It’s that time of the year again. No, not the holiday season, it’s tax season! For anyone who is employed, self-employed, or owns a small business, the deadline for filing taxes is quickly approaching. And while many people may dread filing their taxes, the thought of having to pay both state and federal taxes can add even more stress. So, do state and federal taxes come around the same time? The quick answer is yes, but let’s delve a little deeper.
Filing taxes can be a daunting task for many Americans, and it’s no wonder why. According to the IRS, the U.S. tax code spans over 70,000 pages and includes more than 2,600 different forms. If that wasn’t complicated enough, taxpayers are also required to file two types of taxes: state and federal. It’s no wonder so many people feel overwhelmed when it comes to tax season. Let’s talk about when these taxes are due, and whether or not they come around the same time.
The IRS typically starts accepting federal tax returns in late January and the deadline to file taxes is usually April 15th, unless it falls on a weekend or holiday. As for state taxes, each state has its own rules regarding when taxes are due. Most states have a deadline that aligns with the federal deadline, but some states have earlier deadlines. It’s important to check with your state’s tax department to ensure you file and pay on time. So while federal and state taxes do generally come around the same time, it’s important to keep track of when exactly they are due to avoid penalties and interest charges.
Tax Season Timeline
There are two main tax seasons in the United States: one for state taxes and one for federal taxes. Both have their own timelines and deadlines that taxpayers must adhere to in order to avoid penalties and interest. Here’s a breakdown of the tax season timeline:
- January: The IRS begins accepting federal tax returns for the year. Taxpayers can start filing their returns at this time, but most employers will not have sent out W-2 forms yet. Some states also begin accepting tax returns in January.
- February: Employers are required to send out W-2 forms by the end of February. Taxpayers should receive these forms by early March. Some 1099 forms may also be due at this time. Many states begin accepting tax returns in February.
- March: Taxpayers can continue to file their federal tax returns throughout March. Some states have tax deadlines in March, while others have deadlines in April. Taxpayers who owe money to the federal government must make their first estimated tax payment by the end of March.
- April: The federal tax deadline is usually April 15th, although it may be later if the 15th falls on a weekend or holiday. Taxpayers who owe money to the government must make their second estimated tax payment by this date. Many states also have tax deadlines in April.
- June: Taxpayers who are self-employed or who have other sources of income that are not subject to withholding must make their second estimated tax payment by June 15th.
- September: Taxpayers who are self-employed or who have other sources of income that are not subject to withholding must make their third estimated tax payment by September 15th.
- October: Taxpayers who filed for an extension to submit their federal tax return must do so by October 15th. This is also the deadline for some state tax returns.
It’s important to note that the tax season timeline can vary from year to year, so taxpayers should always check for any updates or changes from the IRS and state tax authorities. Taxpayers who are unable to file their tax return or make their estimated tax payments on time should consider seeking the help of a tax professional to avoid penalties and interest charges.
State vs. Federal Tax Deadlines
Perhaps one of the most daunting tasks of being a taxpayer is filing for state and federal taxes. Since both taxes vary in terms of its regulations and policies, it can be quite confusing on whether the deadlines for these two taxes are similar or not.
The Internal Revenue Service (IRS) is responsible for collecting federal taxes. Usually, the federal income tax deadline falls on April 15th of every year. However, extensions and changes (like for the year 2020 due to the pandemic) can happen to move this deadline. Individuals who do not file on time can be subject to costly penalties and interest rates.
- State Tax Deadlines Vary
- State Tax Extensions
- Consequences of Late Payment
Unlike federal tax deadlines, state tax deadlines vary depending on your state. This is because each state has its own regulations and policies regarding its income tax. You may want to check with your state’s revenue department to know your state’s due date for taxes.
Similar to federal taxes, state taxes offer extension periods to those who are unable to meet their deadlines. But this varies for each state, so it’s best to check with your state’s revenue department first. It’s crucial to file your extension application before the due date of your tax return to avoid late payment penalties.
The consequences of filing your taxes late are similar for both federal and state taxes. If you pay your taxes beyond the due date, the government will impose penalties, interest, and even charges. Some states have a bigger charge for late payments, so it’s important to file your taxes early and on time to avoid these additional charges.
To further understand the differences between state and federal tax deadlines, here is a table that can help:
| State Tax Deadline | Federal Tax Deadline |
|---|---|
| April 15, 2021 (for most of the states) | April 15, 2021 (for most taxpayers) |
| May 17, 2021 (for residents of Texas, Oklahoma, and Louisiana due to the natural disasters that occurred in February 2021) | May 15, 2021 (for those serving in a combat zone or qualified hazardous duty area, the deadline could be extended up to 180 days after leaving the combat zone or hazardous duty area) |
| Extended due date varies depending on the state | Extended due date is usually October 15th |
To conclude, knowing the differences between state and federal tax deadlines can help you create a better tax planning strategy. Paying taxes on time not only avoids the penalties, but it also helps you avoid the stress of rushing and cramming for the deadline. If you are unsure about your state or federal tax deadline, consult with a tax professional or visit the respective government websites for more information.
