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For the 2022 tax filing season, individuals must file their tax returns by April 18. If you can’t meet this year’s deadline, you’ll need to file an extension. The extended deadline for 2022 is Oct. 17.
However, if you’re self-employed, own a small business or work a side gig, you’re responsible for meeting many tax deadlines throughout the year.
You’ll need to track your income, estimated tax payments and employment records. If you have employees, you’ll need to pay employment taxes throughout the year. And if you pay another independent contractor or small business, you may need to file information with the Internal Revenue Service (IRS).
Use our guide to make sure you have the right forms on hand by each deadline.
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Tax Due Dates for The Self-Employed
Tax Return Forms
Who Should File
Type of Tax
Form 1040, Federal Income Tax Return, Schedule C
If you have income or loss from your self-employment
Self-employment income taxes
Form 1040-ES, Estimated Tax Payments
If you expect to owe $1,000 or more when filing your annual tax return
Quarterly by Apr 18, June 15, Sept. 15 and Jan. 17 (2023)
Estimated Tax Payments
Form W-2, Wage and Tax Statement and Form W-3, Transmittal of Wage and Tax Statements
If you pay employees wages or compensation during the year
Form 940, the Federal Unemployment Tax Act (FUTA) tax return
If you pay wages of $1,500 or more in a quarter during the calendar year. Or if you will have one or more employees for any part of 20 or more weeks for the calendar year
Form 941, Employer’s Quarterly Federal Tax Return
If you pay wages subject to federal income tax withholdings, Medicare and Social Security taxes
Quarterly by the last day of the month that follows the end of the quarter: Jan. 31, May 2, Aug 1, and Oct. 31
Form 944, Employer’s Annual Federal Tax Return
If you pay wages subject to federal income tax withholdings, Medicare and Social Security taxes and expect to owe $1,000 or less
Form 1099-MISC, Miscellaneous Income
If you make payments for rent, prizes, medical payments or legal services, you should file Form 1099-MISC .
Information Tax Filing
Form 1099-NEC, Nonemployee Compensation
If you pay nonemployees (like an independent contractor) for work they did for your business
Information Tax Filing
If you’re self-employed, you might choose to be taxed as a sole proprietorship. A sole proprietor files a Form 1040 federal income tax return with a Schedule C, which is due by April 18 for the 2022 tax filing season. Schedule C allows self-employed people to report their income or loss from their business to the IRS.
You may need to file both a federal and state income tax return. Since your state tax return due dates vary depending on where you reside, you should check with your state tax agency to determine when your return is due.
Some states do not require state income tax filings, like Alaska, Florida, Nevada, South Dakota, Tennessee, Texas and Wyoming.
Estimated Tax Payments
Paying estimated income tax payments can help avoid a large bill at tax time. The IRS requires self-employed people to pay estimated tax payments if they expect to owe taxes of at least $1,000 for the year.
To calculate and pay your estimated taxes, you’ll need to divide the tax year into four quarters and make a payment based on your income earned for each tax period. Here’s when your quarterly payments are due in 2022:
2022 Estimated Tax Due Date
Jan. 1 – March. 31
April 18, 2022
April. 1 – May. 31
June 15, 2022
June. 1 – Aug. 31
Sept. 15, 2022
Sept. 1 – Dec. 31
Jan. 17, 2023
The IRS may charge a tax penalty if you don’t pay enough or fail to pay on time. If you fail to pay your taxes by the due date, the IRS will charge you a .05% penalty. Also, if you neglect to file your taxes timely, the IRS will charge you a 5% of unpaid taxes. Both penalties are charged each month (or part of the month). Your taxes remain unpaid but won’t exceed 25% of your total amount due.
If you fail to file and pay, the IRS will charge a combined penalty, however, it won’t exceed 5% of unpaid taxes for each month or part of the month your return is filed late.
Even if you expect to receive a refund when you file your tax return for the year, you may still receive a penalty for submitting estimated payments late. Since making these estimates can be complicated, consider seeking a tax professional’s assistance.
If you pay wages, tips or other compensation to your employees, you need to file and pay employment taxes.
You’re responsible for filing Form W-2, Wage and Tax Statement with Form W-3, Transmittal of Wage and Tax Statements to the Social Security Administration office, reporting all wages paid to each employee during the year.
