The Internal Revenue Service started accepting and processing 2022 tax returns on January 23rd, and the agency is expecting more than 168 million returns to be filed. As April 15th quickly approaches, taxpayers should be mindful of these deadlines throughout the year.

Deadlines for individual filers, including employees, retirees, self-employed individuals, independent contractors, and gig workers.

People have three extra days to file this year due to the calendar. If you need extra time to get your financial information ready, you’ll need to file Form 4868 before the April 18th. That will give you a six-month extension to October 16, 2023. But it’s important to know that while the extension gives you more time to submit your taxes, it does not give you additional time to pay any outstanding balance due. Taxes owed should still be paid by April 18th or interest and penalties may apply.

  • February 15, 2023 – Reclaim your exemption from withholding. If you filed Form W-4 to claim an exemption from employer withholding, you’ll need to re-file the form this year by this date. This form is necessary if you anticipate having no tax liability in 2023 and had none in 2022.
  • April 3, 2023 – Required minimum distribution due. If you turned 72 in 2022, the deadline for taking your first required minimum distribution from your retirement account is April 3, 2023. After the passage of the SECURE Act in 2019, if you turned 70 years old on or after July 1st, 2019, you don’t need to take RMDs until you reach age 72.
  • April 18, 2023 – Deadline to make IRA and HSA contributions for 2022 tax year. The 18th isn’t just the last day to file taxes or extensions, it’s also the final day to make contributions to your IRA or HSA for the 2022 tax year. After this date, you generally can’t make contributions for the previous tax year. It’s important to remember that if you are eligible to contribute to an IRA or HSA, you should take advantage of all available opportunities to maximize your savings.
  • April 18, 2023 – First quarter 2023 estimated tax payment due. Making estimated tax payments means that you need to estimate how much income you’re likely to make for the year and determine how much you will owe to the IRS for income taxes. Knowing when these payments are due is important in order to avoid underpayment penalties.
  • June 15, 2023 – Second quarter 2023 estimated tax payment due.
  • September 15, 2023 – Third quarter 2023 estimated tax payment due.
  • October 16, 2023 – Deadline to file your extended return. If you requested an extension back in April and filed Form 4868, this is the deadline for filing your taxes. It’s important to note that any taxes owed are still due by April 18th, even if you requested an extension.
  • December 31, 2023 – Required minimum distributions must be taken for individuals age 73 or older by the end of 2023. This is the deadline for taking your RDM for 2023.

Deadlines for businesses, including LLCs, Partnerships, C Corporations, and S Corporations.

  • January 31, 2023 – Deadlines for employers to send out W-2s and 1099 forms. The deadline for employees and independent contractors to receive their W-2 or 1099-NEC/1099-MISC forms was January 31st. If you haven’t sent out those out, you need to do so ASAP.
  • March 15, 2023 – Taxes are due for some business types. This is the deadline for certain businesses to file their corporate tax return. Businesses organized as calendar year partnerships, including multi-member LLCs and S-Corporations, need to file Form 1065 or 1120S by March 15th. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year.
  • April 18, 2023 – Taxes for C-Corporations are due. Businesses organized as calendar year C-Corporations need to file form 1120 by April 18, 2023. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year.
  • September 15, 2023 – Partnership and S Corporation deadline for those that received a filing extension.
  • October 16, 2023 – C Corporation filing deadline for those who received an extension.

Deadlines for Employee Retention Credit Program.

You can claim the ERC for any period of 2020 by April 15, 2024, and for any period of 2021 by April 15, 2025. Any Form 941, Form 943, Form 944, Form 945, or Form 1042 filed for any period ending with or within a calendar year before April 15th of the succeeding year is deemed filed on April 15th of the succeeding year, even if the return is required to be filed prior to that date. If the return is filed after April 15th of the succeeding calendar year, the assessment period is three years from the date the return is filed. See IRC 6501(b)(2) and Treas. Reg. 301.6501(b)–1(b).

Tax season can be overwhelming, especially with the various filing deadlines. But being aware of these key dates will help you stay on top of your taxes in 2023 and beyond. If you’re interested in having Miami CFO handle your taxes, use this link to schedule a meeting with us today: