When Are Taxes Due? 2023 Filing & Extension Deadlines

Table of Content

  1. What is tax season?
  2. What is the tax date?
  3. Deadline to pay and file your taxes
    1. Deadline for individual
    2. Due date for corporations and partnerships
  4. IRS Forms and Instructions
    1. Form 1040-ES, Estimated Tax for individuals
    2. Form 1120-S, Income Tax Return for an S Corporation
    3. Form 1065, US Return of Partnership Income
  5. Penalties for late payment and filing
    1. Late payment penalty
    2. Late tax filing penalty
  6. Tax Calendar 2023
    1. List of significant dates for tax Payment
    2. What if I need more time?

When Are Taxes Due? 2023 Filing & Extension Deadlines

The last minute can sneak up on you when it comes to filing your taxes, and there's nothing more annoying than having to pay a fine you could have avoided. Save each important filing deadline to your calendar now to stay one step ahead of the IRS

What is tax season?

Prepare and eFile your Federal 2022 Tax Return(s) by April 18, 2023, as the 2023 eFile Tax Season begins in January 2023 for individual taxpayers, sole proprietors, and C corporations. And if your business is an S corporation or a partnership, the return date for 2022 is due on March 15, 2023. Basically, tax season is the time of year when people and businesses receive tax forms and file tax returns with the IRS. Typically, January through mid-April is tax season.

What is the tax date?

Tax season runs from January to April, but the main "tax day" is typically April 15. It moves to the following business day if that date falls on a holiday or the weekend.

This year's tax day is April 18, 2023, as April 15 falls on a Saturday and April 17 is observed as Emancipation Day. Individual taxpayers, sole proprietors, and C corporations must file their taxes during this time.

Keep in mind that your tax filing deadline will vary if you use a fiscal year other than the calendar year and will be determined by your business entity and the end of your fiscal year. If the corporation operates on a fiscal year rather than a calendar year, the deadline for C-corp returns is typically the 15th day of the fourth month after the end of the corporation's fiscal year.

Deadline to pay and file your taxes

Tax season can be stressful, but with advance planning, it can go much more smoothly.

The official deadline for filing your federal income tax return each year is typically April 15, but that date isn't set in stone. When April 15 falls on a Saturday, Sunday, or a legal holiday, the deadline shifts to the following business day. Other national events may also cause the deadline to change. For instance, the tax filing deadline is April 18 in 2023.

Deadline for individual

Whether you run a partnership, C corporation, or sole proprietorship affects the filing dates. The 2022 returns are due on April 18, 2023 because sole proprietorships follow the same tax laws as individuals. It means that the exact tax payment date is in April and the extended six months date to October is for tax filing. Your personal tax return (Form 1040 or Form 1040-SR) due in 2023 must be filed on the mentioned date.

Due date for corporations and partnerships

Partnership and S-corporation returns are typically due on March 15. The four estimated payments for calendar-year corporations are due by the fifteenth day of April, June, September, and December. However, if you ask for an automatic six-month extension, the deadline is September 15 which is for the purpose of tax filing.

IRS Forms and Instructions

Form 1040-ES, Estimated Tax for individuals

You use IRS Form 1040-ES to report how much money you're sending to the government when paying income tax in quarterly installments. It functions in conjunction with Form 1040, acting as the peanut butter to Form 1040's jelly.

Form 1040-ES breaks down your income tax into quarterly installments while Form 1040 reports your income tax for the entire year. In this manner, the government is able to keep track of the total amount of income tax you have paid throughout the year. You too can do it.

The simplest step in submitting quarterly estimated taxes for your company may be filling out Form 1040-ES. Your name, address, and the amount of the quarterly payment are the only things you need to provide. Even the deadline for each of the four slips of the form is printed there. The labels on the slips read "1" through "4". That enables you to keep track of the filing order that is required.

Based on your estimated income, the tax schedule in the instructions for Form 1040-ES tells you how much income tax to project for the year.

Form 1120-S, Income Tax Return for an S Corporation

S corporations must submit Form 1120S with their federal income tax return (not to be confused with Form 1120 for C corporations). Every S corp, including LLCs that are subject to S corp taxes, is required to submit one.

You'll need to have the following items on hand before beginning the form:

  • Your incorporation date
  • A list of your products or services
  • Your enterprise activity cod
  • Your employer identification number (EIN)
  • Date when you were elected Corporate status: If your company uses a calendar year, this will be January 1. If you operate on a fiscal-year basis, it will be on the first day of your fiscal year.
  • A balance sheet and a statement of profit and loss: You can create them manually or you can Contact Us for help.
  • Your approach to accounting: You will specify on the form whether you use accrual accounting or cash accounting.
  • Payments made under an independent contract: Any payments made under an independent contract that total at least $600 for the fiscal year must be reported on the form. Additionally, you must deliver 1099 forms to contractors.

Form 1120S must be submitted by March 15, 2023, unless an extension has been requested. Utilizing Form 7004, you can request an extension through March 15, 2023. If you are granted an extension, your filing deadline will be moved to September 15, 2023, but you will still be required to pay an estimated tax payment by the original due date. The form can be mailed or submitted electronically to the IRS.