The IRS requires you to file Form 940, the Federal Unemployment Tax Act (FUTA) tax return annually. The federal government uses this tax to pay unemployment benefit claims to workers who have lost their jobs. In most cases, the employer pays the FUTA tax for the first $7,000 of wages earned for each employee during the year.
Not only are you responsible for filing some employment tax returns annually, but you are also required to file quarterly returns. If your employees’ wages are subject to federal income tax withholdings, Social Security, and Medicare taxes, you might need to file Form 941, Employer’s Quarterly Federal Tax Return.
You might also need to file this return if you do not have any taxes to report for a specific quarter.
There are certain instances where you are not required to file Form 941 but can opt to file Form 944, Employer’s Annual Federal Tax Return instead. Form 944 is designed for smaller employers who have lower tax liabilities ($1,000 or less) and only requires filing the form annually.
Form 944 is designed so the smallest employers (those whose annual liability for social security, Medicare, and withheld federal income taxes is $1,000 or less) will file and pay these taxes only once a year instead of every quarter.
For instance, you can file Form 944 if the IRS has notified you by mail that you’re eligible to file it. Also, if you expect your employment taxes will be $1,000 or less, you can choose to file Form 944 instead. However, you must contact the IRS during the first quarter of the year to request to file Form 944.
Form 1099-MISC and Form 1099-NEC Information Tax Return Filings
Most self-employed people pay other small businesses for different services and might be required to file Form 1099-MISC or Form 1099-NEC. These services may include accounting, legal, advertising, administrative, tax services and other professional services.
If you made a payment during the year to a small business or self-employed person who did work for your business, you might need to Form 1099-MISC or Form 1099-NEC to the IRS and provide a copy to the person whose services you used.
The type of payment you made will determine which form you’ll need to file.
Compensation payments made to non-employees (for example, a self-employed person or contractor) should be reported on Form 1099-NEC. If applicable, you must file with the IRS and send it to recipients by Feb. 1.
You may need to file a Form 1099-MISC for payments you made for prizes and awards, rents, royalties, attorney fees and certain medical services (if you paid more than $600 in one calendar year or at least $10 in royalty payments).
Form 1099-MISC must be sent to recipients by Feb. 1 and filed with the IRS by March 1.
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Taxpayers will have until April 18, 2022 to file and pay income taxes. California grants you an automatic extension to file your state tax return. No form is required. You must file by October 17, 2022.What do I need to know about taxes in 2022? ›
Standard deduction increase: The standard deduction for 2022 (which will be useful when you file in 2023) increased to $12,950 for single filers and $25,900 for married couples filing jointly. Tax brackets increase: The income tax brackets will also increase in 2022.What happens if I miss the tax deadline? ›
If you have a balance due
You'll likely end up owing a late payment penalty of 0.5% per month, or fraction thereof, until the tax is paid. The maximum late payment penalty is 25% of the amount due. You'll also likely owe interest on whatever amount you didn't pay by the filing deadline.
We calculate the Failure to File Penalty in this way: The Failure to File Penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty won't exceed 25% of your unpaid taxes.Is there a stimulus check for 2022? ›
A second rebate was approved in August 2022 to grant another $200 per taxpayer. Most taxpayers will receive their refunds by direct deposit and the second payments started rolling out in late August. If you changed banks or don't have direct deposit information on file, you'll receive a paper check.What time does IRS refund deposit? ›
If you file your tax return electronically, the IRS will generally process direct deposit refunds within 7-10 days of receiving your tax return, and process paper checks within about two weeks. Filing a paper tax return may delay your refund by up to several weeks.What is the earliest you can get your tax refund? ›
Now, with a free IRS e-file, you can get your refund in as little as 8 days from when you file, if you elect for direct deposit. The IRS has not announced when it will start accepting tax returns in 2023. Based on past years and our experience, we are estimating that the IRS will open eFile on January 23, 2023.What deductions can I claim without receipts? ›
Claimable items include:
- Loan interest.
- car expenses, including fuel costs and maintenance.
- travel costs.
- clothing expenses.
- education expenses.
- union fees.
- home computer and phone expenses.
- tools and equipment expenses.
- journals and trade magazines.
- Know Available Deductions and Your Exemptions. ...
- Build Your Retirement Savings. ...
- Pay for Medical Expenses With a Flexible Spending Account (FSA) ...
- Deduct Medical and Dental Costs. ...
- Make Charitable Donations. ...
- Consult a Tax Professional.
