If there's anything scarier than a nightmare, then it's certainly missing tax filing deadlines, and with the advent of 2023, we are sure you don't want to miss out on this essential date of the year. Taxpayers should know that the due date for filing income tax returns for 2023 is near. Thus, understanding when taxes are due and taking action before this deadline can help avoid costly penalties or other unpleasant consequences.
Therefore, don't let tax filing deadlines sneak up on you - be proactive and ensure you don't get hit with unnecessary fines! Be sure to save all relevant dates to your calendar so you're always one step ahead. It's unbelievably infuriating to dish out the extra financial burden due to something that could have easily been avoided; taking a few moments now will certainly pay off later. In this article, we will update you on the tax due dates for 2023 and how to go about it. Check these year's essentials below.
When Is "Tax Day"?
This year, the official tax day is April 18, 2023. April 15 falls on a Saturday, and the 17th is set aside for Emancipation Day. This deadline applies to all individual taxpayers, sole proprietors, and C corporations that use the standard calendar year for taxation purposes.
However, if you are on a different fiscal cycle, then your filing date could be different depending on the type of your entity and when its financial year ends. So making sure you will be ready by April 18 is crucial!
What's The Deadline To Pay Your Taxes?
Whatever method you use, it's important to prioritize timely tax filing for your small business. Even if you qualify for an extension, payment deadlines don't change. The penalties for late payment are 0.5% of the taxes due each month compared to 5% for late filing. Filing on time pays and guarantees you're not hit with any hefty additional costs.
If you're submitting a paper return, ensure it's correctly addressed and postmarked by the filing deadline to avoid penalties. For electronic filing, get your details submitted before midnight that day. Doing this will give you peace of mind knowing that everything is in order with regard to taxes, so you can move on to other important matters without it weighing on your mind!
You might be paying your taxes in multiple sums instead of one if you're self-employed. This type of tax is called Estimated Tax Payments. One can consider it an advance payment of your gross income and self-employed taxes that concern additional like medicare and social security. The tax filing due dates for self-employed individuals are April 18, 2023- June 15- September 15, and January 15, 2024.
When Are Taxes Due In 2023?
Right down to the wire! Even if you are crunched for time during tax season, the IRS will still grant you a few extra weeks to organize your affairs. Individuals filing have until April 18, 2023 - which is only a short way away - while businesses have more time depending on their classification; S corps and partnerships have until March 15, and C corps can file until April 18.
With an extension, you now have time to ensure that all of your records are up-to-date before you finalize your taxes. So don't panic! The deadline isn't quite yet.
2023 Tax Deadlines
Looking at the list of all tax deadlines this year provides an overview of planning accordingly. Therefore, going forward and deeper into LLC and S corporation tax filing dates will give you more detailed information to ensure nothing goes amiss. Check out our specific guides for these added below to keep your business up to date with filing requirements and deadlines.
January 16, 2023
Estimated Quarterly Payments
As the year 2022 ends, it also marks the end of the fourth estimated quarterly tax payment – a final farewell to 2022 it was! But if you have missed the tax day for January 2022, make sure that you file your 2022 tax return by January 31, 2023, and settle any remaining balance with your return!
You can fill out Form 1040-ES Estimated Tax for Individuals.
January 31, 2023
Form W-2 Filing Deadline
Knowing the importance of completing a Form W-2 correctly, employers must provide themselves and their employees with one of each.
At the end of the year, this document informs the IRS about taxes that have been paid while allowing employees to maintain records of their incomes and amounts withheld for future reference.
Failure to submit both forms by January 31, 2023, could result in adverse actions such as penalties and fines against those who do not meet this deadline.
Form 1099-Nec Copy A And B Filing Deadline
By January 31, 2023; filing the requisite Copies A and B of Form 1099-NEC with the IRS and the independent contractor, respectively is essential. This form allows for the accurate documentation of taxes withheld from non-employee compensation.
Failure to meet this deadline could incur a penalty fee, so it is important to keep this information in mind.
Form 1099-Misc Copy B Filing Deadline
As an employer, it is imperative that you stay on top of taxes and the corresponding paperwork. With the new year comes a deadline of January 31, 2023, to deliver Copy B of Form 1099-MISC (Miscellaneous Income) – regardless of whether you file electronically or with paper forms.
