25% of the amount payable.
Follow Brett Molina on Twitter: @bretmolina23,