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Every year, millions of Americans scramble to file their taxes before the deadline, hoping to avoid any penalties or fees. Filing taxes can be a complicated process, but with the right knowledge and preparation, you can simplify your life and make the process stress-free. This guide will provide you with everything you need to know about when are taxes due and key tax deadlines, from important deadlines to tips and tricks for maximizing your refund.

When are Taxes due

It’s important to be aware of when are taxes due and the key tax deadlines to ensure that you file your taxes correctly and on time. Here are some of the most important dates to remember:

When are taxes due for individual filers, including employees, retirees, self-employed individuals, and independent contractors

  • January 16th, 2023: 4th Quarter 2022 Estimated Tax Payment Due. Self-employed individuals and those with other income without any tax withholding must make their final quarterly payment for the 2022 tax year by this date.
  • January 23rd, 2023: The 2023 tax season begins. The Internal Revenue Service (IRS) will begin accepting and processing 2022 federal tax returns on this date.

Tax time 2023

  • January 31st, 2023: Due Date for Employers to Send W-2 Forms. All employers must send you a W-2 form no later than January 31st, following the close of the tax year.
  • January 31st, 2023: Certain 1099 forms sent. Forms 1099-NEC,1099-MISC, and 1099-K must be sent to report payments received from sources other than an employer, such as independent contractor work, gig work, self-employment, and investment income.
  • February 15th, 2023: Reclaim Your Exemption from Withholding. If you claimed an exemption from employer withholding taxes last year, you’ll need to re-file the form by this date.
  • April 18th, 2023: Tax Day. The tax deadline typically falls on April 15th each year but may be delayed due to weekends or holidays. Don’t miss this deadline to avoid penalties and interest.

Tax preparation can be stressful with many tax forms and deadlines

Tax preparation can be stressful with many tax forms and deadlines.

  • April 18th, 2023: Deadline to File Form 4868 and Request an Extension. Individuals who are not ready to file their tax return by the Tax Day deadline can request an extension by filing Form 4868. Remember, even with an extension, you are still required to pay any taxes owed by the April deadline.
  • April 18th, 2023: 1st Quarter 2023 Estimated Tax Payment Due. Estimating your income for the year and determining your tax liability is crucial for making estimated tax payments.
  • June 15th, 2023: 2nd Quarter 2023 Estimated Tax Payment Due. This date marks the second quarterly estimated tax payment for the year.
  • September 15th, 2023: 3rd Quarter 2023 Estimated Tax Payment Due. The third quarterly estimated tax payment is due on this date.
  • October 16th, 2023: Deadline to File Your Extended 2022 Tax Return. Individuals who requested an extension to file their tax return have until this date to do so.

When are taxes due for businesses: partnerships (including LLCs), C Corps (Form 1120), and S Corps (Form 1120S)

  • January 16th, 2023: 4th Quarter 2022 Estimated Tax Payment Due
  • January 23rd, 2023: 2023 Tax Season Begins
  • January 31st, 2023: Employers send W-2s forms to employees
  • January 31st, 2023: Send certain 1099 forms

Tax dealines

  • March 15th, 2023: when are taxes due for Partnerships, Multi-member LLCs, and S-Corporations. Partnerships, including multi-member LLCs, and S-Corporations need to file Form 1065 or 1120S by March 15th, 2023, if they are a calendar year business. If your business uses a fiscal year, the tax return due date is the 15th day of the third month following the close of the tax year. For example, if your business has a tax year of April 1st – March 31st, the tax return would be due on June 15th, 2023, instead of March 15th, 2023.
  • April 18th, 2023: when are taxes due for C-Corporations. Businesses organized as C-Corporations must file form 1120 by April 18th, 2023, if they are a calendar year business. As with partnerships and S-Corporations, if your business uses a fiscal year, the tax return due date is the 15th day of the third month following the close of the tax year.
  • September 15th, 2023: Extended Returns for Partnerships and S-Corporations
  • October 16th, 2023: Extended Returns for C-Corporations

Tax Planning and Checklists

After understanding when are taxes due, proper planning and preparation can help you make the most of your tax returns and avoid any errors or mistakes. Here are some tips and tricks for tax planning and preparation:

  • Keep detailed records of your income and expenses throughout the year.
  • Review your tax return from the previous year to ensure that you have all of the necessary information.
  • Consider hiring a tax professional if you have complex financial situations or if you need help navigating the tax code.
  • Use checklists to ensure that you have all of the necessary information and documentation before you file your taxes.

Checklist

Maximizing Your Refund

Maximizing your tax refund is a common goal for many taxpayers. Here are some tips for maximizing your refund:

  • Make sure that you are claiming all of the deductions and credits that you are eligible for.
  • Consider contributing to a tax-deferred retirement account, such as an IRA or 401(k).
  • Use tax preparation software or seek the assistance of a tax professional to ensure that you are taking advantage of all of the deductions and credits available to you.

Conclusion

The process of filing taxes can be daunting and confusing, but with adequate knowledge and preparation, you can streamline the process and reduce stress. Keeping abreast of crucial tax deadlines and employing helpful tips can help ensure that you are aware of when are taxes due to file your taxes accurately and promptly, while also optimizing your tax refund.

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