One question that our tax preparation team is asked this time of year is, “When are my taxes due?” The short answer is that it depends. For most filers, this year’s deadline to file individual and C Corporation business taxes (if your business operates on a calendar year) is April 18, since the 15th falls on a Saturday and Monday is Emancipation Day, a state holiday celebrated in Washington, D.C.
If your new year’s resolution was to get better prepared for tax time, here’s a list of 2023 tax deadlines and dates that you’ll want to keep handy to stay ahead of things.
These dates apply to those filing personal taxes, whether you’re a single filer, married filing jointly, married filing separately or classified as head of household. Use this IRS tool if you’re unsure about your filing status. The following deadlines also apply to employees, retirees, self-employed individuals, independent contractors, and gig workers.
- January 17, 2023 – 4th Quarter 2022 estimated tax payment due. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is the due date for your final quarterly payment for the 2022 tax year.
- January 23, 2023 – 2022 Tax season begins. This marks the first day the IRS will begin accepting and processing 2022 federal tax returns.
- January 31, 2023 – Due date for employers to send W-2 forms. To ensure you’re able to complete your tax return on time, the IRS requires all employers to send employees a W-2 no later than January 31 following the close of the tax year. Generally, this means W-2s get sent by January 31, but you won’t necessarily receive your form by this date.
- January 31, 2023 – Certain 1099 forms are sent. Various 1099 forms, and forms 1099-NEC,1099-MISC, and 1099-K are used to report payments that typically don’t come from an employer, such as if you work as an independent contractor, gig worker, or self-employed person or if you receive income such as interest, dividends, prize winnings, rents, royalties, or brokerage account transactions. If January 31 falls on a weekend or holiday, these forms are due to be sent the following business day.
- February 15, 2023 – Reclaim your exemption from withholding. If you chose to claim an exemption from your employer withholding taxes from your paycheck last year by filing a Form W-4, you’ll need to re-file the form by this date. You will file this exemption request if you anticipate having no tax liability this year and had none in the previous year.
- April 3, 2023 – Required minimum distribution due if you turned 72 in 2022.
If you turned 72 in 2022, you have until April 3, 2023, to take your 2022 required minimum distribution (your first required distribution) from your retirement account. After passage of the SECURE Act in 2019, if you turned 70 years old on or after July 1, 2019, you don’t need to take RMDs until you reach age 72.
- April 18, 2023 – Tax Day
- April 18, 2023 – Deadline to File Form 4868 and request an extension. This is the last day to file Form 4868 requesting an extension to file your individual income tax return. If you aren’t ready to file your tax return by Tax Day, make sure you file an extension request. If you get an extension, you’ll have until October 16, 2023, to file your return. With an extension, you are still required to pay any taxes you may owe by the April deadline.
- April 18, 2023 – Deadline to make IRA and HSA contributions for 2022 tax year. For individual income tax return filers, this also marks the final day to make contributions to your IRA or HSA for the 2022 tax year. After this date, you generally can’t make contributions for the previous tax year.
- April 18, 2023 – First quarter 2023 estimated tax payment due. This is the date where you’ll need to estimate how much income you’re likely to make for the calendar year and therefore how much you will owe to the IRS for income taxes. To help calculate your tax liability, use IRS Form 1040-ES. IRS Publication 505 features more information to calculate your liability. If you overestimate how much you owe and end up being owed a refund, you can choose to receive that money now or apply the overage to the following year’s quarterly tax payments.
- June 15, 2023 – Second quarter 2023 estimated tax payment due.
- September 15, 2023 – Third quarter 2023 estimated tax payment due.
- October 16, 2023 – Deadline to file your extended 2022 tax return. If you chose to file an extension request on your tax return, this is your new due date for filing your tax return.
- December 31, 2023 – Required minimum distributions must be taken for individuals aged 73 or older by the end of 2023. After taking your first RMD (for 2022) by April 1, 2023, if you turned 72 in 2022, you also need to take your 2023 RMD by the end of the year. This is also the deadline if you are otherwise required to take an RMD for 2023.
- January 16, 2024 – Fourth quarter 2023 estimated tax payment due. This date marks the day that the final quarterly estimated tax payment is due for 2023. If you choose the option to pay 100% of your previous year’s tax liability, any unpaid taxes will be due when you file your 2023 individual tax return by the April 2024 deadline.
Businesses – Partnerships
These deadlines apply to businesses and partnerships, including LLCs, C Corps (Form 1120), and S Corps (Form 1120S) and those that operate on a calendar year. If you have a business that operates on a non-calendar year, your return is typically due on or before the 15th day of the third or fourth month (depending on the type of business entity) after the close of your fiscal year. If the due date falls on a Saturday, Sunday, or legal holiday (such as this year), the due date is moved to the next business day.
Here are tax deadlines for most businesses. For a complete list of deadlines, check out this IRS calendar of all tax deadlines.
- January 16, 2023 – 4th Quarter 2022 estimated tax payment due
- January 23, 2023 – 2022 Tax season begins
- January 31, 2023 – Employers send W-2s forms to employees
- January 31, 2023 – Send certain 1099 forms
- March 15, 2023 – Taxes are due for some business types (partnerships, multi-member LLCs, and S-Corporations). Businesses entities that are on a calendar year must file Form 1065, or 1120S by March 15, 2023. If your business uses a fiscal year, file your tax return by the 15th day of the third month following the close of your tax year.
- April 18, 2023 – Taxes for C-Corporations are due. Businesses that are classified as C-Corporations need to file form 1120 by April 18, 2023, if they are a calendar year business. If your business is on a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year.
- September 15, 2023 – Deadline for extended partnership and S-corporation returns
- October 16, 2023 – Deadline for extended C-corporation returns
If you’ve missed a deadline, there are options, depending on the deadline and whether you owe money to the IRS or are expecting a refund. If you think you’re owed a refund, you have three years from your tax return date to claim your tax refund. Wait longer than that, and your refund might go to the U.S. Treasury.
If you think you owe money to the IRS, time is of the essence. Every day you wait to file, the IRS charges interest, failure to file penalties and failure to pay penalties until you not only file your return, but also pay the balance.
Another option is to use Form 4868 to request an extension. Most filers receive a six-month extension. This gives you extra time to file, but unfortunately, not additional time to pay what you owe. If you haven’t completed and filed your tax return by the due date, and have been granted an extension, you’ll still have to estimate the amount you owe and pay the IRS by tax filing deadline.
Contact us for more information and help to prepare and file your 2023 taxes for tax year 2022. Click here for a comprehensive list of all tax deadlines.