While January marks the end of the festive holiday season for most, it is the beginning of the tax season for the previous year. It is also a good time to understand key tax dates and important payment deadlines for the new year, 2023. Depending on specific circumstances, these dates may vary but, the IRS outlines filing and payment deadlines for individual filers, self-employed and small businesses, and charities and non-profit organizations.
Tax Due Dates for Individual Filers
Individual filers are the most common U.S. taxpayers, typically filing a Form 1040. Individual taxpayers include W-2 employees, self-employed individuals, 1099 contractors, gig workers, members of the military, students, and retirees.
Important dates for individual taxpayers include:
- January 16, 2023 – if you pay quarterly taxes due to self-employment or because you receive other income without tax withholding, your 4th quarter 2022 estimated tax payment is due.
- January 31, 2023 – Forms 1099- are sent to independent contractors and gig workers. In addition, income statements from other sources such rent, interest and dividends, royalties, or prize winnings are also sent.
- January 31, 2023 – deadline for employers to send W-2 forms. The IRS requires employers to send a W-2 to all employees by the end of January to ensure ample time for individuals to file taxes; however, you may not receive the form by the end of the month.
- Late January – annual federal income taxes can be filed. While the specific date varies year to year, the IRS begins accepting 2022 federal tax returns in late January for early filers. Note: many individual filers need their W-2 to file a tax return.
- February 15, 2023 – Forms 1099-B and 1099-S are sent to individual taxpayers with reportable sales and transactions.
- April 18, 2023 – deadline for filing federal income taxes as well as many state income taxes. In general, April 15 is known as Tax Day. However, in 2023, April 15 is a Saturday and Monday, April 17 is Emancipation Day in Washington D.C. Therefore, taxpayers get a brief grace period and the income tax filing date and the deadline for paying taxes due on your federal return have been moved to Tuesday, April 18. Many, but not all, states with a state income tax have the same tax deadline as the federal government. Individuals should work with their tax advisor or check with their state government to ensure they are in compliance.
April 18, 2023 is also the last day to request an extension to an individual tax return (Form 4868), and is the deadline for making a contribution to a 2022 IRA or HSA.
Key Tax Dates for Self-Employed and Small Business Owners
In addition to the dates above, taxpayers who are self-employed, own a small business, receive income without taxes being withheld, or otherwise are subject to paying estimated taxes on a quarterly basis, will want to note the quarterly tax payment deadlines for 2023:
- April 18, 2023 – First quarter 2023 estimated tax payment due
- June 15, 2023 – Second quarter 2023 estimated tax payment due
- September 15, 2023 – Third quarter 2023 estimated tax payment due
- January 15, 2024 – Fourth quarter 2023 estimated tax payment due
Because these are estimated payments based on how much you are likely to earn, the amount you owe may fluctuate. Talk with your tax advisor to ensure your calculations are accurate and you don’t overestimate or underestimate your tax liability.
Small businesses and self-employed individuals are required to report payments to independent contractors, gig workers and other vendors/individuals on Forms 1099. Most such payments are reported on Forms 1099-MISC and 1099-NEC for payments totaling more the $600 during the calendar year. As indicated above, these forms are required to be provided to the recipients by January 31, 2023. In addition, they must be submitted to tax authorities as follows:.
- January 31, 2023 – Forms 1099-NEC are submitted to the IRS and certain state jurisdictions.
- February 28, 2023 – Forms 1099-MISC for paper filings are submitted to the IRS and certain state jurisdictions, or March 31, 2023 if filed electronically.
Self-employed taxpayers must also know the deadlines for filing and paying self-employment taxes and other related payments.
Partnerships, S-Corporations, and C-Corporations have different filing deadlines. If a partnership or S-Corp runs on a calendar year, the deadline for filing taxes is March 15, 2023. If they use a fiscal year, the tax return must be filed by the 15th of the third month after the close of the tax year.
C-Corporations need to file taxes (Form 1120) by April 18, 2023 if they run on a calendar year. If the C-Corporation runs on a fiscal year, tax returns are again due by the 15th of the third month following the end of the fiscal year.
The IRS has compiled an online tax calendar for businesses that specifies all dates that taxes must be filed and payment deadlines.
Filing Deadlines for Charities and Other Non-Profits
Charitable organizations such religious entities, private foundations, and other non-profits that qualify for tax exempt status under Internal Revenue Code Section 501(c)(3) are still required to file annual returns; however the date of these returns is dependent upon the organization’s fiscal year.
Exceptions to Tax Deadlines
U.S. taxpayers who live overseas or anyone who has been affected by a natural disaster may have different tax filing deadlines or may be eligible for extensions. Victims of natural disasters include both businesses and individual filers, so it is imperative to understand both federal and local tax implications if you live in a declared disaster area.
Military members also may have extenuating or special circumstances that affect their tax filing deadlines. The IRS has information specifically tailored for members in the armed forces that outlines tax breaks, filing extensions, free tax help, and other programs for active service members and veterans.
Tax Filing and Payment Extensions
Whether you are filing as an individual or a business owner, you may request an extension to the filing date for federal income tax. Yet, extensions have deadlines as well. Two dates to know are:
- April 18, 2023 – deadline to request an extension and to pay any remaining 2022 tax due.
- October 16, 2023 – deadline for filing a 2022 tax return.
The Most Important Date: A Call with Your Tax Advisor
This article is a high-level overview of the most important tax filing dates in 2023 as per IRS Publication 509, not an exhaustive guide. The information provided can be used to begin a discussion with your tax advisor, with the understanding that there may be other federal and state tax dates that apply to your situation. For a comprehensive review of your tax obligations and to ensure you pay the correct amount of taxes and avoid any tax penalties, contact LGA’s Individual Tax team.
About the Authors
Larry Andler is a partner at LGA and has over 25 years of experience helping clients of all sizes and industries with their accounting and tax challenges. He works with high-net-worth individuals with complex reporting issues and their related businesses and trusts. Larry’s focus is on assisting individuals and entities as they navigate the maze of the US tax system’s inbound and outbound foreign reporting requirements. He holds a US International Tax Certificate issued by AICPA & CIMA.
Song Han has 20 years of public accounting experience serving the accounting and tax needs of privately held businesses and individuals. Her clients include businesses in a broad range of industries such as service, real estate, construction, restaurants, manufacturing, and not-for-profit organizations.
Marci Cohen is a Partner at LGA. She has over 30 years of experience providing individual and entity tax planning and compliance services. Marci’s focus is on high-net-worth individuals and families with complex reporting and planning needs, as well as their associated trusts, estates, and entities. She holds a certificate in trust and estate planning. With her collaborative and diligent tax planning approach, Marci ensures that her clients can achieve their personal financial goals.