As another year begins, it’s important to keep in mind the important tax deadlines for 2023. Knowing these dates in advance can help you avoid penalties, minimize stress, and stay compliant with tax laws. As a small business owner, keeping track of tax deadlines is crucial to avoiding costly penalties and fees. The IRS and state tax agencies set strict deadlines for filing tax returns, paying taxes owed, and submitting certain forms and information. Here are the business tax deadlines for 2023 to put on your calendar, along with some helpful charts.
When is “Tax Day”?
In the United States, the deadline to pay your federal income taxes is typically April 15th each year. However, if April 15th falls on a weekend or holiday, the deadline is typically extended to the next business day.
It’s important to note that if you are unable to file your tax return by the deadline, you can request an extension of time to file. This extension gives you an additional six months to file your return, but it does not extend the deadline to pay any taxes owed. Taxes owed are still due by the original filing deadline, which is typically April 15th.
The deadline for filing your 2022 tax return is April 18, 2023. This is when individual taxpayers, sole proprietors, and C corporations need to file their taxes. This date is commonly referred to as “tax day” and applies to most taxpayers, including individuals, businesses, and estates. If you need more time to file your return, you can request an extension, which can give you an additional six months to file.
What’s the Deadline to Pay Your Taxes?
Even if you successfully apply for an extension, the payment deadlines for your taxes do not change. The deadline to pay your federal income taxes is typically April 15th each year, and if you are unable to pay in full by that date, you may be subject to penalties and interest on the amount owed.
As you mentioned, if you are self-employed, you are required to make estimated tax payments throughout the year, rather than paying all at once. The due dates for these estimated tax payments are typically April 15th, June 15th, September 15th, and January 15th of the following year.
It’s important to stay on top of your tax obligations to avoid penalties and interest, so seeking the help of a dedicated bookkeeping and tax team can be a smart way to ensure that you are staying compliant with tax laws and taking advantage of any available deductions and credits.
When Are 2023 Tax Extensions Due?
If you need more time to file your tax return, you can request an extension by filing Form 4868 with the Internal Revenue Service (IRS). The extension will give you an additional six months to file your tax return, which means the new deadline will be October 16, 2023.
It’s important to note that the extension only applies to the deadline for filing your tax return, not to the deadline for paying any taxes owed. Taxpayers who owe taxes must still make their payments by the original deadline of April 18, 2023, to avoid any penalties and interest charges.
To avoid underpayment penalties, taxpayers who request an extension should also estimate their tax liability and pay at least 90% of the tax due by the original deadline of April 18, 2023. Any remaining tax owed can be paid when the return is filed by the extension deadline of October 16, 2023.
Federal Income Tax Deadlines
For most businesses in the United States, the federal income tax deadline is March 15th. This deadline applies to businesses that are structured as partnerships, limited liability companies (LLCs) filing as partnerships, and S corporations.
However, for individuals and most other types of businesses, the federal income tax deadline is April 18th. This deadline applies to sole proprietors, LLCs filing as sole proprietors, C corporations, and individuals.
Here are the key federal income tax deadlines for 2023:
| Taxpayer | Deadline |
|---|---|
| C Corporations | April 18, 2023 |
| S Corporations | March 15, 2023 |
| Partnerships | March 15, 2023 |
| Sole Proprietorships | April 18, 2023 |
State and Local Tax Deadlines
In addition to federal taxes, businesses are also subject to state and local taxes. These deadlines may vary depending on your location, so it’s important to consult with a tax professional or check with your state and local tax authorities. Here are some common state and local tax deadlines:
Washington, D.C.:
- The deadline for filing D.C. individual income tax returns is typically April 15th (April 18 this year), but it may be extended to October 15th (October 16 this year) if you file for an extension.
- For D.C. business taxes, the deadlines can vary based on the type of tax owed.
Virginia:
- The deadline for filing Virginia individual income tax returns is typically May 1st, but it may be extended to June 1st if you file for an extension.
- For Virginia business taxes, the deadlines can vary based on the type of tax owed.
Maryland:
- The deadline for filing Maryland individual income tax returns is typically April 15th (April 18 this year), but it may be extended to October 15th (October 16 this year) if you file for an extension.
- For Maryland business taxes, the deadlines can vary based on the type of tax owed.
It’s important to note that these deadlines may change depending on weekends and holidays. It’s recommended to check with your state and local tax authorities to confirm specific deadlines and requirements.
Business Tax Deadlines
Different business structures may have different tax deadlines. Here are the tax deadlines for each of the business structures:
Sole Proprietorship
A sole proprietorship is a business owned and operated by one person. As a sole proprietor, your business income and expenses are reported on your personal tax return, Form 1040, and Schedule C. The deadline for filing your personal tax return is April 15th, unless it falls on a weekend or holiday, in which case it is the next business day. If you need more time to file, you can file for an extension using Form 4868, which gives you an additional six months to file until October 15th (October 16 this year).
