Last call, 2022 tax deadline is less than one month away

“Tax Day feels like it was just yesterday, but the year is going quickly and it’s almost the extension deadline. Taxpayers who still need to file their 2022 tax return ahead of next month’s deadline should schedule an appointment to get their taxes done today because there’s no reason to wait until the final hour,” said Mark Steber, Chief Tax Information Officer at Jackson Hewitt. “Most taxpayers get a refund, and the most recent IRS data shows that the average refund for tax year 2022 is $2,812. File today and most will receive their refund within 21 days.”

Each year, thousands of taxpayers submit Form 4868 by Tax Day in April, which provides up to six additional months to finish gathering documents and submit a final federal tax return. This automatic extension just gives taxpayers more time to file their tax return, but estimated taxes owed are still due. If taxes were not paid by this past April, taxpayers who didn’t pay on time will likely face a failure-to-pay penalty. The failure-to-pay penalty starts at 0.5 percent of unpaid taxes each month, not to exceed 25 percent.

There are some exceptions of taxpayers who won’t face penalties and interest from the IRS if they didn’t file their 2022 federal tax return on time, or a Form 4868, including those affected by qualifying natural disasters or military personnel, but most taxpayers will face issues with the IRS if they’re late to file or pay owed taxes. For those who completely miss the deadline, they’re at risk for the failure-to-file penalty, and its 5 percent of unpaid taxes each month, not to exceed 25 percent.

Unfortunately, there aren’t further extensions available for taxpayers and everyone must file by October 16 without avoiding interest and penalties from the IRS. While this deadline is for those who still need to file, for taxpayers who still owe money to the IRS, they should see a Jackson Hewitt Tax Pro for assistance in setting up an Installment Agreement (a payment plan) with the IRS. These payments to the IRS help minimize penalties on unpaid amounts and reduce any interest charged by the IRS.

Jackson Hewitt Tax Pros want taxpayers to know if they miss the upcoming extension deadline, they could be eligible for the First-Time Abatement Penalty Waiver (FTA). The FTA can be obtained for a failure-to-file, failure-to-pay, or failure-to-deposit penalty. Only applicable for a single tax period, qualifying taxpayers may claim an FTA if there haven’t been any other assessed or significant penalties within the past three years, as well as being in compliance with all filing and payment requirements.

“Lastly, there are only a few more months left in 2023 and it’s never too early to start planning for next year’s tax return,” said Steber. “There are major changes to the upcoming tax filing season and taxpayers can benefit from getting ahead of it as well as possibly increase their 2023 tax refund by meeting with their Jackson Hewitt Tax Pro today.”

For more information, visit jacksonhewitt.com and to locate an office to schedule an appointment to file their 2022 tax return.

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About Jackson Hewitt Tax Service Inc.

Jackson Hewitt Tax Service Inc. is an innovator in the tax industry with a mission to provide its hard-working clients access to simple, low-cost solutions to manage their taxes and tax refunds. Jackson Hewitt is devoted to helping clients get ahead and stands behind its work with its Maximum Refund Guarantee and Lifetime Accuracy Guarantee® (restrictions apply, see Jackson Hewitt’s website for more details). Jackson Hewitt has more than 5,600 franchise and company-owned locations nationwide making it easy and convenient for clients to file their taxes. For more information about products, services, and offers, or to locate a Jackson Hewitt office, visit www.jacksonhewitt.com or call 1 (800) 234-1040. 

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