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TAX FILING DEADLINES IN 2023
Be aware of IRS Deadlines! While many Americans are fully aware of the April 15th deadline for tax returns each year, there are a number of other important dates to be aware of as a taxpayer. As the calendar flips from 2022 to 2023 we look ahead to the due dates for filing Tax Year 2022 tax returns.
For calendar year tax returns reporting 2022 information, the following due dates in 2023 will apply. Please note that this is NOT an exhaustive list of all tax form due dates.
Form 1065 (Partnerships): March 15th
Form 1120-S (S Corporations): March 15th
Form 1040 (Individuals): April 18th
Form 1120 (C Corporations): April 18th
Extensions may be filed for each of these tax forms prior to the due dates listed above. An extension provides an additional six months of time to prepare the tax return, however AN EXTENSION DOES NOT PROVIDE ANY ADDITIONAL TIME FOR AMOUNTS OWED to the Federal Government and/or State Government. If you have an amount due on your tax return, even with an extension, the payment will be considered late if not paid in by April 18th, 2023. After the filing deadline, any amount due that is not paid will begin accumulating interest. It is important that you pay the tax you owe by the due date listed above to avoid any interest or penalties being assessed.
For calendar year tax returns reporting 2022 information, the following EXTENSION due dates in 2023 will apply.
Form 1065 (Partnerships): September 15th
Form 1120-S (S Corporations): September 15th
Form 1040 (Individuals): October 16th
Form 1120 (C Corporations): October 16th
In addition to the statutory due dates listed above, some taxpayers may have estimated tax payments to make over the course of the year. Since our tax system is a 'pay as you go' system, some taxpayers may have to mail estimated tax payments to the Federal Government and / or State Government to cover tax on certain sources of income. Estimated tax payments are not a requirement for all taxpayers, however, some taxpayers may have tax situations which warrant the need for estimated tax payments. Taxpayers may be self-employed, they may have sources of passive income, unexpected income from an inheritance, a sale of a large capital asset like stock or a property 'up north', or some other financial event that may trigger the need for estimated tax payments. Consult your tax advisor to see if estimated tax payments are necessary for your personal tax situation.
The due dates in 2023 for paying estimated tax payments are as follows:
1st Quarterly Payment: April 18th
2nd Quarterly Payment: June 15th
3rd Quarterly Payment: September 15th
4th Quarterly Payment: January 15th, 2023
Please note that while the fourth quarterly payment has a deadline in 2024, it will be applied as a 2023 tax payment.
Feel free to contact one of our qualified tax professionals with any questions you may have as our office is open year round. Remember that taxes are an all year issue, not just a once a year issue!