You know what they say about time flying; it’s absolutely true for 2023. The year is gradually closing in. Just last week, it was January, and now it’s March. Do you know what else is closing in? The tax deadlines. If you’re not one of the millions of taxpayers who have already filed their income taxes in 2023, you should call your CPA to get on it because you have just over three weeks before the April 2023 tax due date.
Filing your tax information sheet is hard enough; you don’t want to worry about filing your taxes late too. There are several reasons to get your CPA to file your tax early. In this blog, you’ll learn about important tax deadlines and how to avoid missing the 2023 tax due dates.
Important 2023 Tax Due Dates For Individual Filers
January 15, 2023- due date for 2022 Q4 estimated tax payments
January 23, 2023- IRS starts accepting and processing 2022 income tax returns
January 31, 2023- deadline for mailing W2 forms
April 18- tax deadline for federal returns, 401K contributions payments due, and filing for an extension.
October 16, 2023- deadline for late filing
2023 Tax Due Dates For Consultants, Independent Contractors, And Self-Employed
Small Business Filing Deadline Extension Deadline
| Small Business | Filing Deadline | Extension Deadline |
| Sole Proprietors | April 18, 2023 | Oct. 16, 2023 |
| Partnerships | March 15, 2023 | Sept. 15, 2023 |
| Multimember LLCs | March 15, 2023 | Sept. 15, 2023 |
| S-Corps | March 15, 2023 | Sept. 15, 2023 |
| C-Corps | April 17, 2023 | Oct. 16, 2023 |
When Are Taxes Due?
The deadline for tax filing as a calendar year filer in 2023 is April 18. The April 18 deadline applies to self-employed sole proprietors(such as gig workers, independent contractors, or freelancers), traditional employees that receive W2,) corporate returns, and retirees.
On the other hand, the 2023 tax due dates for calendar year business filers such as partnerships, S corporations, and multi-member LLCs taxed as partnerships is March 15. However, if your business uses a fiscal year, your tax deadline is the 15th day of the third month after the close of the tax year. For instance, if your fiscal business year is June 1 to May 31, your business tax return due date is August 15 (3 months and 15 days after May 31).
Why Is The Tax Deadline Not April 15?
Over the years, the typical tax due dates have always been fixed on April 15 unless the day falls on a weekend or a holiday. This year, April 15 falls on a Saturday, which makes the next business day April 17. However, April 17 is also regarded as Emancipation day in Washington, and because of this, the tax deadline was shifted to April 18, 2023. You must get your taxes filed by 11:59 p.m. on April 18, 2023. Once it’s midnight and you haven’t filed your taxes, you and your CPA will have a long talk in the morning, and you risk potential late fees and penalties.
Can You Extend Your 2023 Tax Due dates?
If you or your CPA are too busy to get your tax filed by April 18, you must request an extension before April 18, 2023. If you file for an extension before the due date, you could avoid getting charged late fees and penalties. You can do this with us at Tax Goddess before the tax deadline. We’ll help you file any state extension and ensure that you are safe with the IRS.
You can request a business tax extension if you also need more time to file your business tax returns. Multi-member LLCs, corporations, and partnerships can file extensions with Form 7004, while single-member LLCs and sole proprietors will use Form 4868. Since businesses must file taxes earlier(March 15), the IRS also gives them an earlier extension deadline. The due date for filing an extended business tax return is September 15, 2023.
Why Should You File For An Extension?
If you won’t be able to file your taxes by April 18, filing your form 4868 gives you more time to file and more time to pay any due. Once you’ve filed for an extension, you have until October 16, 2023, to file your 2022 tax return. The usual deadline is October 15, but because it falls on a Sunday, it has been shifted to October 16 this year.
What Happens If You Don’t File Your Taxes By April 18?
Skipping the 2023 tax due dates can be a costly mistake. If you miss an essential tax deadline, you could face financial penalties, such as paying up to 5% of the tax due per month, including additional fees added on after 60 days. If you don’t pay, you may also have to pay up to one-half of 1% each month or part of a month.
How To Avoid Missing Tax Deadlines
One of the best ways to prevent missing tax deadlines is to keep track of the significant 2023 tax due dates and keep your financial house in order. Getting clear on your tax obligation and staying tax complaints also goes a long way in helping you keep up with tax deadlines. If your CPA isn’t giving you the help you need, consider working with a tax strategy team like Tax Goddess that can help you file your taxes on time and provide a long-term and legal tax reduction plan for you.