Getting organized for tax season
Preparing for tax season can be overwhelming, especially if you’re not sure where to start. Here are some tips to help you get organized:
- Get all your documents in order. This includes W-2s, 1099s, and any other tax documents you’ve received throughout the year.
- Make a list of any deductible expenses you plan to claim. This could include business expenses, medical expenses, and charitable contributions.
- Gather all your receipts and other documentation for deductible expenses.
Keeping track of key dates
To ensure you don’t miss any important deadlines, it’s important to keep track of the following dates:
- January 31: Deadline for employers to send out W-2s
- April 15: Tax day, the deadline for filing federal income tax returns
- October 15: Deadline for filing an extension, if needed
State and federal tax deadlines
State and federal taxes have different deadlines, so it’s important to understand when each is due. Here is a table outlining the federal and state tax deadlines for 2021:
| Tax Deadline | Federal | State |
|---|---|---|
| Original filing deadline | April 15, 2021 | Varies by state |
| Extended filing deadline | October 15, 2021 | Varies by state |
It’s important to note that state deadlines may vary depending on where you live. Some states have different deadlines for filing and paying taxes, so be sure to double-check the due dates for your state.
Common Tax Deductions
When preparing your taxes, it’s important to take advantage of all the tax deductions available to you. Tax deductions can reduce your taxable income and save you money. Here are some of the most common tax deductions:
- Standard Deduction: The standard deduction is a fixed amount that reduces your taxable income based on your filing status. For the tax year 2021, the standard deduction is $12,550 for single filers, $25,100 for married filing jointly, and $18,800 for head of household.
- Charitable Donations: Donations to qualified charitable organizations can be deducted on your tax return. Keep all receipts and documentation to support your donations.
- Mortgage Interest: If you own a home, you can deduct the interest you paid on your mortgage. This deduction can be especially beneficial in the early years of your mortgage when the interest is high.
Tax Credits
Tax credits can also be beneficial because they directly reduce your tax bill, rather than just reducing your taxable income. Here are some common tax credits:
- Child Tax Credit: Parents can receive a tax credit of up to $2,000 per child under the age of 17. The credit begins to phase out for single filers making over $200,000 and married filing jointly making over $400,000.
- Earned Income Tax Credit: This credit is available for low to moderate-income workers and is based on income and family size. It can range from a few hundred dollars to several thousand dollars.
Tax Deduction vs Tax Credit
It’s important to understand the difference between tax deductions and tax credits. A tax deduction reduces your taxable income, while a tax credit directly reduces the amount of tax you owe. For example, if you’re in the 25% tax bracket and have a $1,000 tax deduction, your tax bill will decrease by $250. On the other hand, if you have a $1,000 tax credit, your tax bill will decrease by the full $1,000.
Conclusion
| Tax Deduction | Tax Credit |
|---|---|
| Reduces taxable income | Directly reduces tax bill |
| Beneficial for high-income earners | Beneficial for low to moderate-income earners |
When preparing your taxes, make sure to take advantage of all the tax deductions and tax credits available to you. This can help you reduce your tax bill and save money.
How to file your taxes online
Filing your taxes online has never been easier thanks to the advancements in technology. Here are some tips on how to file your taxes online:
- Choose a reputable tax preparation software – There are many tax preparation software options available to choose from, such as TurboTax or H&R Block. Select a software that is easy to use and has a good reputation for accuracy.
- Gather your tax documents – Before beginning the process, have all your tax documents on hand, such as your W-2 or 1099 forms.
- Follow the software’s prompts – Once you have selected your software, follow the prompts to input your information. The software will guide you through each step of the process and will help you identify potential deductions.
Additionally, if you aren’t comfortable with using tax preparation software, you can also use the Internal Revenue Service’s (IRS) Free File program. This program is available for taxpayers who have an adjusted gross income of $72,000 or less. The program offers free tax preparation and e-filing services through a number of providers.
When filing your taxes online, it’s important to note that both state and federal taxes are usually due around the same time. The deadline to file taxes in the United States is typically April 15th, but may be extended to a later date in some years. Make sure to check your state’s tax deadlines as well, as they may differ.
Common Errors to Avoid When Filing Your Taxes Online
While filing your taxes online is convenient, it’s important to take the necessary precautions to avoid errors that may delay your tax refund or, even worse, trigger an audit from the IRS. Here are some common errors to avoid:
- Inputting incorrect social security numbers – Make sure to double-check that social security numbers are correct to avoid any errors.
- Mismatched information – Verify that all your tax-related documents match. For example, your W-2 should match your tax return.
- Forgetting to sign your tax return – Remember to sign your tax return once you’ve completed it to avoid delays in processing.