If you require any Financial Reporting Services, you can always contact us.

Form 1065, US Return of Partnership Income

Business partnerships submit their financial data to the IRS using Tax Form 1065, also referred to as a "Partnership Tax Return." Form 1065 does not result in tax payments.

This method of tax reporting involves two main steps.

First, the partnership files Form 1065 with its total net income as well as all other pertinent financial data. Second, a Schedule K-1 is created for each partner, detailing the profits and losses that partner has been allotted for the duration of the reporting period. The Schedule K-1 is provided to each partner and is used to complete their individual income tax return.

Unless there was no income or expense for the year, all partnerships in the United States are required to submit a single IRS Form 1065. A "partnership" is any relationship between two or more people who work together to conduct a trade or business, according to the IRS. A corporation is not a partnership. A partnership, unlike a corporation, is not a distinct legal entity from its owners unless it is also an LLC.

If your business is a limited liability company (LLC) with two or more members and you haven't chosen to file as a corporation this year, you will file taxes as a partnership and you'll need to send in a 1065. Foreign partnerships that generate more than $20,000 in annual U.S. revenue or who make more than 1% of their total income here are required to file Form 1065.

Form 1065 for 2022 returns must be submitted by March 15, 2023, unless you request a 6-month extension, in which case the new due date is September 15. Utilizing Form 7004, you can request an extension.

Penalties for late payment and filing

If you fail to file a tax return and fail to pay any required payments by the due date, you will probably be subject to a financial penalty, such as an increase in interest. You could be punished in two ways:

Late payment penalty

For 1040 returns, the penalty is 5% of the unpaid tax per month, up to a maximum of 25% overall, with additional fees starting to accrue after 60 days.

Late tax filing penalty

The penalty is 0.5% of the unpaid tax amount for each month or fraction of a month, up to a maximum of 25%, from the return's due date until the unpaid tax is fully paid.

Tax Calendar 2023

If you file your taxes for the calendar year, the due date is typically April 15. If a state holiday causes a delay, the deadline for individual taxpayers to file their 2022 taxes without an extension is April 18, 2023. Form 4868 was the form you could have used to ask for a filing deadline extension. If your business operates on a fiscal year basis, your return is typically due on or before the 15th day of the fourth month (depending on the type of business entity) after the end of your fiscal year. The deadline is postponed to the following business day if it falls on a Saturday, Sunday, or legal holiday. There are other crucial tax deadlines that you should be aware of besides the filing deadline. You should be aware of a few additional crucial tax deadlines for 2023.

List of significant dates for tax Payment

1. Individual Filers, which include workers who are employed, retired, self-employed, independent contractors, and gig workers

  • Beginning in January 2023 - 2022, tax season.
  • 4th Quarter 2022 estimated tax payment is due on January 16, 2023.
  • The deadline for employers to send W-2 forms is January 31, 2023.
  • Sending of specific 1099 forms on January 31, 2023.
  • Regain your exemption from withholding on February 15, 2023.
  • If you turned 72 in 2022, the required minimum distribution is due on April 3, 2023.
  • 2023 April 18 is Tax Day (unless extended due to local state holiday).
  • The deadline to make IRA and HSA contributions for the 2022 tax year is April 18, 2023.
  • First quarter 2023 estimated tax payment is due on April 18, 2023.
  • Second quarter 2023 estimated tax payment is due on June 15, 2023.
  • Third quarter 2023 estimated tax payment is due on September 15, 2023.
  • The deadline to submit your 2022 extended tax return is October 16, 2023.
  • Required minimum distributions must be made by December 31, 2023, for people who are 73 or older.
  • Due date for the fourth quarter 2023 estimated tax payment is January 15, 2024.

2. Businesses which include Partnerships (including LLCs), C Corps (Form 1120), and S Corps (Form 1120S)

  • Beginning in January 2023 - 2022, tax season.
  • 4th Quarter 2022 estimated tax payment is due on January 16, 2023.
  • 31 January 2023 - Employees receive W-2s from their employers.
  • 31 January 2023 - Send specific 1099 forms.
  • Taxes for some business types are due on March 15, 2023 (partnerships, multi-member LLCs, and S-Corporations).
  • Taxes for C-Corporations are due on April 18, 2023.
  • The deadline for extended partnerships and S-corporations is September 15, 2023.
  • The deadline for extended C-corporation returns is October 16, 2023.
  • Due date for the fourth quarter 2023 estimated tax payment is January 15, 2024.

What if I need more time?

Don't rush through the tax filing process because of an impending deadline so that you can avoid making a mistake on your return. Simply ask for more time.

Anyone who requests it usually receives a six-month extension of the tax filing deadline from the IRS. Utilize Form 4868 or submit your request electronically.

Just keep in mind that the tax extension only extends the deadline for filing your return; it does not extend the deadline for paying the tax you owe. Even if you file an extension, you still need to calculate how much you owe and pay it by the tax filing deadline. We at Our Bookkeeping Services will assist you more efficiently in managing your business and providing a better experience.