February 28, 2023
Form 1099-Misc Paper Filing Deadline
If you're preparing your taxes for the upcoming filing season, remember that unless you file electronically, Copy B of Form 1099-MISC must be sent out by January 31 this year.
This particular form is intended for reporting payments made by businesses to individuals and independent contractors throughout the year - so take into account any such services rendered to fill out this document accurately.
Ensure all relevant documents are filed and sent on time, so your filing process goes off without a hitch!
March 15, 2023
S Corporation And Partnership Tax Returns Due
The clock is ticking for business owners filing taxes as an S corporation or partnership! March 15 is the deadline to submit Form 1120-S and Form 1065. But remember – since either entity pays no tax on their income, the individual shareholders or partners are responsible for paying any taxes due.
Don't forget to submit your extension request form if you need more time.
March 31, 2023
Form 1099-Misc Copy A Filing Deadline
If you paid someone over $600 in rent, reimbursement for legal settlements, prizes, or awards in the past year, you must file a 1099-MISC form with the IRS before the electronic filing due date. You must also deliver Copy B to your recipient and Copy A to the IRS.
Don't wait till the last minute to get this important step taken care of – it's essential for taxation paperwork!
April 18, 2023
Estimated Quarterly Payments
This day will mark the official starting point for the 2023 tax year and will be the ideal time to pay your estimated quarterly taxes if your business operates on a quarterly basis.
File your Form 1040–ES, Estimated Tax for Individuals, with its accompanying payment Voucher 1, to ensure that all your financial obligations are fulfilled. In addition, filing on time guarantees that you don't have to worry about any additional penalties or fines come tax season.
Individual Tax Returns Due
If your annual income was under $66,000, you could use IRS Free File to file for free. Those with earnings above this amount can also benefit from the IRS' free, fillable forms.
Regarding Schedule C filings, April 18, 2023, deadline applies.
Additionally, filers can request an extension before April 18 to prevent potential penalties if a return isn't submitted by the due date.
C Corporation Tax Returns Due
April 18, 2023, is the day corporate tax returns must be filed. That said, those struggling to file their forms on time can opt for an extension through Form 7004.
A Form 7004 will provide additional time for small businesses to compile their records and complete Form 1120 – the U.S. Corporation Income Tax Return – but it must be applied for by today's deadline, too.
Consider 6 Tax Moves Before The Tax Deadline
Tax season- the most dreaded time of the year! Every year, filers across the country panic and scramble to get their taxes in on time and make sure they are using every available deduction to reduce their tax burden. So but of course, feeling a bit overwhelmed is obvious. So here are 6 valuable moves to consider that can help you save money and ensure you get all your deductions during this last month before April 15, 2023, filing deadline.
1. File Your 2019 Tax Return (Yes, 2019)
Claiming your tax refund might feel like extra work, but with the U.S. Treasury holding onto your hard-earned money otherwise, it's definitely worth the effort! It's important to understand that if you missed last year's tax filing deadline of April 18 (tax day) and were due a refund, you only have until the same date this year to submit Form 1040 and get your hands on that refund. Missing the 2022 deadline means U.S. Treasury will keep your money, so be sure to take action now, as time is running short!
2. Max Out Your 401(K) By December 31
Contributing to a traditional 401(k) is an excellent way to save money for the future and reduce your tax liability in the process. When you contribute to a 401(k), the number of contributions you make up to the annual limit will reduce your total taxable income for the year.
For example, if you earn $65,000 and contribute $20,500 (the 2022 limit), you'll only pay taxes on $45,500 instead of all your salary income. This can add up to thousands of dollars saved each year when it comes time to file taxes! Additionally, many employers offer matching contributions on 401(k)s; if you make the max contribution each year, it's essentially free money adding up over time!
3. Contribute To Or Open An IRA By Tax Day
Contributing to an IRA is one of the most effective ways to save for retirement. However, contribution limits apply, so it's important to know your options well before getting started. For traditional IRAs, individuals can make tax-deductible contributions until April 18, 2023, the tax deadline for the 2022 tax year.
The maximum contribution allowed per individual is $6,000 — or $7,000 if you are 50 or older. So be sure to check all relevant rules and regulations before making any contributions. That way, you'll be able to maximize your savings and enjoy a comfortable retirement in the future.
4. Contribute To Your Health Savings Account
An HSA, or health savings account is a tax-friendly way to cover medical expenses for those with a high-deductible health plan. For the 2022 tax year, individuals can contribute up to $3,650 to their HSA, and families can save up to $7,300.