If you miss the deadline, you still must file your return, but it may end up costing you more because of late-filing interest and penalty charges. If you are due a refund, the IRS will not penalize you for filing your tax return late.What happens if you miss the tax deadline 2022? ›
Those who miss the June 14 cutoff will normally face a minimum late-filing penalty, also known as a failure-to-file penalty. By law, If the return is more than 60 days late, the minimum penalty is either $435 or 100 percent of the unpaid tax, whichever is less.Do you have to file taxes even if you don't owe? ›
The IRS has general filing requirements for most taxpayers. Even if no tax is owed, most people file a return if their gross income is more than the automatic deductions for the year. The primary automatic deduction is the the standard deduction. Its amount will depend on your filing status and age.Do you get penalized for filing taxes late if you are due a refund? ›
There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing a tax return. If you wait too long to file, you may risk losing the refund altogether.How much can I make before I have to file taxes 2022? ›
Under age 65. Single. Don't have any special circumstances that require you to file (like self-employment income) Earn less than $12,950 (which is the 2022 standard deduction for a single taxpayer)What happens if you don't file taxes for 5 years? ›
Penalties can include significant fines and even prison time. Luckily, the government has a limited amount of time in which it can file a criminal charge against you for tax evasion. If the IRS chooses to pursue charges, this must be done within six years after the date the tax return was due.Who gets the 4th stimulus check? ›
California: California will be giving payments of up $700 for joint filing couples earning less than $150,000 annually, with individuals qualifying for up to $350.Are we getting a 4th stimulus check? ›
It is unlikely that there will ever be a fourth stimulus check as stimulus payments are no longer being issued by law as of December 31, 2021. These payments were to be issued on the tax return information the IRS had on record for you.Why did I get two Social Security checks this month? ›
WHY DID I GET TWO SOCIAL SECURITY CHECKS THIS MONTHWhy has my refund been accepted but not approved? ›
An incomplete return, an inaccurate return, an amended return, tax fraud, claiming tax credits, owing certain debts for which the government can take part or all of your refund, and sending your refund to the wrong bank due to an incorrect routing number are all reasons that a tax refund can be delayed.
The IRS issues more than 9 out of 10 refunds in less than 21 days. However, it's possible your tax return may require additional review and take longer.How long does it take for IRS to approve refund after it is accepted 2022? ›
How quickly will I get my refund? (updated July 7, 2022) We issue most refunds in less than 21 calendar days. However, if you filed on paper and are expecting a refund, it could take six months or more to process your return.Can my tax refund be deposited on a Sunday? ›
This would depend on your financial institution. Most are closed on Sunday so it is rare to have any deposit on a Sunday. Once your refund is approved you will see a deposit date by visiting the Where's my refund website here, https://www.irs.gov/refunds .How long does it take to get your tax refund direct deposit 2022? ›
The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit. However, some returns have errors or need more review and may take longer to process.What disqualifies you from earned income credit? ›
Types of income that do not qualify as earned income for the credit include: Child support. Retirement income. Social Security benefits.What are some red flags that can trigger a tax audit? ›
- Not reporting all your income. ...
- Claiming too many charitable donations. ...
- Running a cash-based business. ...
- Reporting too many losses on a Schedule C. ...
- Deducting entertainment expenses. ...
- Using the home office deduction. ...
- Failing to make money. ...
- Making too much money.
Over a typical work month, David works out that 25% of his phone use is work-related (25 work calls ÷ 100 total calls). After taking a month of leave across the year, David calculates 25% × $50 × 11 months = $138. David can claim that amount as a phone expense on his tax return this year.Should I keep grocery receipts for taxes? ›
Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks. These documents contain the information you need to record in your books. It is important to keep these documents because they support the entries in your books and on your tax return.Can I claim my phone on tax? ›
Can I claim my mobile phone as tax deduction? The answer is YES. However, you must genuinely use your mobile phone for work purpose to be eligible to claim a tax deduction. Example: Often people use their mobile phone during work or after work hours to contact staff & management.Can I claim electricity on tax? ›
Yes, some. You can claim a deduction for “additional running expenses” incurred because you're working from home. That includes your electricity bill for heating, cooling and lighting your home office, and running items you're using for work.
- Sales taxes. You have the option of deducting sales taxes or state income taxes off your federal income tax. ...
- Health insurance premiums. ...
- Tax savings for teacher. ...
- Charitable gifts. ...
- Paying the babysitter. ...
- Lifetime learning. ...
