April 18, 2023
Due Date for 2022 Tax Returns, and First Estimated Tax Payment for 2023
April 18 is the tax filing deadline for your 2022 tax returns. If you’re unable to meet it, you can look into getting an extension (more on this shortly). Be sure to plan ahead to reduce stress. Gather up all your necessary documents and block out time on your calendar. If you’re working with a tax professional, send them any questions or concerns beforehand so they’ll have time to find the answers. You’ll also want to give yourself ample time if you’re opting for do-it-yourself tax software.
Self-employed workers who make estimated quarterly tax payments are also expected to make their first payment on income earned from January 1 through March 31, 2023.
June 15, 2023
Due Date for Second Estimated Tax Payment for 2023
This estimated tax payment applies to income earned between April 1 and May 31.
September 15, 2023
Due Date for Third Estimated Tax Payment for 2023
This is the third estimated tax payment for 2023. It applies to income earned between June 1 and August 31.
October 16, 2023
Last Day to File Your 2022 Tax Return With an Extension
In a perfect world, we’d all complete and submit our paperwork to the IRS by the April tax deadline—but sometimes life happens. If you’re unable to get it all done in time, rest easy knowing that you can buy yourself six more months by filing an extension. This would mean October 16 is the last day taxes can be filed with an extension.
It’s important to clarify that an extension simply gives you more time to get your paperwork ironed out and submitted. If you owe money, you’ll still have to make good on your tax liability by the April 18 tax deadline. A tax professional can help you estimate how much you owe before you file, or you can do the math yourself using line 13 of Form 1040-ES.
If you end up overpaying, you’ll get a refund when you eventually file; you’ll owe money if you underpaid. Failing to pay your taxes won’t directly affect your credit, but you can expect the IRS to hit you with fees. The penalty is 0.5% of unpaid taxes per month until the debt is settled (fees cap at 25%). Eligible taxpayers may choose to enroll in an IRS payment plan.
Important Tax Filing Dates for Businesses
Just like individual citizens, businesses also have to pay taxes. Business owners should note the following tax deadlines for 2022:
January 31, 2023:
If you had a business with employees in 2022, this is the day you must submit your W-2 forms to the IRS. You must furnish copies to your employees by this deadline as well. January 31 is also the due date to submit 1099 forms issued to independent contractors.
March 15, 2023:
This is the tax filing deadline for S-corporations and partnerships to file their 2022 business returns.
April 18, 2023:
Corporations must file their 2022 business tax returns by this date.
September 15, 2023:
Final day for S-corporations and partnerships to file their 2022 business tax returns with an extension.
October 16, 2023:
Last day for corporations to file their 2022 business tax returns if they received an extension.