Time is running out if you haven't filed your 2022 federal income tax return yet. This year's tax filing deadline is April 18 for most people. (The tax deadline is extended for some residents in states impacted by severe weather and storms). But filing your federal tax return isn't the only thing you should be thinking about for April 18, because there are a few more tax deadlines that fall on that day.
If you are self-employed, saving for retirement or college, have a health savings account, or employ a nanny, you may want to take action by the tax deadline. There are other reasons why you might have a tax-related deadline today. And, overlooking a tax deadline could cost you money, either in additional taxes, penalties, or interest. So, here are 9 tax deadlines for Tax Day, April 18, that you don't want to miss. Check them out to see if any apply to you.
Federal Income Tax Returns Deadline
Of course, the biggest due date on the tax calendar each year is the one for your federal personal income tax return. Like most of the tax deadlines on this list, it usually falls on April 15 but is April 18 this year because of a local holiday in Washington, D.C. and because April 15 falls on a weekend.
This year, you generally must file your return for the 2022 tax year (i.e., for the income you received from January 1 to December 31, 2022). Use Form 1040 and the related schedules to report your 2022 income, adjustments, and credits. The IRS recommends filing your return electronically, as opposed to using a paper form and mailing it in, because the return will be processed much faster. If you are getting a tax refund, you will also get your money much faster if you e-file your return. Opting for direct deposit over a paper check will speed up your refund as well.
Tax Extension Requests
If you can't file your income tax return on time, you can get an extension until October 16. However, to get the extension, you must request it by the end of the day on April 18. To make the request, either file Form 4868 or make an electronic tax payment.
Just remember that the extension to file your return doesn't extend the time to pay your tax. You still have to estimate the amount of tax you'll owe and pay your tax bill by midnight April 18. If you don't act in time, the IRS will charge you interest on the unpaid balance and hit you with late payment penalties.
For more information, including extension details for Americans living abroad and people serving in a combat zone, see How to Get More Time to File Your Tax Return.
Estimated Tax Payments for 2023
Although we only have to file an income tax return once each year, the IRS expects you to pay your taxes throughout the year as you earn income. If you are working for a business, those tax payments are withheld from your paycheck and sent to the IRS by your employer. But if you are self-employed or have income from other sources that aren't subject to withholding, then it is up to you to make quarterly estimated tax payments during the year.
The first estimated tax payment for 2023 is due April 18 for most people. This payment is for the estimated amount of taxes owed for income received from January 1 to March 31, 2023. Use Form 1040-ES to calculate and pay your estimated taxes. If at least two-thirds of your gross income is from farming or fishing, you can make just one estimated tax payment for the 2023 tax year by January 17, 2024. If you don't pay enough tax during the year, either through estimated payments or withholding, the IRS could hit you with a stiff penalty.
IRA Contributions for 2022
If you want to put more money in an IRA and have it count towards your 2022 contributions, you have until the end of the day on April 18 to make that move (If you're in a state impacted by disaster or storms, the IRS may have extended that deadline). That's because most people have until your tax return filing deadline for the year to fund an IRA for that year. But remember that there are limits to the amount you can contribute to an IRA each year. For 2022, you can put away up to $6,000 in an IRA – $7,000 if you're age 50 or older.
If you haven't already maxed out your 2022 IRA contributions, doing so before the April 18 tax deadline can be a smart move. First, contributions to a traditional IRA are often tax deductible, while withdrawals from a Roth IRA are tax-free. So, whether you contribute to a traditional or a Roth IRA, you can cut your tax bill now or in the future.
People with low or moderate income who contribute to an IRA might also qualify for the Saver's Credit, which can be worth as much as $1,000 ($2,000 for joint filers).
If you contribute to an IRA for 2022 by the tax filing deadline, you can claim the IRA deduction and/or the Saver's Credit on your 2022 tax return. That means you can get the tax benefits immediately, instead of waiting until next year if you were to contribute the same amount after Tax Day.
Also note that the tax return filing deadline is also the last day to withdraw any excess 2022 contributions to your IRAs (if you didn't request a filing extension). So, if you put in more than the $6,000 limit ($7,000 if you're 50 or older), take it out now to avoid stiff penalties.
Solo 401(k) and SEP Contributions for 2022
Self-employed people saving for retirement have until the end of the day on April 18 to put money away in a Solo 401(k) plan or Simplified Employee Pension (SEP) IRA for 2022. If they request a tax return filing extension, the deadline shifts to October 16.
