2023 Tax Updates and Deadlines You Need to Know
Tracking tax deadlines is essential to healthy financial management. A missed deadline can result in penalties, interest charges, or even legal action. To avoid these consequences, you need to be aware of the deadlines for the upcoming tax year.
Let’s take a look at every deadline you need to know in 2023, including due dates for filing returns, making payments, and requesting extensions. By staying informed and organized, you will stay ahead of the curve and ensure a stress-free tax season.
Key Takeaways
- Individual income tax returns and extensions are due April 18th, 2023. Some people affected by natural disasters including those in California, Georgia, and Alabama have been given an extension to October 16, 2023 for filing both Federal and State tax returns as well as estimated tax
- Independent contractors, gig workers, and self-employed people usually have to make quarterly estimated tax payments at pre-set dates throughout the year.
- Partnerships (including multi-member LLCs) and S-Corps filing deadlines are typically either March 15 unless they operate on a fiscal year. A six-month extension to September 15 (or five months after the original deadline) can be requested.
When Are 2022 Taxes Due?
For most individuals who are calendar year filers, tax returns and extensions, will be due on April 18th instead of April 15. This is due to April 15th falling on a weekend and a Washington D.C. holiday (Emancipation Day) which will be observed on April 17th.
Important Updates for Taxpayers in California
California has extended the tax filing and payment deadlines to October 16, 2023 for residents affected by the winter storms in December and January. This move, which is in line with the Biden Administration’s decision to extend various due dates until the same date, comes in addition to the tax relief measures announced by Governor Gavin Newsom in January.
“As communities across the state continue recovering from the damage caused by the winter storms, California is working swiftly to help recovering Californians get back on their feet,” said Governor Newsom. “The state is aligning with the Biden Administration and extending the tax filing deadline in addition to the tax relief announced earlier this year.”
The following counties are eligible for this extended tax relief, per the IRS announcements here and here:
Residents and businesses in Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Inyo, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Nevada, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Siskiyou, Solano, Sonoma, Stanislaus, Sutter, Tehama, Trinity, Tulare, Tuolumne, Ventura, Yolo, and Yuba counties who have been affected by severe winter storms, flooding, landslides, and mudslides are eligible for tax relief.
Important Tax Deadlines and Dates
Individual Filers
For individual filers, such as employees, retirees, self-employed individuals, independent contractors, and gig workers, it’s crucial to keep track of important tax deadlines and dates. Failing to meet these deadlines could result in penalties and interest charges, so it’s essential to stay informed and stay on top of your tax obligations.
January 16, 2023 – Final quarter 2022 estimated tax payment due for self-employed individuals or those without tax withholding.
January 23, 2023 – IRS begins accepting and processing 2022 federal tax returns.
January 31, 2023 – Deadline for employers to send W-2 forms. The IRS requires employers to send these forms no later than January 31 following the end of the tax year to ensure timely completion of tax returns.
January 31, 2023 – Deadline for sending certain 1099 forms, including 1099-NEC, 1099-MISC, and 1099-K, used to report non-employee income sources such as interest, dividends, or payments for independent contracting.
February 15, 2023 – Re-file Form W-4 by this date if you claimed exemption from employer tax withholding in the previous year and anticipate having no tax liability in the current year.
April 3, 2023 – Deadline for taking 2022 required minimum distribution (RMD) from retirement account if you turned 72 in 2022.
April 18, 2023 – Tax day . Deadline for filing individual income tax returns and filing extensions (Form 4868). Any taxes owed must still be paid by April 18, 2023.
April 18, 2023 – Last day to make IRA and HSA contributions for 2022 tax year.
April 18, 2023 – First quarter 2023 estimated tax payment due. Use IRS Form 1040-ES to calculate estimated tax liability and IRS Publication 505 for detailed rules and information.
June 15, 2023 – Second quarter 2023 estimated tax payment due.
September 15, 2023 – Third quarter 2023 estimated tax payment due.
October 16, 2023 – Deadline for filing individual extended 2022 tax returns.
December 31, 2023 – Deadline for taking 2023 RMD for individuals age 73 or older, after taking the first RMD by April 1, 2023 if you turned 72 in 2022.
January 15, 2024 – Final quarter 2023 estimated tax payment due. Option to pay 100% of previous year’s tax or 90% of current year’s estimated tax liability.
Businesses
If you own a business, there are important tax deadlines and dates you should be aware of to avoid penalties and interest charges. This includes partnerships (including LLCs), C Corporations (Form 1120), and S Corporations (Form 1120S).
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 organized as partnerships, including multi-member LLCs, and S-Corporations need to file Form 1065, or 1120S by March 15, 2023, if they are a calendar year business. If your business uses 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. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of March 15.
April 18, 2023 – 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. If your business uses 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. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of in April.
September 15, 2023 – Deadline for extended partnership and S-corporation returns
October 16, 2023 – Deadline for extended C-corporation returns
January 15, 2024 – Fourth quarter 2023 estimated tax payment due
The above doesn’t cover every tax deadline, merely the most important ones broadly relevant to these groups of taxpayers. For a comprehensive view of all the important tax deadlines applicable to each taxpayer, please visit IRS Publication 509.
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