Are Taxes Due April 15?

Are taxes due April 15?
April 15 is traditionally tax deadline day for the Internal Revenue Service. That’s not the case in 2022, however, and the change has to do with a holiday in the federal capital.
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Typically, April 15th is the deadline in the US for submitting federal income taxes. The deadline might, however, be extended in rare circumstances. This article will address a number of tax-related queries, including whether filing NJ state taxes is necessary, NJ state tax filing deadlines, and NJ state income tax rates for 2020. When Can You Begin Filing New Jersey Taxes?

The federal tax filing date, which is April 15th, and the NJ state tax filing deadline are frequently the same. The deadline might, however, be extended in rare circumstances. For instance, the COVID-19 pandemic caused the deadline to be pushed out to July 15th in 2020. It is significant to remember that taxpayers are still obligated to pay any taxes due by the original deadline, even if the deadline is extended. When Am I Allowed to File My Taxes for 2022?

On January 1, 2023, taxpayers can begin reporting their taxes for the 2022 tax year. It is crucial to keep in mind that some tax forms could not be accessible until later in the year. For instance, some businesses might wait until the end of January or the beginning of February to release W-2 forms. Do I Need to File New Jersey State Taxes? Depending on their income and filing status, a person’s obligation to file NJ state taxes may or may not exist. An individual must submit a NJ state tax return if their yearly gross income reaches a specific threshold. The gross income cutoff for single filers under the age of 65 for the 2020 tax year was $10,000. The minimum amount for married couples filing jointly was $20,000. To find out if you must file NJ state taxes, it is vital to speak with a tax expert or examine the NJ Division of Taxation website.

What Is NJ State Income Tax Rate 2020 as a result?

A person’s income and filing status affect the NJ state income tax rate for 2020. The tax rate was 1.4% for single filers with taxable incomes of $40,000 or less. The tax rate was also 1.4% for married couples filing jointly with taxable income of $80,000 or less. For those with higher income levels, the tax rate gradually rose, reaching a maximum of 10.75% for those with taxable incomes beyond $5,000,000.

In conclusion, the April 15th deadline for filing federal income taxes is customarily extended in some circumstances. NJ state income tax rates vary based on income and filing status, and filing dates are often the same as those for federal taxes. It’s crucial to ascertain whether you must file NJ state taxes and to speak with a tax expert if you have any tax-related queries or worries.

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“Are Taxes Due on April 15?”

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