- Unusual business expenses. ...
- Looking for work.
Ramon Christopher Blanchett, of Tampa, Florida, and self-described freelancer, managed to scoop up a $980,000 tax refund after submitting his self-prepared 2016 tax return. He also allegedly claimed that he earned a total of $18,497 in wages — and that he had withheld $1 million in income taxes, according to a Jan.Can you claim yourself as a dependent? ›
No. You cannot claim yourself as a dependent on taxes. Dependency exemptions are applicable to your qualifying dependent children and qualifying dependent relatives only. You can, however, claim a personal exemption for yourself on your return.Is it better to claim 1 or 0 on your taxes? ›
By placing a “0” on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period.What is the tax deadline for 2022 Kenya? ›
The deadline for filing the Income Tax returns for individual taxpayers is 30th June every year. What is the penalty for late filing and late payment of income tax for individuals?What is the deadline for income tax 2022 Malaysia? ›
In this case, your deadline for submitting your tax returns in 2022 for the Year of Assessment (YA) 2021) is the 30th of June 2022, with the deadline for e-Filing submissions being the 15th of July 2022.What happens if you miss the tax deadline 2022? ›
Those who miss the June 14 cutoff will normally face a minimum late-filing penalty, also known as a failure-to-file penalty. By law, If the return is more than 60 days late, the minimum penalty is either $435 or 100 percent of the unpaid tax, whichever is less.Will there be a tax extension this year? ›
Here's what you need to know. Tax season is upon us and this year there won't be any deadline extensions. Tax filers can submit their returns starting Jan.Has KRA extended tax deadline? ›
The Kenya Revenue Authority (KRA) has extended the deadline for transitioning to the Tax Invoice Management System (TIMS) to 30th November 2022.What is needed for tax return? ›
This is the first and foremost prerequisite if you are filing an income tax return. Your name on the income tax PAN card must be the same as the one stated in ITR. PAN is also required for deduction of TDS and should be linked with your bank account for direct credit of income tax refund (if any).
The minimum income amount depends on your filing status and age. In 2021, for example, the minimum for single filing status if under age 65 is $12,550. If your income is below that threshold, you generally do not need to file a federal tax return. Review the full list below for other filing statuses and ages.What is the minimum taxable income for 2022? ›
$12,950 for single filers. $12,950 for married couples filing separately. $19,400 for heads of households. $25,900 for married couples filing jointly.Can I pay tax after 31 March? ›
This tax is called Self Assessment Tax, which you can pay online to ensure successful e-filing. You should also pay the interest under section 234B and 234C along with your tax due, if you are paying tax after 31 March.How do you know if I need to file taxes? ›
Not everyone is required to file their taxes. Whether you need to file your taxes depends on four factors: your income, filing status, age, and whether you fall under a special circumstance. Even if you aren't required to file taxes, you may want to file for tax credits and other benefits.Do you have to file taxes even if you don't owe? ›
The IRS has general filing requirements for most taxpayers. Even if no tax is owed, most people file a return if their gross income is more than the automatic deductions for the year. The primary automatic deduction is the the standard deduction. Its amount will depend on your filing status and age.What happens if you miss the tax deadline by one day? ›
If you owe taxes, you'll pay a penalty and interest
It's important to note that a month doesn't mean 30 days to the IRS — filing your return even one day late means you'll still be hit with the full 5 percent penalty. On top of that, you'll also pay interest, which will only add to your fees.
Do I Get Penalized for Filing Taxes Late If I Owe Nothing? Three out of every four taxpayers receive a tax refund. If you're one of those three taxpayers who do not owe the IRS anything, you won't face a penalty for filing late.Is there another stimulus check coming in 2022? ›
A second rebate was approved in August 2022 to grant another $200 per taxpayer. Most taxpayers will receive their refunds by direct deposit and the second payments started rolling out in late August. If you changed banks or don't have direct deposit information on file, you'll receive a paper check.What happens if you miss October 15 tax deadline? ›
Generally, if you miss the filing due date or fail to file by the tax extension deadline, the IRS may charge a failure-to-file penalty. The penalty is based on your unpaid taxes, and the IRS charges 5% of your taxes due for every month or partial month your tax return is not filed.Can you get a tax extension beyond October 15? ›
No; you can't extend your tax deadline past the extended deadline (usually October 15—see this year's deadline here). Once that date has past, failure-to-file penalties will begin to add up until you file your tax return.