Eight key tax deadlines: A Guide for 2023:

This year, are you planning to file your taxes? If so, you need to be aware of the crucial deadlines. The time to file your taxes for 2023 is quickly approaching. The IRS is expected to make tax returns for 2023 in late January. The IRS may impose late filing penalties if significant dates are missed, so it’s critical to keep track of them.

Additionally, review your tax forms and their requirements frequently before the deadlines. It could be difficult to correct a mistake you made later on. We have included necessary tax forms and their deadlines in this article.

Tax due dates in 2023

When completing a tax return, there are a few criteria and steps. Individuals and businesses that generate money from their commercial activity must file tax filings. The tax return for this income must be submitted to the government (which you received in the prior year). Additionally, figuring out the appropriate tax income takes a lot of work. However, we can use a check stub maker to keep track. Finding the correct tax forms after deciding on your income bracket might be challenging. The following list includes some of the vital tax filing deadlines for 2023.

Key filing dates:

Taxpayers should keep the following dates in mind for this year’s filing season:

• IRS Free File opens on January 13.
• January 17 is the due date for the tax year 2022 4th QT estimated tax payment.
• On January 23, the IRS begins the 2023 tax season and starts accepting and processing individual 2022 tax returns.
• Earned “Income Tax Credit Knowledge Day,” observed on January 27, aims to increase public awareness of the worthwhile tax credits accessible to a wide range of people, including the possibility of using the prior-year income to qualify.
• January 31, 2023, is an important date for 

• March 15, 2023, is an essential date for form 1065 (for Partnerships) and form 1120S (for S-corporations).
• April 18 is the national due date to file a 2022 tax return or request an extension and pay the tax owed due to the Emancipation Day holiday in Washington, D.C. It is an important date for:

Tax due dates for extended returns to be filed:

If you miss a deadline because of an unexpected event or a natural disaster, you can be given an extension of time to file your tax return. You risk facing financial or legal consequences for failing to file taxes if you don’t make the required payment by the due date. Some of the critical extended tax filing deadlines for 2023 are listed below:

Fiscal year tax filers:

Companies that use a fiscal tax year rather than a typical calendar year adhere to a different schedule.

• For businesses with fiscal years, partnership and S-corporation forms must be submitted by the 15th day of the third month following each tax closing year date.
• It’s crucial to remember that the S-corporation due date for filing will not be extended.
• The 15th day of April following the end of the tax year is when C-corporations must file their tax returns.
• Instead of June 30, the extended deadline for C-corporations after the fiscal year would be December 31, 2025.
• Those choosing the employee benefits plan have until the last day of the seventh month following the company’s fiscal year to file their returns.

Changes from 2017 to 2023

The IRS modifies its rules and procedures to improve the workflow for tax filers. Here are a few significant developments to consider from the previous five years.

• Instead of 5 months, the deadline for submitting form 1065 (partnership income) has been extended to 6 months.
• Rather than being five months, the deadline for submitting form 1041 (Estates and Trust) has been extended to 5 and a half months. This means that they now have a benefit period that is two weeks longer than it was on the initial date.
• Those who choose the employee benefits program can file their returns within the extended window, which is at least three and a half months.
• Individuals must also file International Bank Account Report forms if they have $10,000 or more in foreign bank accounts. With a six-month extension, documents must be filed electronically. FinCEN 114 and Form 1040 must be submitted if you’re an independent contractor. 
• The new form 990 series submission deadline for businesses that use the calendar year is now November 15. The form must be submitted within three more months.

If your tax return is not submitted by the deadline, you will be subject to the Failure to File Penalty. A portion of the taxes you didn’t pay on time will be deducted from the Penalty you must pay.

How to determine if you owe penalties?

The IRS will send a notification if you owe Penalty. Understanding Your IRS Notice or Letter provides extra information.

Avoid a penalty:

You might avoid a penalty by submitting and paying your taxes by the due date. You may request a payment plan or an extension if you cannot do so.

• Submit a request for a filing deadline extension. Request an extension to file if you need extra time to prepare your tax return. 
• Make a Payment Plan application. Pay what you can immediately and apply for a payment plan if you cannot pay your taxes or penalties in full or on time. Setting up a payment plan may allow you to reduce future fines.

Note:

Failure to file your return by the due date may result in adverse outcomes. Tax penalties may apply if you owe money in taxes but do not pay it. It makes sense that filing a tax return is something that many individuals dread doing. After all, in some circumstances, paying taxes may require assembling tons of documents, including records for mortgage interest, medical bills, and company expenses. That could be a demanding and time-consuming task. Because of this, it’s crucial to allow yourself plenty of time to complete your tax return before the deadline for this year. You must also know what the deadline for this year looks like.