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April 2022 Individual Due Dates

April 11 -  Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than April 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

April 18 - Taxpayers with Foreign Financial Interests
A U.S. citizen or resident, or a person doing business in the United States, who has a financial interest in or signature or other authority over any foreign financial accounts (bank, securities or other types of financial accounts), in a foreign country, is required to file Form FinCEN 114. The form must be filed electronically; paper forms are not allowed. The form must be filed with the Treasury Department (not the IRS) no later than April 18, 2022 for 2021. An extension of time to file of up to 6 months is automatically allowed. This filing requirement applies only if the aggregate value of these financial accounts exceeds $10,000 at any time during 2021. Contact our office for additional information and assistance filing the form. 

April 18 -  Individual Tax Returns Due 

Although April 15 is on a Friday in 2022, and individual income tax returns would normally be due that day, because the Washington, D.C. Emancipation Day holiday is observed on Friday, April 15, the due date is pushed to Monday, April 18. If you live in Maine or Massachusetts, you may file by April 19 (because April 18 is Patriots’ Day).

File a 2021 income tax return (Form 1040 or 1040-SR) and pay any tax due. If you want an automatic six-month extension of time to file the return, please call this office.

Caution
: The extension gives you until October 17, 2022, to file your 2021 1040 or 1040-SR return without being liable for the late filing penalty. However, it does not avoid the late payment penalty; thus, if you owe money, the late payment penalty can be severe, so you are encouraged to file as soon as possible to minimize that penalty. Also, you will owe interest, figured from the original due date until the tax is paid. If you have a refund, there is no penalty; however, you are giving the government a free loan, since they will only pay interest starting 45 days after the return is filed. Please call your BATS Xpress tax team to discuss your individual situation if you are unable to file by the April 18 due date.

April 18 - Estimated Tax Payment Due (Individuals)

It’s time to make your first quarter estimated tax installment payment for the 2022 tax year. Our tax system is a “pay-as-you-earn” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-earn” requirement. 

These include:

  • Payroll withholding for employees;

  • Pension withholding for retirees; and

  • Estimated tax payments for self-employed individuals and those with other sources of income not covered by withholding.

When a taxpayer fails to prepay a safe harbor (minimum) amount, they can be subject to the underpayment penalty. This penalty is equal to the federal short-term rate plus 3 percentage points, and the penalty is computed on a quarter-by-quarter basis. There are ways to avoid this, so if you need assistance figuring your estimated tax payment please reach out to your BATS Xpress team.

April 18 - Last Day to Make Contributions

Last day to make contributions to Traditional and Roth IRAs for tax year 2021.