Partnership
A partnership is a business owned by two or more people. As a partnership, you are required to file an annual tax return, Form 1065, by March 15th, unless it falls on a weekend or holiday, in which case it is the next business day. The partnership itself doesn’t pay taxes, but instead, the partners report their share of the partnership’s income on their personal tax returns. Each partner receives a Schedule K-1, which outlines their share of the partnership’s income, deductions, and credits. If you need more time to file, you can file for an extension using Form 7004, which gives you an additional six months to file until September 15th.
Limited Liability Company (LLC)
An LLC is a business structure that combines the liability protection of a corporation with the tax benefits of a partnership. An LLC can choose to be taxed as either a partnership or a corporation. If the LLC is taxed as a partnership, it follows the same tax deadlines as a partnership. If the LLC is taxed as a corporation, it follows the same tax deadlines as a corporation.
Single-Member LLCs
A single-member LLC is an LLC with only one owner. If the single-member LLC is taxed as a sole proprietorship, it follows the same tax deadlines as a sole proprietorship. If the single-member LLC is taxed as a corporation, it follows the same tax deadlines as a corporation.
Multi-Member LLCs
A multi-member LLC is an LLC with two or more owners. If the multi-member LLC is taxed as a partnership, it follows the same tax deadlines as a partnership. If the multi-member LLC is taxed as a corporation, it follows the same tax deadlines as a corporation.
C Corporations
A C corporation is a business structure that is taxed separately from its owners. As a C corporation, you are required to file an annual tax return, Form 1120, by April 15th (April 18 this year), unless it falls on a weekend or holiday, in which case it is the next business day. If you need more time to file, you can file for an extension using Form 7004, which gives you an additional six months to file until October 15th (October 16 this year).
S Corporations
An S corporation is a business structure that is taxed similarly to a partnership. As an S corporation, you are required to file an annual tax return, Form 1120-S, by March 15th, unless it falls on a weekend or holiday, in which case it is the next business day. Each shareholder receives a Schedule K-1, which outlines their share of the corporation’s income, deductions, and credits. If you need more time to file, you can file for an extension using Form 7004, which gives you an additional six months.
When Can I Start Filing Taxes for 2022
Historically, the Internal Revenue Service (IRS) begins accepting tax returns in late January or early February. IRS set January 23 as the official start of the 2023 tax filing season.
It’s important to note that the deadline for filing taxes for the 2022 tax year (which covers income earned from January 1, 2022, to December 31, 2022) is April 18, 2023. This is because the usual deadline of April 15 falls on a weekend, and April 17 is a federal holiday (Emancipation Day).
Individuals who need more time to file their taxes can request an extension by filing Form 4868 before the deadline. The extension provides an additional six months to file the tax return, but it does not extend the deadline for paying any taxes owed. Taxpayers are still required to estimate and pay their taxes due by the original deadline to avoid penalties and interest.
It’s always a good idea to file your tax return as early as possible to avoid potential delays or issues and to ensure that you receive any refund you’re owed in a timely manner.
What is the Expected Timeline for Receiving My Tax Refund?
The timeline for receiving your tax refund can vary depending on several factors, such as how and when you filed your tax return, whether you filed electronically or by mail, and whether you opted to receive your refund via direct deposit or a paper check.
In general, the IRS issues most refunds within 21 days of receiving a tax return, but it can take longer in some cases. If you filed your tax return electronically and opted to receive your refund via direct deposit, you can typically expect to receive your refund more quickly than if you filed by mail and requested a paper check.
You can check the status of your refund using the IRS’s “Where’s My Refund?” tool on their website, which is updated once per day. It’s important to note that this tool is not available immediately after you file your tax return, but is usually updated within 24 hours after the IRS receives your electronically filed tax return or four weeks after you mail your paper tax return.
Consequences of Late Payment of Taxes
Paying your taxes late can result in penalties and interest charges from the IRS. If you owe taxes and don’t pay them by the due date, you may be subject to a failure-to-pay penalty of 0.5% of the unpaid taxes for each month or part of a month that the taxes are late, up to a maximum of 25% of the unpaid tax amount.
In addition, if you don’t file your tax return by the due date, you may be subject to a separate penalty of 5% of the unpaid tax amount for each month or part of a month that the return is late, up to a maximum of 25% of the unpaid tax amount.
If you’re unable to pay your taxes in full by the due date, you can still avoid some penalties and interest by filing your tax return on time and paying as much as you can. You can also contact the IRS to discuss payment options, such as an installment agreement, to help you pay your taxes over time.
It’s important to note that failure to pay your taxes or file your tax return can have serious consequences, including wage garnishment, tax liens, and even legal action by the IRS. If you’re having trouble meeting your tax obligations, it’s important to seek professional help and guidance.
Important Dates for Filing Taxes
There are several important dates taxpayers should keep in mind for this year’s filing season:
- January 13: IRS Free File opens
- January 17: Due date for the tax year 2022 fourth quarter estimated tax payment.
- January 23: IRS begins 2023 tax season and starts accepting and processing individual 2022 tax returns.
- January 27: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use the prior-year income to qualify.
- April 18: National due date to file a 2022 tax return or request an extension and pay the tax owed due to the Emancipation Day holiday in Washington, D.C.
- October 16: Due date to file for those requesting an extension on their 2022 tax returns.
