Small business owners face a never-ending cycle of tax seasons, with personal and corporate tax filing deadlines to keep track of. To avoid unexpected tax bills or a last-minute rush to complete an IRS form, it’s crucial to stay ahead by marking key dates on your calendar. Also, you need to be aware of the important deadlines to keep your finances in order. In this post, we list a few key dates you must mark on your calendar so that you have enough time to organize and make informed decisions for a stress-free tax season.
Jan. 31, 2023: Deadline for distributing W-2, 1099-NEC, or 1099-MISC tax forms to employees and independent contractors.
As a small business owner, it’s important to know the deadline for distributing W-2, 1099-NEC, or 1099-MISC tax forms to employees and independent contractors you hired in the previous year. The deadline for this is January 31, 2023. This means that by this date, all workers must receive the forms outlining their annual earnings and the taxes that have been withheld. Failure to comply with this deadline may lead to penalties from the IRS. It’s crucial to ensure you have the necessary information to correctly fill out these forms and to distribute them to your employees promptly to avoid any complications.
March 15, 2023: Deadline for partnerships,
S corporations, or LLCs treated as partnerships to file their business tax returns.
The deadline for filing business tax returns for partnerships, S corporations, or LLCs that are taxed as partnerships is March 15 for businesses following a calendar year. However, for businesses with a fiscal year that does not start on January 1, the deadline is the 15th day of the third month following the end of their fiscal year, as specified by the IRS.
Note: March 15, 2023 is also the deadline for filing Form 2553 (to switch to S Corp for the tax year 2023).
April 18, 2023: Deadline for C Corporations, sole proprietorships (Schedule C), single-member LLCs (taxed as Corp), and individual tax returns.
The due date for C Corporations, sole proprietorships (filed on Schedule C), single-member LLC (taxed as Corporation), and individual tax returns is April 18, 2023. It is important to note that the tax return must be filed by the next business day if the due date falls on a weekend or holiday. Failing to file a tax return on time can result in penalties and interest fees. In addition, if an individual or business owes taxes, they must make payments by the due date to avoid additional fees and interest charges. Seek the assistance of an experienced small business tax accountant in Atlanta to ensure that tax returns are filed accurately and on time.
Oct. 16, 2023: Extended individual tax return due (for those with a filing extension).
An extension can be granted to individuals who need more time to gather all the necessary information and documents to file their tax returns. The extension allows an additional six months to file the return, but it does not provide more time to pay any taxes owed. Small business owners who need more time to file can request a tax extension until the tax-filing deadline (March 15 or April 18, 2023) to avoid late payment penalties and interest charges.
Note: An extension to file is not an extension to pay. Therefore, if you are unable to pay the full amount owed by the original due date, it is recommended to contact the IRS to make payment arrangements.
2023 Quarterly Estimated Tax Payment Deadlines
- April 15, 2023 – Q1 estimated taxes due
- June 15, 2023 – Q2 estimated taxes due
- Sept.15, 2023 – Q3 estimated taxes due
- Jan.15, 2024 – Q4 estimated taxes due
Other Important Dates and Deadlines
On Tuesday, January 3, 2023, the following activities are scheduled:
- Payment of deferred employer share of social security tax or railroad retirement tax equivalent from 2020, along with the filing of Form 730.
- Payment of tax on wagers accepted during November 2022 to be filed using Form 730.
- Payment of tax for vehicles first used in November 2022 to be filed using Form 2290.
On Thursday, January 5, 2023, deposit payroll tax for payments made between December 28th-30th, 2022, if the semi-weekly deposit rule applies.
On Friday, January 6, 2023, deposit payroll tax for payments made between January 1st-3rd if the semi-weekly deposit rule applies.
On Tuesday, January 10, 2023, employees are required to report tips of $20 or more earned during December 2022 to their employers.
On Wednesday, January 11, 2023, deposit payroll tax for payments made between January 4th-6th if the semi-weekly deposit rule applies.
On Friday, January 13, 2023, deposit payroll tax for payments made between January 7th-10th if the semi-weekly deposit rule applies.
On Tuesday, January 17, 2023:
- Farmers and fishermen are required to pay their estimated tax for 2022 using Form 1040-ES.
- Deposit payroll tax for December 2022 if the monthly deposit rule applies.
- Individuals must pay the final installment of their 2022 estimated tax using Form 1040-ES.
On Thursday, January 19, 2023, deposit payroll tax for payments made between January 11th-13th if the semi-weekly deposit rule applies.
On Friday, January 20, 2023, deposit payroll tax for payments made between January 14th-17th if the semi-weekly deposit rule applies.
On Wednesday, January 25, 2023, deposit payroll tax for payments made between January 18th-20th if the semi-weekly deposit rule applies.
On Friday, January 27, 2023, deposit payroll tax for payments made between January 21st-24th if the semi-weekly deposit rule applies.
If you’re running behind on your tax filing and think you’ll miss the deadline, you can request for an extension. However, it’s important to note that an extension does not excuse you from paying taxes owed. Make an informed estimate of what you owe and send in a payment to the IRS to avoid accruing interest on the outstanding amount, which can save your hard-earned money. Also, if you need help, contact us at Positive Rate Tax Advisors. Call us at (470) 315-1121 to talk to one of our small business tax accountants in Atlanta today.