When Are Taxes Due? Filing and Extension Dates for 2023
Late tax payments are especially frustrating because they often could have been avoided with a little bit of planning. To stay ahead of the Internal Revenue Service, jot down the deadlines for filing the necessary paperwork on your calendar.
Tax season technically runs from January to April, but the big day is typically April 15. If that time frame happens to fall on a weekend or holiday, it will be moved to the following Monday.
Because of the observance of Emancipation Day on April 17, and the fact that April 15 is a Saturday this year, tax day will be observed on April 18, 2023. For those filing as an individual or a business, or as a C corporation, this is the deadline.
It is important to remember that the tax filing deadline varies from business entity to business entity, and from fiscal year to fiscal year, if your company is not using the calendar year as its fiscal year.
When is the deadline for filing your taxes?
The due dates for payments remain the same, regardless of whether or not you are granted a grace period. There is a 5% late filing penalty, but only 0.5% per month for late payments. Whether or not your small business can afford to pay its taxes in full, getting them in on time always pays off.
If you are mailing your return, it will be considered "on time" as long as it is properly addressed, has sufficient postage, and is mailed before the close of business on the filing deadline. If you can't get your return in the mail by the deadline, you can e-file it at any time before midnight on that day.
If you are self-employed, your company will likely make four tax payments throughout the year instead of one large payment in the spring. You can think of estimated tax payments as a down payment on your future income and self-employment tax liabilities (Medicare and Social Security). The due dates for these 2023 payments are April 18, June 15, September 15, and January 15 (2024).
We'll put you in touch with a dedicated team of bookkeepers and a tax team who will provide you with year-round tax advice and file your taxes on your behalf. You will have a tax planning session to ensure you are better prepared for next year. We'll relieve you of both headaches—bookkeeping and taxes—for good.
When are tax extensions for 2023 due?
The deadline for requesting a tax extension is April 15. On April 18, 2023, you can still submit your request for a tax extension if you are an individual. Similarly, businesses have until March 15 and April 18 respectively to file for extensions (for S corporations and partnerships, respectively).
2023 Tax Due Dates
Every 2022 tax due date is listed below. If you have an LLC or a S corporation, we also have specific guides for when your tax payments are due.
January 16, 2023
Estimated Payment Schedule Quarterly
Put 2022 out of your mind forever. Today is the date by which you must submit your fourth and final estimated quarterly tax payment for the previous tax year.
Note: Individuals can avoid the January 16, 2023 payment obligation by filing their 2022 tax returns by January 31, 2023 and remitting any remaining balance due at that time Form 1040-ES (for details).
Tuesday, January 31st, 2023
1) Time to file your W-2 forms
Each employee should have two copies of Form W-2 filled out and submitted to the IRS.The IRS requires only one W-2 form. One must go to the employer, and the other must go to the worker. Both must be completed by January 31st, 2023.
2) Form 1099-NEC Copy A and B filing deadline
If you work with independent contractors, you must file Form 1099-NEC by January 31, 2023. Submit Copy A to the Internal Revenue Service by this date. The contractor also needs to receive Copy B by this time.
3) Form 1099-MISC Copy B filing deadline
Regardless of whether you file electronically or using paper forms, Copy B of Form 1099-MISC must be sent to the payee by January 31, 2023.
February 28, 2023
Form 1099-MISC paper filing deadline. Some 1099s will require a 1099-MISC form.
This due date will only be for paper filing. If you file electronically or miss the paper filing deadline, you can file on March 31, 2023. You must deliver Copy A to the IRS. Copy B is sent to the recipient and is due January 31, 2023.
March 15, 2023
S corporation and partnership tax returns due
Business owners filing taxes for an S corporation or partnership have less time to do their taxes. March 15 is the deadline to file your S corporation tax return (Form 1120-S) or Partnership return (Form 1065). If you’re an S corporation, see our full guide on S corp taxes and deadlines.
Note that S corporations and Partnerships do not pay taxes on their income. That tax is paid on the individual incomes of the shareholders or partners, respectively.
March 15 is also the deadline to file for an extension for S corp and partnership tax returns.
March 31, 2023
Form 1099-MISC Copy A filing deadline
Some 1099s will require a 1099-MISC form. This includes payments to an individual or LLC of at least $600 during the year in rent paid, legal settlements, or prize or award winnings. This due date will only be for electronic filing. You must deliver Copy A to the IRS, and Copy B to your recipient.
April 18, 2023
Estimated quarterly payments
So it begins. If your business pays taxes on a quarterly basis, the first 2023 estimated quarterly tax payment is due today.
Individual Tax Returns Due
This is the deadline to file Individual tax returns (Form 1040). If your income is below $66,000 for the tax year, you can e-file for free using IRS Free File. If your income was above that, you can use the IRS’ free, fillable forms.
If you are a sole proprietor filing Schedule C on your personal tax returns, the April 18, 2023 deadline applies to you too. April 18 is also the deadline to file for an extension to file your individual tax return.
C corporation tax returns due
Today is the deadline to file C corporation tax returns (Form 1120). April 18 is also the deadline to file for an extension to file your corporate tax return.
State Tax Returns
Each state determines their own tax deadlines. To find a list of current state tax deadlines, click here.
June 15, 2023
Estimated quarterly payments
The second 2023 estimated quarterly tax payment is due today.
September 15, 2023
Estimated quarterly payments
The third 2023 estimated quarterly tax payment is due today. If you are an S corporation or partnership that successfully filed for an extension, your tax return is now due.
October 16, 2023
If you are a C corporation that filed for an extension, your income tax return is now due.
This is also the new due date for sole proprietorships that successfully received a tax extension.
November 1, 2023
Start making tax moves!
End of year tax moves can help grow your business and reduce your taxable income for the calendar year. If you haven’t done so already, now’s the time to plan and take action.
December 31, 2023
Tax moves deadline
Today is the final day to make any tax moves for the 2023 tax year.
Set up a solo 401k
If you are self-employed, today is the deadline to set up a solo 401k.
When can I start filing taxes for 2023?
In most years, the IRS begins accepting returns in the middle to latter part of January. The earlier you start working with a tax expert, the less work they will have to do for you later. Demand for their services increases as the deadline approaches, and they have fewer resources to take on new customers.
Exactly when will I receive my tax return?
The IRS promises that most refunds will be issued within 21 days of receiving a tax return. That is not something the IRS would ever guarantee. However, in most cases, you can anticipate receiving your tax refund within three to four weeks of submitting your return.
The IRS Where's My Refund tool allows you to check the status of your refund in as little as five minutes.
Making a Payment on Your Taxes After the Due Date
If you pay your taxes after the deadline, a penalty will be added to the total. This amounts to an extra 0.5% per month on top of the original tax bill (up to a maximum of 25% of the original tax bill) if you don't pay up. Each month that taxes are not paid after they are due, a 5% penalty is added. In other words, filing on time will save you money in penalties even if you cannot afford to pay your tax bill in full.
Consult our team of expert bookkeepers and tax preparers to handle all aspects of your financial reporting throughout the year. During your time with these groups, you will engage in a tax planning session to better prepare you for the upcoming tax year. Let Vincere Tax relieve you of your bookkeeping and tax preparation worries permanently.
I hope this information was helpful! If you have any questions, feel free to reach out to us here. I’d be happy to chat with you.
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This post is just for informational purposes and is not meant to be legal, business, or tax advice. Regarding the matters discussed in this post, each individual should consult his or her own attorney, business advisor, or tax advisor. Vincere accepts no responsibility for actions taken in reliance on the information contained in this document.