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Income Tax

Tax Season Can’t be avoided and if you don’t want to pay more in taxes than you need to, by the way of interest and penalties, simply because you missed some important tax deadlines. Here are six important tax deadlines so that you can mark them on your calendar. 

In this article you will also find some tips on how to prepare for this tax season, whether you’re an individual taxpayer, an LLC owner or an S Corp owner. There will be some penalties if you fail to meet some of these deadlines, but before we continue, if you are self-employed or you are an LLC owner, then we may be able to help you out with tax preparation or tax planning. Please click the Request Information Button if you would like to learn more about our services. 

Let’s begin!

One: January 17

Estimated quarterly payments due on January 16, if you need to make quarterly estimated tax payments, if you are self-employed at any level, whether you are so proprietor, single member LLC, Partnership or even some independent contractors, unless you’re having your taxes withheld for you. Hopefully you’ve been making these payments over the last quarters as well. But don’t forget that the fourth and final payment for 2022 is due on January 17, 2023. Also, it’s important to note that if you are a W2 employee, you don’t need to make any estimated quarterly tax payments because your employer pays taxes for you. 

Two: January 23

This is the day when the IRS will start accepting tax returns for the previews tax calendar year 2022. If you earn more than $6,400 dollars during last year as an employee or as a self-employed person, than you are required by law to file a tax return starting on January 23. You can file electronically, this is called eFile, this methos of efile is usually safer and you can get an acknowledgement within hours of the acceptance of your tax return from the IRS. However, you can send your tax return by mail, which usually takes significantly more time for the IRS to process.

Three: January 31

The next tax deadline you should be aware of is the information tax form due on January 31, such as W2, 1099 Nec and 1099 Misc. If your business has any employees, then you need to make sure they get a copy of their W2 form so that they can file their personal taxes. You must fill out two copies. One must be submitted to the IRS, and the other is sent directly to the employee, usually by mail or online, and the deadline for both is January 31, 2023. On the other hand, if you are primarily hiring independent contractors, then you need to send them a 1099 Nec or a 1099 Misc form, and once again copy A should be sent to the IRS and copy B should be sent directly to the contractor.

Four: February 18

 If you claimed the Earn Income Tax Credit, EITC, or the Additional Child Tax Credit, ACTC, you will get your tax refund NO earlier than February 18 2023. However, the tax payer that did not claim this credit may see their tax refund sooner than this date. Due to the PATH Act, the IRS is required by law to hold tax payers refund until this date, even if you efile your return much earlier than this date. You can find more information on this topic directly on the IRS website.

Five: March 15

On this date is when tax returns are due for Partnerships, Multimember LLCs. And S corporations. So, business owners who are a member of these type of entities have less time to file their business tax returns. The deadline to submit these tax returns, which are business tax returns forms 1065 and 1120s, is due by March 15, 2023. Now it’s very important to note that these are information only tax returns and you don’t have to pay any taxes on this date? Rather, this is when you file these business tax returns. I repeat that you don’t pay taxes on March 15, but you need to file these tax returns and send it to the IRS by March 15. After the business tax return is filed, the members of these entities will receive a K1 form, which shows each individual members share of the partnership or S corporation. With this income reported on the K1 form, that is what is reported on members personal tax return, which is usually filed separately from business tax return.

Six: April 18

This is the big day. First, this is when the 1st of the estimated quarterly tax payment is due for the new tax year 2023. Second on this date is when individual tax returns are due. This is the tax deadline for every US taxpayer who is required to file a personal tax return using form 1040. This is usually people who are W2 employees. Also, business owners of Partnerships and LLC who received a K1 form and independent contractors who receive 1099- and single-members LLC. On April 18 is the last day to file Corporate Taxes if your business is formed as a C Corporation. If you don’t file your taxes by this day, you will be hit with penalties and interest from the IRS. We recommend for you to file your taxes even if you don’t have money to pay your taxes, for that you can make a payment plan.

Tax Planning:

Do Not Wait until the last minute to file your taxes or your business taxes. This can put you at a disadvantage because you will not have all the documentation or information ready for your tax preparer to save you money on penalties and extras taxes that you would have to pay if you file late. This is completely avoidable by planning ahead with your tax preparer.

If you need help or information on how to prepare to file your taxes and how you can take advantage of many tax credits that can save you or your business thousands of dollars, schedule a call with a tax expert by pressing the link below….

On This Page.

One: January 17

Two: January 23

Three: January 31

Four: February 18

Five: March 15

Six: April 18

Tax Planning:

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