The deadline for taxes in the US is quickly approaching. With the 2023 tax season just around the corner, it’s important to understand when and how you need to file your returns.
This article provides an overview of the key dates and requirements associated with filing taxes in 2023, so you can be fully prepared for the deadline for taxes.
We’ll also highlight some tips for making filing easier and stress-free. Understanding the 2023 deadline for taxes can ensure that you have ample time to plan ahead and not miss any important deadlines or opportunities to save money. Let’s get started!
When is the Filing Deadline for Taxes in 2023?
The filing deadline for taxes in 2023 is April 18th. This is the last day you can submit your paperwork and make payments or request an extension from the IRS.
It’s important to note that this date applies to both federal and state taxes, so if you file in multiple jurisdictions, make sure to double-check all of their individual deadlines as well.
Every Tax Deadline in 2023 That You Need to Know About
All taxpayers need to be aware of important tax deadlines so that they can avoid any late fees or penalties.
Let’s take a look at all of the main dates you should have circled in your calendar to make sure you stay on top of the tax season:
January 16, 2023 – 4th Quarter 2022 Estimated Tax Payment Due
For anyone self-employed or who has other income without any tax withholding, and makes quarterly estimated tax payments, this is the final due date to submit payment for the 2022 tax year.
January 2023 – 2022 Tax Season Starts
The Internal Revenue Service (IRS) will be officially accepting and processing federal tax returns for the 2022 year.
January 31, 2023 – Employers Must Send W-2 Forms to Employees
The IRS mandates that all employers must send employees a W-2 no later than January 31 of the following year after the tax year ends. It is generally expected that employers will send out W-2s by this date, but employees may not necessarily receive them on or before this day.
January 31, 2023 – Certain 1099 Forms Are Sent
The 1099 forms, including 1099-NEC, 1099-MISC, and the 1099-K, are used to report payments that normally don’t come from an employer, such as those received by independent contractors, gig workers, or self-employed individuals as well as income from interest, prizes, rents, dividends, and royalties.
February 15, 2023 – Reclaim Exemption From Withholding
If you claimed an exemption from employer tax withholding on your paycheck the previous year by filing a Form W-4, you should re-file the form before this date. This request can be submitted if you expect to not have any tax obligations this year and had none in the prior year.
March 15, 2023 – Taxes Due for Some Business Types
Partnerships, multi-member LLCs, and S-Corporations must file Form 1065 or 1120S by March 15th, 2023 if their business is based on a calendar year. If a fiscal year is used, the tax return should be submitted by the 15th of the third month after the end of their tax year.
April 3, 2023 – Required Minimum Distribution Due if You Turned 72 in 2022
Individuals who turned 72 in 2022 must take their first required minimum distribution (RMD) from their retirement account by April 3rd, 2023. The SECURE Act of 2019 changed the RMD age to 72 if they were born on or after July 1st, 2019, meaning those individuals do not have to take an RMD until they reach 72 years old.
April 18, 2023 – Tax Day and Deadlines to File Federal Income Tax Return and Request Extension
Tax filing usually takes place on April 15th annually, but can be postponed if it falls on a weekend or holiday. This year, the federal tax deadline happens to be on April 18th.
Failing to file your tax return by the due date can result in penalties and extra charges. If you need an extension, submit Form 4868 by this date. This is also the deadline for individuals to make IRA and HSA contributions for 2022.
April 18, 2023 – First Quarter 2023 Estimated Tax Payments and C-Corporation Taxes Due
Estimate how much you’re likely to make this year and calculate the taxes due with IRS Form 1040-ES. C-Corporations must submit form 1120 by April 18th, 2023 if they follow a calendar year.
June 15, 2023 – Second Quarter 2023 Estimated Tax Payment Due
Payments labeled as ‘quarterly estimated taxes’ by the IRS don’t necessarily line up with quarters of the year or equate to three months of taxes. Instead, they’re an equal share of your expected tax liability paid at irregular periods.
The first payment is due 3 and a half months into the year, the second 5 and a half months in, the third 8 and a half months in, and the final payment 12 and a half months into the year.
September 15, 2023 – Third Quarter 2023 Estimated Tax Payment Due and Deadline for Some Business Type Returns
This is the last day to pay estimated taxes for the third quarter as well as the deadline for S-corporations and extended partnerships to file their returns.
October 16, 2023 – Deadline to File Extended 2022 Tax Returns
If you requested an extension on your taxes, the due date for filing your return is this same day. Extended C-Corporation returns must also be filed by this deadline.
December 31, 2023 – 2023 Required Minimum Distributions for Anyone Aged 73+
If you are age 73 or older, it is essential to take your required minimum distributions (RMD) by the end of 2023. Even if you turned 72 in 2022 and took your first RMD for this year on April 1, 2023, you still need to take your 2023 RMD by the end of the year. This deadline applies if you are otherwise obligated to take an RMD for 2023 as well.
