At Taurus Financial, we understand that running a business can be time-consuming and may not leave much energy for the often-stressful task of tax filing. To help make this process as smooth as possible, it is helpful to mark important tax-related dates on your calendar, whether you tend to leave everything until the last minute or prefer to plan ahead. Here are some key dates to be aware of for tax season.
When is the final 2022 quarterly estimated tax deadline for self-employed professionals?
January 16, 2023. If you’re self-employed or have other income without any tax withholding, it is likely that you will need to pay quarterly taxes. January 16th, 2022 is the due date for your final quarterly payment for the 2022 tax year. For more information regarding estimated tax, you can find it at How To Avoid Estimated Tax Penalty?
When are the 2023 quarterly estimated tax deadlines for self-employed professionals?
April 18, 2023, June 15, 2023, September 15, 2023, and January 15, 2024. These are the four estimated tax payment deadlines for 2023 estimated tax. Failure to meet these deadlines could result in penalties, so you’ll want to make sure you’ve made sufficient estimated tax payments by each quarterly due date.
When does the 2022 tax season begin?
End of January 2023. Technically, the first day to file your taxes is January 3rd, 2023. However, IRS will not accept or process them if you do it this early. Usually the earliest the IRS accepts tax filings is the end of January. There is going to be an official date from the IRS sometime in mid-January.
By what date do 1099 contractor forms need to be issued?
January 31, 2023. This is the date that 1099-NECs,1099-MISCs, 1099-Rs and 1099-Ks must be issued. Note that these forms must be postmarked by January 31st, so if you haven’t received yours by the 31st, it may still be on the way to you.
If you are expecting to receive a 1099-MISC or 1099-K form, it is advisable to wait until you have received these documents before filing your tax return, even if you have been tracking your income throughout the year. The IRS receives a copy of all 1099 forms issued to you, so it is important to ensure that the income reported on your 1099 form matches the income reported on your tax return. If there are any discrepancies, it is important to resolve them with the payer before submitting your tax return.
Note: You’ll only receive a 1099-MISC if you’ve received at least $600 from one client or payer, and you’ll only receive a 1099-K if you’ve received at least $20,000!
What is the tax deadline for 2022 partnerships and S-Corps tax returns?
March 15, 2023. Without filing for an extension, businesses that are organized as partnerships, including multi-member LLCs, and S-Corporations, must file Form 1065 or 1120S by March 15th, 2023 if they operate on a calendar year. If your business uses a fiscal year, you must file your tax return by the 15th day of the third month after the end of your tax year.
What is the tax deadline for 2022 individuals and C-Corps tax returns?
April 18, 2023. Without filing for an extension, Individuals tax filers must file Form 1040 and businesses that are organized as C-corps must file Form 1120 by April 18th, 2023 if they operate on a calendar year. If your business uses a fiscal year, you must file your tax return by the 15th day of the fourth month after the end of your tax year.
When is the extended filing deadline for 2022 partnerships and S-Corps tax returns?
September 15, 2023. Partnerships and S-corps can file for an extension using Form 7004 if you think you may need more time to prepare for your tax return. The due date for your 2022 tax return will be extended until September 15th, 2023.
When is the extended filing deadline for 2022 individuals and C-Corps tax returns?
October 16, 2023. Individuals can file form 4868, and C-Corps can file form 7004 to extend the tax deadline until October 16th, 2023.
What happens if you miss the tax filing deadline?
If you are requesting a tax refund, there is no penalty. But you should still file your tax return as soon as possible. However, if you owe taxes to IRS and you miss the deadline, IRS will charge you interest, failure to file penalties, and failure to pay penalties every day until you file your return and pay the balance due.