As the new year is approaching, the deadline to file your tax for 2023 is near. It is estimated that the IRS starts accepting tax returns for the new year in late January.
It’s important to keep a check on the deadlines because missing important deadlines can result in late filing penalties by the IRS.
Moreover, keep revising your taxes forms and their requirements before the deadlines. If you have incurred a wrong form at an urgent time, it could be very overwhelming to fix it at a later date.
In the coming section of the article, we have mentioned important tax forms and their deadlines in 2023.
Tax Due Dates in 2023
There are some requirements and procedures to follow when you’re filing for a tax return. Tax returns are filed by individuals or companies who earn some income from their business activities.
On this income (that you have earned in the previous year), the tax must be filed with the government. Moreover, calculating the right income for taxes is itself a huge challenge. Once you have chosen your income bracket, finding the right tax forms can also be a hectic process.
If you are struggling to file your taxes, talk with an experienced CPA. He/she can also save your money to avoid paying unnecessary taxes. You may also claim tax credits and deductions with the right expertise.
Some of the most prominent tax due dates in 2023 are covered below:
|Type Of Form||Last date to file|
|Form W-2, W3, 1099 NEC and 1096 NEC, 1099-G, 1099-K, 1099-S, 1099-MISC, 1099-B||January 31, 2023|
|Fourth quarter estimated payments due for the tax year 2022||January 17, 2023|
|W-4 form||February 17, 2023|
|Form 1065 (for Partnerships)||March 15, 2023|
|Form 1120S (for S-corporations)||March 15, 2023|
|Form 1040 (for Individuals)||April 18, 2023|
|Fin CEN 114 – FBAR||April 18, 2023|
|Form 1041 (for Trusts and Estates)||April 18, 2023|
|Form 1120 (for C-Corporations)||April 18, 2023|
|Form 990 Series (for Tax-Exempt Organizations)||November 15, 2023|
|Form 550 Series (for Employee Benefit Plan)||October 18, 2023|
Tax Due Dates to File for Extended Returns:
If you miss a deadline due to an uncertain event or disaster, then you might get an extended period to file your tax return. If you don’t pay the due amount by the deadline, you may get monetary or criminal penalties for NOT filing your taxes.
Some of the important tax due dates for extended deadlines in 2023 are covered below:
|Type of Form||Due Date for filing|
|Form 1065 (partnership)||September 15, 2023|
|Form 1120S (S-corporations)||September 15, 2023|
|Form 1041||September 30, 2023|
|Form 1120 (C-corporation)||October 16, 2023|
|Form 1040, the late filing deadline||October 16, 2023|
|Fin CEN 114 (along with Form 1040)||October 17, 2023|
|Form 990 Series||November 15, 2023|
|Form 550 Series||October 15, 2023|
Also Read: What to Do After You’ve Filed an Income Tax Extension
Fiscal Year Tax Filers:
There’s a different schedule followed by companies that follow a fiscal tax year rather than a normal calendar year.
- For companies following fiscal years, the forms for partnership and S-corporations should be sent in by the 15th day of the 3rd month of every tax closing year date.
- The important point to keep in mind is that there will be no extension in case of the S-corporation due date to file.
- The due date for C-corporation for filing their tax returns is on the 15th day of the fourth month after the tax year closes.
- The extended deadline for C-corporations following the fiscal year would be 31st December 2025 rather than 30th June.
- People who have opted for the employee benefits scheme have the benefit to file their returns till the last day of the 7th month after the closing year of the company.
Changes Carrying Over From 2017 to 2023
The IRS keeps on changing their rules and regulations to make the processes better for their tax filers. Following are some of the broad changes to look over in the past 5 years.
- The form 1065 (partnership income) deadline to submit has been extended to 6 months rather than 5 months.
- The form 1041 (Estates and Trust) deadline to submit has been extended to 5 and a half months rather than 5 months. This entails that they have been given a benefit period of 2 more weeks than the previous date.
- People who have opted for the employee benefits scheme have the benefit to file their returns at an extended deadline which is at least 3 and a half months.
- Individuals who have $10,000 or above in their foreign bank accounts must also file Foreign Bank Account Report forms. Forms must be submitted electronically with an extension period of 6 months. If you’re an individual, you must submit FinCEN 114 and Form 1040.
- The updated deadline for the form 990 series is now 15th November for companies following the calendar year. You have 3 additional months to file the form.
How to File Your Taxes
Following are some of the steps to file your taxes:
Step 1: Decide your 2023 income tax bracket (inflation-adjusted).
Step 2: Decide your tax rate for the respective tax bracket (normally remains the same).
Step 3: Find the relevant tax forms.
Step 4: Consult a CPA, filing your taxes with inaccurate processes may result in penalties.