January 15, 2024 – Fourth Quarter 2023 Estimated Tax Payment Due
The final quarterly estimated tax payment for 2023 has to be made. If you opt to pay the full amount of your taxes from the prior year, all remaining unpaid taxes must be paid by April 2024 when filing your 2023 individual tax return.
| Date | Deadline |
|---|---|
| Jan 16, 2023 | 4th Quarter 2022 Estimated Tax Payment Due |
| Jan 2023 | 2022 Tax Season Starts |
| Jan 31, 2023 | Employers Must Send W-2 Forms to Employees |
| Jan 31, 2023 | Certain 1099 Forms Are Sent |
| Feb 15, 2023 | Reclaim Exemption From Withholding |
| Mar 15, 2023 | Taxes Due for Some Business Types |
| Apr 3, 2023 | Required Minimum Distribution Due if You Turned 72 in 2022 |
| Apr 18, 2023 | Tax Day, Deadlines to File Federal Income Tax Return and Request Extension |
| Apr 18, 2023 | First Quarter 2023 Estimated Tax Payments and C-Corporation Taxes Due |
| Jun 15, 2023 | Second Quarter 2023 Estimated Tax Payment Due |
| Sep 15, 2023 | Third Quarter 2023 Estimated Tax Payment Due and Deadline for Some Business Type Returns |
| Oct 16, 2023 | Deadline to File Extended 2022 Tax Returns |
| Dec 31, 2023 | 2023 Required Minimum Distributions for Anyone Aged 73+ |
| Jan 15, 2024 | Fourth Quarter 2023 Estimated Tax Payment Due |
Things to do Before a Tax Deadline
As the tax deadline approaches, there are a few key things you can do to prepare and ensure a stress-free filing process. Here are 5 things to do before the tax deadline:
- Gather your documents and records. Collect all the needed documentation, including W-2 forms, 1099s, receipts, and other relevant records. Having everything in one place will make it easier to prepare your return.
- Review the tax code for changes. There may have been changes to the tax code since you last filed, so it’s important to review any updates that could impact your return.
- Choose the right filing status. There are different filing statuses available, so make sure to choose the one that best applies to your situation. This can affect your tax liability and refund amount.
- Calculate your deductions and credits. There are many deductions and credits available that can lower your tax bill. Take the time to calculate which ones you’re eligible for so you can maximize your savings.
- File electronically for a faster refund. Filing electronically is the quickest way to get your refund, so be sure to take advantage of this option if you’re expecting a refund from the IRS.
Tax Filing Resources
Tax filing can be a daunting task, especially when dealing with changing rules and regulations. Thankfully, there are a variety of resources available to help make the process simpler and less stressful. Let’s take a look at some tax filing resources that are invaluable in helping you stay informed and equipped to make the right decisions concerning your taxes…
Tax preparation services
If you’re not confident about your ability to file taxes on your own, you may want to consider using a professional tax preparation service. These services provide knowledgeable and experienced staff to help you understand the complexities of filing taxes and make sure your return is done accurately. Check out the best tax preparation services for 2023 here.
Standard deduction 2022 Information
Taking the standard deduction can be a great way to reduce your taxable income. To make sure you’re getting the best deal possible, it’s important to understand the current rules and regulations about the standard deduction. You can use this guide as a valuable resource to learn everything you need to know about the standard deduction 2022.
Free tax advice
If you’re not sure about certain aspects of tax filing, free advice is often available from certified public accountants or other qualified professionals. There are also IRS-sponsored programs that offer free tax advice. It’s important to seek out credible sources of information like this when it comes to tax filing so that you can make the right decisions.
Income tax brackets
Knowing the current income tax brackets can be a valuable tool when it comes to filing your taxes. It’s important to be aware of these brackets so that you can calculate your tax liability accurately and make sure you’re getting the best deal possible.
Best tax software for the self-employed
Researching the best tax software for the self-employed is a great way to make sure you’re getting the most out of your filing process. Different software programs offer a variety of features and tools to help you maximize your tax savings. Check out the Best Tax Software for Self-Employed People.
How to file self-employment taxes
Filing self-employment taxes can be a complicated process. It’s important to understand the rules and regulations so that you can learn how to file self-employment taxes accurately and on time. Make sure to research how to file taxes as a self-employed individual so that you can make the most of your deductions and credits.
Home office deductions
For those who frequently work from home, there are a variety of deductions available. It’s important to understand how to properly calculate these deductions so that you can maximize your savings. Here’s a guide on Last Minute Tax Advice for Home Office Deductions.
Small business taxes articles, tips, and resources
Small business taxes can be overwhelming, but luckily there are a variety of resources to help you get the job done correctly. Check out these articles, tips, and resources to make filing small business taxes easier. The content is updated regularly to keep up with the latest developments in tax laws and regulations.
IRS Free File
With IRS Free File, you can easily and securely prepare and file your federal individual income tax returns with the help of guided tax preparation software. The process is absolutely free of charge, convenient, and safe, and you don’t have to worry about any hidden costs.
