As a business owner, staying on top of your tax obligations is crucial to avoid costly penalties and ensure compliance with federal and state tax laws. With different filing deadlines for various business structures and types, it’s important to know when your tax returns and estimated tax payments are due. Here are the key tax calendar dates to watch for in 2023.
1) Jan. 31, 2023: Provide Tax Forms to Employees and Contractors
As an employer, you must provide tax forms to any employees or independent contractors you hired the previous year. This includes W-2 forms for employees and 1099-NEC or 1099-MISC forms for independent contractors. The deadline for providing these forms to recipients is January 31, 2023.
2) March 15, 2023: Business Tax Returns for Partnerships, S Corporations, and LLCs
If your business is a partnership, S corporation, or LLC taxed as a partnership, you must file your tax return by March 15, 2023, if you follow the calendar year. However, if your business’s tax year doesn’t start on January 1, you’ll need to follow the IRS fiscal year due date. This is also the deadline to file Form 2553 to elect S corporation status for tax year 2023.
3) April 18, 2023: Tax Returns for C Corporations, Sole Proprietorships, and Individuals
This is the deadline for C corporations, sole proprietorships, single-member LLCs or LLCs taxed as corporations, and individuals to file their tax returns. Additionally, this is the last day to make 2022 contributions to traditional and Roth IRAs.
4) Oct. 16, 2023: Extended Individual Tax Return Deadline
If you received a filing extension on your 2022 income tax return, your extended individual return is due on this date.
5) 2023 Quarterly Estimated Tax Payment Deadlines
If you’re self-employed or receive any form of income that requires you to pay estimated taxes, here are the estimated tax due dates for 2022:
- April 15, 2023 – Deadline for 2022 Q1 estimated tax payments
- June 15, 2023 – Deadline for 2022 Q2 estimated tax payments
- Sept. 15, 2023 – Deadline for 2022 Q3 estimated tax payments
- Jan. 15, 2024 – Deadline for 2022 Q4 estimated tax payments
Note that if any of the above dates fall on a weekend or federal holiday, the payment deadline falls on the next business day instead.
How to File a Tax Extension as a Business Owner
If you need more time to file your taxes, you can apply for a tax-filing extension. This extension will give you an extra six months to file your return. However, a tax extension only extends your filing deadline, meaning you still need to pay any estimated tax payments on your business’s tax deadline. Here’s how to file a tax extension for your business:
- Sole proprietors can request a tax extension using IRS Form 4868.
- Partnerships, S corporations, and C corporations can request an extension using IRS Form 7004.
Make sure to pay your estimated taxes on time to avoid any late fees!
Staying on top of tax deadlines is essential for business owners. By keeping track of these key dates, you can avoid penalties and ensure your business stays in compliance with federal and state tax laws. If you have any questions or concerns about filing your taxes, don’t hesitate to consult with a tax professional or legal expert. Please call Brenden Kelley Law at 216-644-3359 so that we can assist you.