What comes to mind when you think about tax season? Maybe you’re one of those people who gets excited about doing taxes. On the other hand, you might feel a sense of dread or confusion when you think about filing your taxes. If you’re the latter, you’re not alone. A recent study showed that one-third of taxpayers wait until the filing deadline to do their taxes and 56% don’t even know when the deadline is!
Whether you relish taxes or feel a bit nervous, having a trustworthy expert on your side can makes all the difference between complicated and stress-free. As Roanoke’s trusted tax experts, Neely’s wants you to have all the info you need. To help, we’ve compiled all the season’s tax deadlines so you can face the 2023 tax season with confidence.
Personal Income Tax & Self-Employed Deadlines
- January 31, 2023 – Due date for employers to send W-2 forms. To ensure you’re able to complete your tax return on time, the IRS requires all employers to send you a W-2 no later than January 31 following the close of the tax year. Generally, this means W-2s get sent by January 31, but you won’t necessarily receive your form by this date.
- January 31, 2023 – Certain 1099 forms are sent. Various 1099 forms, and forms 1099-NEC,1099-MISC, and 1099-K are used to report payments that typically don’t come from an employer, such as if you work as an independent contractor, gig worker, or self-employed person or if you receive income such as interest, dividends, prize winnings, rents, royalties, or brokerage account transactions. If January 31 falls on a weekend or holiday, these forms are due to be sent the following business day.
- April 18, 2023 – Tax day (unless extended due to local state holiday). The tax deadline typically falls on April 15 each year, but can be delayed if it falls on a weekend or holiday. Missing the tax deadline can have consequences like penalties and interest.
- April 18, 2023 – Deadline to File Form 4868 and request an extension. The tax day deadline is also the last day to file Form 4868 requesting an extension to file your individual income tax return. If you won’t be ready to file your tax return by tax day, make sure you instead complete an extension request, granting you the ability to delay filing a completed return until October 16, 2023. But remember, even if you choose to file an extension, you are still required to pay any taxes you may owe by the April deadline.
- April 18, 2023 – Deadline to make IRA and HSA contributions for 2022 tax year. For individual income tax return filers, this also marks the final day to make contributions to your IRA or HSA for the 2022 tax year. After this date, you generally can’t make contributions for the previous tax year.
- April 18, 2023 – First quarter 2023 estimated tax payment due. Making estimated tax payments means that you need to estimate how much income you’re likely to make for the year and determine how much you will owe to the IRS for income taxes. You can use IRS Form 1040-ES to calculate how much tax liability you’ll have for the year. IRS Publication 505 contains all the rules and details you might need to know about how to calculate this amount. If you overestimated how much tax liability you’d owe for a year and are due a refund, you can choose to receive that money now or apply the overage to the following year’s quarterly tax payments.
- June 15, 2023 – Second quarter 2023 estimated tax payment due. Despite the IRS referring to these payments as quarterly estimated taxes, the due dates don’t necessarily fall within “quarters” nor do they each represent three months of tax payments. They represent an equal quarterly share of your estimated income tax liability paid at uneven intervals. The first payment occurs 3 and a half months into the year. The second payment is five and a half months; the third payment is eight and a half months, and the fourth payment is due 12 and a half months after the year starts.
- September 15, 2023 – Third quarter 2023 estimated tax payment due.
- October 16, 2023 – Deadline to file your extended 2022 tax return. If you chose to file an extension request on your tax return, this is the due date for filing your tax return.
- January 15, 2024 – Fourth quarter 2023 estimated tax payment due. This represents the final quarterly estimated tax payment due for 2023. If you choose the option to pay 100% of your previous year’s tax liability, any unpaid taxes will be due when you file your 2023 individual tax return by the April 2024 deadline.
Businesses – Partnerships (including LLCs), C Corps (Form 1120), and S Corps (Form 1120S)
- January 31, 2023 – Employers send W-2s forms to employees
- January 31, 2023 – Send certain 1099 forms
- March 15, 2023 – Taxes are due for some business types (partnerships, multi-member LLCs, and S-Corporations). Businesses organized as partnerships, including multi-member LLCs, and S-Corporations need to file Form 1065, or 1120S by March 15, 2023, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of March 15.
- April 18, 2023 – Taxes for C-Corporations are due. Businesses organized as C-Corporations need to file form 1120 by April 18, 2023, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of in April.
- September 15, 2023 – Deadline for extended partnership and S-corporation returns
- October 16, 2023 – Deadline for extended C-corporation returns
- January 15, 2024 – Fourth quarter 2023 estimated tax payment due
Contact Neely’s Accounting Services for Expert Tax Support in Roanoke.
Since 2007, Neely’s Accounting Services has provided expert tax preparation and accounting in Roanoke and Vinton, VA. We help small and service-based businesses, restaurants, nonprofits & churches, and families and individuals. We pride ourselves on delivering big-city service with hometown values. Our friendly, dedicated advisors are always ready to help you with personalized solutions that meet your needs.
Let us take the stress out of running your business and filing income taxes. Contact us or visit at either of our two convenient locations today.