What Happens if You Miss the Tax Deadline?
If you miss the tax deadline, you may be subject to penalties and interest fees. The IRS may also garnish your wages or seize your property to satisfy the unpaid tax debt. To avoid these consequences, it’s important to file your return and make any necessary payments as soon as possible.
What happens if you miss the tax filing deadline and are owed a refund?
If you are owed a refund, there is no penalty for filing your federal tax return late. However, if you failed to file and owe taxes, you should file a return as soon as possible and pay as much of the tax owed as possible to reduce penalties and interest. The IRS will process your return and send your tax refund once they have received your tax return.
What if I owe more than I can pay?
If you owe more taxes than you can pay, the situation may seem overwhelming, but it’s essential not to ignore the situation. The IRS offers various solutions to help taxpayers who can’t afford the tax they owe. Keep in mind, though, while the IRS does provide these options, you may still be subject to interest and penalties. Here’s more detailed information:
- Installment Agreement: This is a payment plan where you can make monthly payments towards your tax debt. To use this option, you must file all required tax returns. There are different types of installment agreements, such as guaranteed installment agreements, streamlined installment agreements, and non-streamlined installment agreements.
- Offer in Compromise: This is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. This is generally an option when payment in full will create financial hardship.
- Temporarily Delay the Collection Process: If you’re facing significant financial hardship, the IRS may temporarily delay collection until your financial condition improves. But remember, the tax debt usually increases because penalties and interest are charged until you pay the full amount.
- Filing an Extension: If you need more time to pay, you can apply for an additional 120 to 180 days to pay your account in full with the “Full Payment” agreement. No setup fee is required, but the late-payment penalty and interest will continue to add up until the account is fully paid.
- Using a Credit Card or a Loan: If possible, paying your tax liability in full with a credit card or a loan may reduce the amount of interest and penalties you’ll pay the IRS.
Here are the potential consequences of owing taxes:
- Interest: Generally, interest starts accruing from the due date of the return until the entire amount is paid in full.
- Late payment penalty: The penalty is usually 0.5% of the tax owed for each month, or part of a month, that your tax remains unpaid after the due date, up to 25%.
- Tax lien: The IRS may file a federal tax lien to protect its claim against your assets.
- Levy: If you don’t arrange to pay, the IRS has the right to levy, seize, and sell any type of personal or real property that you own or have an interest in.
If you find yourself unable to pay the taxes you owe, it’s crucial to take immediate action. Consult with a tax professional to understand your options and choose the best course of action based on your financial situation.
Do Federal and State Taxes Have the Same Due Date?
Federal and state tax due dates are not necessarily the same. Each state has its own filing deadline for taxpayers. Check your state government website for specific date information.
What’s the fastest way to file my tax return?
Electronic filing is the fastest and safest way to receive your refund. It takes only 24 hours for electronic returns to be processed, compared to weeks for paper returns. Even if you file a paper return, you can still select direct deposit as your refund method.
What happens to my tax deadlines if I live in an area impacted by a natural disaster?
The IRS may grant you extra time to file tax returns and make payments if you live in an area affected by a natural disaster, such as a hurricane or earthquake. For more information, visit the IRS website or contact your local IRS office.
What if I made a mistake and need to re-file my taxes?
To make changes to your existing tax return, use Form 1040-X (Amended U.S. Individual Income Tax Return) and follow the instructions included. It may be necessary to amend your return if you previously reported the wrong filing status, dependents, total income, deductions, or credits. Be sure to double-check all information on your amended form before submitting it to ensure accuracy.
When are the state income taxes due in 2023?
The deadline to file your federal income taxes is Tuesday, April 18, 2023, and most states usually have their tax deadlines following the same calendar. so it’s likely that your state income tax return will also be due on this date, but it’s important to check with your state government website for specific filing requirements.
What is the tax extension deadline for the 2022 tax year?
April 18, 2023 is the deadline to submit Form 4868 and request an extension on your federal taxes. If you are unable to file by this date, filing for an extension will give you until October 16, 2023 to complete and submit your tax return.
When can you file taxes for 2022 in 2023?
The IRS will typically start accepting tax returns at the end of January, with an official announcement coming sometime in the middle of the month. For example, the IRS began accepting 2021 tax filings on January 24, 2022, after announcing they would be doing so on January 10.
When does the tax season start?
Tax season usually begins during the last week of January each year. It’s important to file your taxes with the IRS during this time and claim any applicable credits or refunds you’re due. If you need more time, an extension may be requested with no penalty by filing Form 4868 by tax day at the latest.
When is tax day?
Tax Day for the 2022 tax year falls on Tuesday, April 18th, 2023. This deadline applies to any individual or small business seeking to file their taxes with the IRS. If you need an extension, make sure to file Form 4868 no later than tax day. Failing to do so will result in hefty fines and penalties by the IRS.
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This article, “When is the 2023 Deadline for Taxes? Everything You Need to Know” was first published on Small Business Trends