To qualify for this tax benefit, individuals must make sure they establish their account and contribute funds by April 18, 2023, tax deadline. As an additional bonus for those aged 55+, individuals can contribute an extra $1,000 over the respective limits mentioned above.
5. File For An Extension By Tax Day (But Still Pay)
So you're looking to file an extension on your income tax return? If you haven't been able to complete or submit yours by April 18, you can seek peace of mind by filing IRS Form 4868 - it's basically a request for more time to get it right.
Most taxpayers will gain up to six extra months – until October 16 – when they use this form. It's important to note, though, that extending the deadline doesn't mean putting off the payment of your taxes. Instead, you'll need to estimate your payment due and include it with your Extension request; otherwise, you could be charged late-payment penalty fees down the line.
When Are Taxes Due In Your State?
Tax season can be stressful, so it's important to make sure you plan in advance and know all the key dates around filing your taxes. Depending on where you reside, your local tax day could differ from what is usually expected of most taxpayers. It is, therefore, crucial that you reach out to your state's tax department, which will be able to guide you through the process and provide clear information about when you are taxes due or any potential extension options you might have. Doing this will help you look out for yourself and avoid any unnecessary financial consequences resulting from missing payment/filing deadlines.
When Can I Start Filing Taxes For 2023?
Getting your taxes done early is often beneficial. As we approach the regular filing deadline, tax professionals tend to fill up quickly and become overwhelmed with clients. If you wait too long, you may not find a date that works for both of you to complete your return in time.
Usually, the IRS begins receiving returns around mid-January, so if you plan on enlisting help from an accountant or tax specialist, it's best to start shopping around sooner rather than later.
When Will I Get My Tax Refund?
Filing your taxes can be a stressful endeavour. So it's heartening to know that, in most cases, you can expect to receive your tax refund within just three weeks of filing your return with the IRS.
This isn't an official IRS statement, but rather an estimated timeline based on past experience that taxpayers across the country have reported.
If you'd like to know exactly when to expect yours, simply visit the IRS' Where's My Refund tool for exact details about how far along your refund is.
What If I Pay Your Taxes Late?
If you miss the due date for paying your taxes, there is a penalty. Each month if you don't settle your original amount, you'll be charged an additional 0.5% of taxes owed (with a max of 25% of the total). So don't think you can get away with leaving it too late – this penalty will accumulate until you eventually pay what is owed.
Therefore, when it comes to taxes, the earlier you file and pay your bill, the better. Not only will you avoid costly late filing penalties—5% of unpaid taxes each month—but you could also qualify for the Fresh Start program to ease your worries.
How Can Fincent Help Pay Your Taxes?
With Fincent, you can make tax preparation easier than ever. This innovative tool lets users input their financial data into an organized and secure interface, helping them quickly calculate the correct tax return figures. Fincent enables users to easily access records of past returns as well as generate reports for analysis. It eliminates much of the stress and guesswork associated with tax filing by providing clarity and reliability in record keeping. Rather than spending hours manually preparing your taxes, Fincent enables you to achieve more accurate results in a fraction of the time.
Fincent provides users with many features that can help make their daily budgeting and financial management more manageable. For example, with innovative tracking tools, users can better track their spending and create personalized budget plans that fit their lifestyles.
Fincent's AI-integrated tools help customize the user experience by providing useful tips for better money management. For example, it can suggest improving saving habits or creating simple budgets. One can also secure data storage, ensuring that your information remains private and secure in the cloud.
Therefore, using Fincent financial software is a great way to take control of your finances from the comfort of your home.
Tax season can be a stressful and confusing time for many people. With deadlines fast approaching, it's important to ensure you know when to file your taxes, how long it will take to get your refund back, and the consequences of filing late. At Fincent, managing finances can be challenging and equally time-consuming. That's why we've created an innovative financial platform that helps you do just that - simplify the complex process of filing taxes with ease and accuracy in less time. In addition, our software includes AI-integrated tools that help customize the user experience by providing useful tips for better money management and secure data storage, ensuring your information remains safe at all times.
Experience the power of financial technology and on-time bookkeeping with Fincent, and take control of your finances from the comfort of your home. So start taking charge of your financial future today!
Fincent: Your Business's Personal Financial Wizard - From Bookkeeping to Tax Filing