There are three big IRS tax deadlines coming up. On September 15th quarterly tax payments are due; On October 17th those who filed for an extension on their 2021 tax returns are due to file their completed returns; and as soon as possible you should start the ball rolling for an IRS Fresh Start Program including an Offer In Compromise Program before the IRS gets tougher about who can qualify for them.
Let’s look at these three IRS tax deadlines.
THE SEPTEMBER 15TH QUARTERLY TAX PAYMENTS
The deadline to submit 3rd quarter tax payments is September 15, 2022. If you are self-employed, if you have income from investments, if you have a retirement pension, you may need to make quarterly estimated tax payments. Also, if you have substantial income from investments and savings, and profits from stock and cryptocurrency trades you may also need to make estimated tax payments.
In most cases, says the IRS, taxpayers should make estimated tax payments if they expect to owe at least $1,000 for the 2022 tax year after they deduct their withholding and tax credits.
You should talk to a tax professional about your withholding and payments situation if you have any questions. There are special rules that might exempt you from a quarterly payment. There are underpayment penalties if you need to make quarterly payments but don’t. You want to avoid these penalties.
THE OCTOBER 17TH TAX EXTENSION DEADLINE
The second big tax deadline coming up is the six-month extension deadline to file your 2021 tax return. This year, the six-month extension ends on October 17th because of a holiday this past April. If you filed for an extension but don’t meet the October 17th deadline to file your extension you could be hit with a penalty if you owe money.
But note this because it’s very important: if you are due a refund from the IRS, there is NO PENALTY for filing your tax return late. If you are absolutely certain that you are getting a refund on your 2021 tax return, you do not have to meet the October 17th deadline.
THE IRS FRESH START INITIATIVE DEADLINE
While there isn’t an actual deadline to file for the IRS Fresh Start Initiative, including the IRS Offer In Compromise Program, we think there is a deadline because the IRS is now training the first of 87,000 new agents who will be enforcing collections and the tax laws. Recent legislation gave the IRS a war chest of $80-billion with half of that earmarked for tax enforcement and we think that presents taxpayers with a deadline to start the IRS Fresh Start ball rolling while the IRS is still overwhelmed with a backlog of case work. We think the backlog of casework will make it easier for you to be qualified for the Fresh Start Initiative.
We make it easy for you to find out if you are qualified for the IRS Fresh Start Program and the IRS Offer In Compromise Program. You can start by making a free call to us and getting a free consultation with one of our tax resolution experts. This video will tell you what to expect in an initial phone call that will take less than 15 minutes. It is a short interview with Tom, one of our tax experts. He tells you want to expect during your free telephone consultation.
And because we are committed to help you, you can call our expert Tom, who is featured in the video, directly at his personal phone number 949-359-0810 or at the general phone number on this page. If you don’t qualify for the IRS Fresh Start Initiative there are other options that can help you resolve your tax debt. We’ll talk about them also if the IRS Fresh Start Initiative is not a fit for you.
In some cases, you might be able to resolve your tax debt without our services and without paying any fees and if that’s the right solution for you we will tell you exactly what you should be doing. We are committed to help. That’s our business and that’s what we do. Now, make the call and help yourself while there’s time.
So remember, there are three tax deadlines coming up. If you are having problems meeting the quarterly payment deadline on September 15th, or if you can’t meet your October 17th extension deadline, then call us about the IRS Fresh Start Initiative. The sooner you call us, the better, because there might soon be a deadline when the IRS will accept those applications, too.