For the 2022 tax year, a self-employed person can contribute up to $61,000 to a Solo 401(k) – $67,500 if they are age 50 or older. (Those amounts go up to $66,000 and $74,500, respectively, for 2023.) These amounts are relatively high because you can make contributions as both an employee and an employer, although the April 18 deadline only applies to the "employer contributions."
The SEP IRA contribution limit for 2022 is $61,000 ($66,000 for 2023). Only the employer can contribute to a SEP IRA, and whatever percentage of compensation employers set aside in the plan for themselves is the same percentage of pay they must contribute for each eligible employee.
Contributions to both Solo 401(k)s and SEP IRAs are deductible – at least to a point. Contributions made to a Solo 401(k) as an employer are deductible business expenses. However, the deduction can't be more than 25% of the compensation paid (or accrued) during the year to eligible employees participating in the plan. If you're self-employed, you must reduce this limit for contributions you make for your own account.
For a SEP IRA, the most you can deduct on a 2022 tax return for contributions to your or your employee's account is the lesser of: (1) your contributions, or (2) 25% of the compensation (limited to $305,000 per participant) paid to the participants during the year from the business that has the plan, not to exceed $61,000 per participant. (In 2023, these amounts increase to $330,000 and $61,000, respectively.) If you contribute to your own SEP-IRA, you must make a special computation to figure your maximum deduction for the contributions.
HSA and Archer MSA Contributions for 2022
If you have a health savings account (HSA) or Archer medical savings account (MSA) as part of your health insurance plan, Tax Day (April 18) is the last day you can contribute to the account for 2022 (People in states where the IRS extended the tax deadline due to storms, have more time).
For 2022, you can contribute up to $3,650 to an HSA if you have self-only coverage or up to $7,300 for family coverage. (For 2023 figures and other 2022 limits, see HSA Contribution Limits and Other Requirements.) For an Archer MSA, you or your employer can contribute up to 75% of the annual deductible of your high deductible health plan (65% if you have a self-only plan), although you can't contribute more than you earned for the year from the employer through whom you have your HDHP.
Plus, you may qualify for a deduction on your 2022 tax return for contributions to your HSA or Archer MSA (complete Form 8889 for the HSA deduction and Form 8853 for the Archer MSA deduction). If you can claim one of these deductions, think about putting more money into the account for 2022 before the tax deadline expires if you haven't already reached the contribution limit. That's especially true if you plan to make a contribution soon anyway. That way, you'll get that extra deduction for 2022 and save more cap space for 2023 contributions.
Coverdell ESA Contributions
People saving for retirement or medical expenses have until the end of today to contribute to 2022 accounts – but what about people saving for college? If you're using a Coverdell Education Saving Account (ESA) to save away money for college, then you also have until the end of Tax Day, April 18, to put more money away in the account for 2022.
With a Coverdell ESA, you can't contribute more than $2,000 for any particular child. Plus, if your modified AGI is between $95,000 and $110,000 (between $190,000 and $220,000 for joint filers), the $2,000 limit for each child is gradually reduced to zero.
There's no deduction for contributions to a Coverdell ESA. However, money deposited in a Coverdell ESA grows tax free, and there's no tax on distributions used for qualified college expenses. So, the earlier you get money into the account, the more time it has to grow before the child is off to college.
Payroll Taxes for Household Employees
If you employ a nanny, babysitter, maid, gardener or other household worker, but you aren't filing a federal income tax return (Form 1040), you must file Schedule H and pay 2022 employment taxes for your household workers by the end of Tax Day (April 18). If you do file a tax return, include Schedule H with the return and report the tax owed on Schedule 2 (Form 1040), Line 9.
Both you and the employee may owe social security and Medicare taxes. You're responsible for payment of the employee's share of the taxes as well as your own. You can either withhold your worker's share from the employee's wages or pay it out of your own pocket.
Your share is 7.65% of the employee's wages (6.2% for Social Security tax and 1.45% for Medicare tax). Your employee owes the same amount. The limit on wages subject to social security tax was $147,000 for 2022, but there's no limit on wages subject to the Medicare tax. Household employees also owe a 0.9% additional Medicare tax on wages exceeding $200,000 for the year. The additional tax is only imposed on the employee, but you have to withhold it from their wages and pay it to the IRS.
State Tax Return Deadlines
You also might have more to worry about than just federal taxes. Unless you live in a state with no income tax, you probably have to file a state income tax return on April 18, too. (You might have a local tax return due as well).
In most states, the deadline for file a state income tax return is the same as the federal due date. But there are a few states that have a different due date. Also, due to severe weather and natural disasters, some states have extended tax deadlines.
For state tax deadlines, including those for extension requests, estimated payments, and returns for other types of taxes, check with the state tax agency where you live.
Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. in History from Salisbury University.
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