Penalties for late filing can be steep, and interest rates are climbing ever higher. Take the standard penalty for failing to file your annual tax return on time, for example, which costs you 5% of the amount due for each month your return is late. And if you pay your taxes late, the monthly penalty is 0.5% of the unpaid amount, up to 25% of what you owe, plus interest on the unpaid taxes.
But by knowing the tax deadlines that apply to you ahead of time, you can be prepared for the upcoming filings to help avoid penalties all together. (Note: This is not a complete list of filings—just the ones most common for our clients!)
INDIVIDUAL
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
- The 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 you 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.
- 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.
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.
April 18, 2023
- Tax Day (unless extended due to local state holiday). The tax deadline typically falls on April 15 each year, but it gets bumped to the 18th because it falls on a weekend this year.
- Deadline to File Form 4868 and request an extension. The Tax Day deadline is also the last day to file Form 4868 requesting an extension to file your individual income tax return. If you won’t be ready to file your tax return by Tax Day, make sure you instead complete an extension request, granting you the ability to delay filing a completed return until October 16, 2023. But remember, even if you choose to file an extension, you are still required to pay any taxes you may owe by the April deadline.
- 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.
- Deadline to file or extend Fiduciary Income Tax Returns and Gift Tax Returns. The filing deadline for Form 1041 and Form 709 is April 18. If you won’t be ready to file your tax return by that date, you can extend to delay filing a completed return until October 16, 2023.
- First quarter 2023 estimated tax payment due. Making estimated tax payments means that you need to estimate how much income you’re likely to make for the year and determine how much you will owe to the IRS for income taxes. If you overestimated how much tax liability you’d owe for a year and are due 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. Despite the IRS referring to these payments as quarterly estimated taxes, the due dates don’t necessarily fall within “quarters,” nor do they each represent three months of tax payments. They represent an equal quarterly share of your estimated income tax liability paid at uneven intervals. The first payment occurs 3 and a half months into the year. The second payment is five and a half months; the third payment is eight and a half months, and the fourth payment is due 12 and a half months after the year starts.
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 the due date for filing your tax return.
December 31, 2023
- Required minimum distributions must be taken for individuals age 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 represents the final quarterly estimated tax payment due for 2023. If you choose the option to pay based on 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.
BUSINESS
January 31, 2023
- Deadline for any employees or independent contractors you hired last year to receive their W-2, 1099-NEC, or 1099-MISC tax forms.
March 15, 2023
- Deadline to file or extend business tax returns for partnerships, S Corporations, or LLCs that are taxed as partnerships. Note this is the deadline for calendar year filers. While most taxpayers fall under this category, there are special exceptions for fiscal-year taxpayers. If your tax year doesn’t start on Jan. 1, you will instead follow the IRS fiscal year due date.
April 18, 2023
- Deadline to file or extend taxes for C Corporations are due. Businesses organized as C Corporations need to file form 1120 by April 18, 2023, if they are a calendar year business. See IRS guidelines or contact your tax advisor for details.
September 15, 2023
- Deadline for extended partnership and S Corporation returns.
October 16, 2023
- Deadline for extended C Corporation returns.
December 15, 2023
- Fourth quarter 2023 estimated tax payment due.