What to Do If You Have Questions or Issues While Filing Online
If you have questions or issues while filing your taxes online, the IRS has many resources available to help. You can visit their website, go to a local IRS office, or call their toll-free number. Additionally, most tax preparation software also offers customer service to help walk you through any questions or issues you may have.
| Resource | Contact Information |
|---|---|
| IRS Website | www.irs.gov |
| IRS Phone Number | 1-800-829-1040 |
| Tax Preparation Software Customer Support | Varies by software provider |
By following these tips and avoiding common errors, you can successfully file your taxes online. Remember to file both your state and federal taxes around the same time, and reach out for help if you need it.
Tax Refund Timing
When it comes to tax refunds, timing is everything. Taxpayers often eagerly anticipate receiving their refund checks after filing their state and federal tax returns. However, the timing of refunds can vary depending on a few key factors.
- The filing method: E-filing generally results in quicker refunds than filing a paper return. The IRS processes e-filed returns faster than paper returns, and you can expect to receive your refund within 21 days.
- The complexity of your return: If your return is more complicated, it may take longer to process, resulting in a delay in your refund. This is especially true if your return requires manual review by an IRS agent.
- The accuracy of your return: If your return contains errors or incomplete information, the IRS may need to contact you for more information, causing a delay in your refund. Make sure to double-check all of your tax information before submitting your return to avoid this issue.
It’s also important to note that state and federal refunds may not come at the same time. State refunds are generally issued more quickly than federal refunds, and the timing can vary depending on the state you live in.
If you’re wondering when to expect your refund, the IRS provides a tool on their website called “Where’s My Refund?” that allows you to track the status of your refund. You simply enter your social security number, filing status, and refund amount, and the tool will provide you with an estimated refund date.
Additionally, the following table provides a general timeline for when taxpayers can expect to receive their federal tax refunds:
| Filing Month | Direct Deposit Refund Issued | Paper Check Refund Issued |
|---|---|---|
| January | Within 21 days | Within 4 weeks |
| February | Within 21 days | Within 4 weeks |
| March – April | Within 21 days | Within 6-8 weeks |
| May | Within 21 days | Within 8 weeks |
Ultimately, the timing of your tax refund will depend on a variety of factors, but understanding the timeline and potential delays can help you plan accordingly.
The Importance of Accurate Tax Preparation
Preparing and filing your taxes can be a confusing and stressful process, but it’s essential to ensure that you do so accurately and on time. One of the reasons accuracy is crucial is because it can help prevent you from receiving a tax notice from the IRS.
If the IRS identifies errors on your tax return, they will issue a notice detailing the discrepancy, and you could face penalties or interest on the amount owed. In some cases, the IRS may even conduct an audit of your taxes, which can be an expensive and time-consuming process.
- Accurate tax preparation can help you avoid tax notices and penalties.
- The IRS may conduct an audit if they identify significant errors on your tax return.
- An audit can be a time-consuming and expensive process.
Another reason why it’s important to prepare your taxes accurately is because doing so can help you maximize the amount of money you receive as a refund. When you prepare your taxes, you may be eligible for tax deductions or credits that can lower your tax liability or even increase your refund.
However, to take advantage of these deductions or credits, you must accurately report your income, expenses, and other tax-related information. Otherwise, you may miss out on these opportunities and receive a smaller refund than you deserve.
To ensure that you are accurately preparing your taxes, you may want to consider using tax preparation software, hiring a tax professional, or double-checking your return for errors before filing. Taking these steps can help you avoid costly mistakes and ensure that your tax return is submitted accurately and on time.
| Reasons why accurate tax preparation is important: |
|---|
| Avoid tax notices and penalties |
| Maximize your refund |
| Ensure you don’t miss out on deductions or credits |
Above all, remember that accurate tax preparation is essential for both your financial well-being and legal compliance. By taking the time to prepare your taxes accurately, you can avoid costly mistakes, maximize your refund, and enjoy greater peace of mind during tax season.
Do State and Federal Taxes Come Around the Same Time?
Q: Do state and federal taxes have the same due date?
A: No, state and federal taxes have different due dates. Federal taxes are typically due on April 15th, while state taxes may be due on a different date, depending on the state.
Q: Can I file my state and federal taxes together?
A: No, you will need to file your state and federal taxes separately. If you use a tax preparation software, it will guide you on how to file each return separately.
Q: Can I get an extension for both state and federal taxes?
A: Yes, you can file for an extension for both state and federal taxes. However, you must file separate extension requests for each return.
Q: Will I get my state and federal refunds at the same time?
A: No, you will receive separate refunds for your state and federal taxes. The timing of your refunds may also vary.
Q: Do I have to pay state taxes if I don’t owe any federal taxes?
A: Yes, you may still owe state taxes even if you don’t owe any federal taxes. State taxes are calculated separately based on your income and other factors.
Q: What happens if I don’t file my state taxes?
A: If you don’t file your state taxes on time, you may face penalties and interest charges. The specific consequences will depend on the state’s tax laws.
Thanks for Stopping By!
We hope this article helped answer your questions about whether state and federal taxes come around the same time. Remember, it’s important to file both your state and federal taxes on time to avoid penalties and interest charges. If you have any more questions, don’t hesitate to visit us again in the future!