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Every Tax Deadline You Need To Know in 2023

Multiple tax deadlines are available in 2023 that you need to consider, including the due date for your 2022 tax return which is April 18, 2023. The taxes are straightforward for some individuals; for instance, a W-2 worker with just one employer can easily handle the tax return. However, things are much more complicated for self-employed or freelancers. Individuals who received unemployment benefits in 2022 have a more complex situation, and they might need the assistance of tax professionals. Getting help from a tax expert is suitable for everyone because tax rules constantly change, and ordinary people need help to keep up with the updates. To reach a financial organization, you must understand your tax liabilities appropriately. The 2023 calendar year is full of tax deadlines, and you need to be aware of them to avoid financial repercussions. In this article, we round up the major tax deadlines of 2023 to jot them down in your calendar!

2023 Tax Deadlines

January 17, 2023

It is the final due date for 2022 taxes. If you have received a W-2 from the employer, don’t worry about federal and state taxes because they are deducted from your paycheck automatically. The case differs for freelancers and self-employed people because they must pay the estimated taxes after a certain threshold. IRS Form 1040-ES is a great tool to calculate your tax payment; you can also get help from expert tax services, but remember these estimations are approximate. Some deductions and credits might occur in the final stages and affect your liabilities. Eventually, you might receive a tax refund or have a tax debt to the IRS.

January 23, 2023

The IRS starts accepting 2022 tax returns from this date. It’s not obligatory to wait until April and file your taxes on that date. If all the required paperwork and documentation are ready, you can submit your tax return in January 2023. Electronic filing and direct deposit are the best to start the procedure, and you can receive any tax refund within 3 weeks. You will require the following documents to file your return:

  • W-2 forms for individuals who work for employers and 1099s if you are a self-employed person.
  • Dockets are connected to contributions made to tax-advantaged accounts, like 401 (k) and traditional IRA.
  • If you have received a student loan and paid interest, you can deduct up to $2500 for the 2022 tax year.
  • Childcare expenses like babysitters or school care are eligible for credits if you have receipts. These credits are for parents and guardians who are qualified.
  • Self-employed individuals can reduce tax payments if they have the required documents for business expenses.

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January 31, 2023

It is the deadline for employers to send W-2 forms. The IRS urges all employers to send the forms by that date to ensure that everyone can complete their tax returns on time. January 31 is the due date for some 1099 forms like 1099-NEC and 1099-MISC to be sent.

February 15, 2023

It is time to file form W-4 requesting your exemption from last year’s paycheck. If you are sure you don’t have any tax liabilities for this year and had nothing in the past year, you can refile this form by February 15.

April 3, 2023

It is the due date to take your required minimum distribution for individuals who have turned 72 in 2022. It’ll be the first required distribution from your retirement account.

April 18, 2023

It is the tax filing deadline for 2022 tax returns and the start of estimated tax payments for the current year. You need to seek an extension if you can’t provide your 2022 tax return by this deadline. If you plan and gather the required documents before the due date, stress will be eliminated to a large extent. Talk about your concerns to your tax professional ahead of the due date. These professionals can find appropriate solutions if they have enough time. If you want to prepare the return by yourself and through tax software, provide ample time for yourself to do everything correctly. Self-employed people can start their quarterly payments from this date. The payments are for the earnings from January 1 to March 31 of the current year.

June 15, 2023

The second estimated tax payment will start from this date for the income earned from April 1 to May 31. However, it is better to take these due dates seriously to avoid later repercussions.

September 15, 2023

The third estimated tax payment of the current year will begin on September 15. The earnings between June 1 and August 31 apply to this payment.

October 16, 2023

It is perfect to complete your paperwork by the April due date and submit that to the IRS, but some unexpected events might occur, and you can’t do that. October 16 is the last day to file the 2022 return with an extension. The extension only gives you more time to organize your paperwork, and if you owe money to the IRS, you have to pay it by the April deadline. A tax professional can help you estimate your debt before filing.

If overpaying, a refund awaits you, but you will owe money to Uncle Sam if you underpay. Failure to tax payment won’t impact your credit directly; however, you must wait for fees from the IRS. A monthly penalty of 0.5% of the unpaid taxes will occur in this case, which can be terrible for most individuals.

December 31, 2023

If you are 73 or older at the end of 2023, it is time for the required minimum distributions. It is also the deadline for individuals needed to take an RMD for the current year.

January 15, 2024

It is time to pay the estimated taxes for the fourth quarter of 2023. It will be the final quarterly tax payment of 2023, and if you choose to pay the total liabilities of the previous year, it’ll be the due date for any unpaid ones.

Notice: If you receive cash tips of $20 or more each month as an employee, you have to report the total tips to the employer. This written report must be by the tenth day of the following month.

Crucial tax filing dates for companies and businesses

Businesses also need to pay taxes on due dates. If you are a business owner, pay enough attention to the following deadlines:

  • January 31, 2023, is the due date to submit your W-2 forms if you had employees for your business in 2022.
  • March 15, 2023, is the deadline for S-corporations and partnerships to file their 2022 returns.
  • April 18, 2023, is the due date for corporations to file their 2022 business tax return.
  • September 15, 2023, is the last day for S-corporations and partnerships to file their 2022 returns with an extension.
  • October 16, 2023, is the final day for corporations that received the extension. They have to file their business tax returns for 2022 on this date.

Meet the due dates to avoid penalties

Be aware of the dates mentioned in this article to avoid severe penalties and later consequences. Getting help from tax accountants or financial advisors can be helpful if you need help with your tax filings. Individuals with side hustles and self-employed folks might have complicated issues to handle, and they should get help from professionals to avoid confusion. Clarity on tax obligations is required. It will help you stay away from penalties and extra fees. This Clarity will lead to solid credit and paves the way to organize your financial situation.

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