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Due Dates for 2023 Tax Filings and Returns
Greg Dowell • Mar 11, 2023
Don't forget a birthday, anniversary, or any of these tax filing dates . . .
It used to be pretty easy to figure out – tax returns for most entities were due on April 15th every year. Over the years and for a variety of reasons – some good, some not so good – due dates have changed and a cheat sheet is needed to keep track of them. Here is a look at the major tax due dates throughout 2023:
January 17, 2023. Individuals.
- Make a payment of estimated tax for 2022 if not enough 2022 income tax has been withheld. Use Form 1040-ES, or pay by various electronic means. This is the final installment date for 2022 estimated tax. However, individuals needn't make this payment if they file their 2022 returns (Form 1040) and pay any tax due by Jan. 31, 2023.
January 17, 2023. Farmers and fishermen.
- Pay estimated tax for 2022 by using Form 1040-ES or via various electronic means. Farmers and fishermen can then file their 2022 income tax returns (Form 1040) by Apr. 18 (as Apr. 15 falls on a Saturday, and Apr. 17 is D.C. Emancipation Day). If they don't make this estimated payment at this time, they must file their 2022 returns and pay any tax due by Mar. 1, 2023, to avoid an estimated tax penalty.
January 31, 2023. Individuals.
- File income tax return (Form 1040) for 2022, if the last installment of estimated tax wasn't paid by Jan. 17. Filing the return now prevents any penalty for late payment of the last installment.
January 31, 2023. Employers.
- Give employees their copies of Form W-2 for 2022.
- File Form W-3 along with Copy A of all the Form W-2s issued for 2022.
- “Applicable large employers” must furnish copies of Forms 1095-C to full-time employees, and all other providers of minimum essential coverage must furnish copies of Forms 1095-B to responsible individuals.
January 31, 2023. Businesses.
- Give an annual information statement to recipients of certain payments made by the business during 2022. (Use a copy of the appropriate Form 1099.)
- File Form 1099-MISC if reporting (whether electronically or by paper) nonemployee compensation payments in box 7. (For all other payments, file Form 1099-MISC by Feb. 28, 2023 on paper, or Mar. 31, 2023, electronically.)
February 15, 2023. Individuals.
- Individuals who claimed exemption from income tax withholding for 2022 on the Form W-4 given to the employer must file a new Form W-4 by this date to continue the exemption for another year.
February 15, 2023. Businesses.
- Give an annual information statement to recipients of certain payments (e.g., proceeds from broker and barter transactions) made by the business during 2022. (Use a copy of the appropriate Form 1099.)
February 28, 2023. Businesses.
- File an information return (Form 1099) with IRS for certain payments made by the business during 2022. There are different versions of Form 1099 for different types of payments. For a 30-day extension of time to file, use Form 8809. The due date for electronic filers is Mar. 31, 2023.
February 28, 2023. Large food and beverage establishment employers.
- File Form 8027 to report tip income and allocated tips. Use Form 8027-T to summarize and transmit Form 8027 if employer has more than one establishment. The due date for electronic filers is Mar. 31, 2023.
March 1, 2023. Farmers and fishermen.
- File the 2022 income tax return (Form 1040) and pay any tax due. However, farmers and fishermen have until Apr. 18 if they paid their 2022 estimated tax by Jan. 17, 2022.
March 15, 2023. Partnerships.
- File a 2022 calendar-year return (Form 1065), and provide each partner with a copy of Schedule K-1. For an automatic 6-month extension to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then file Form 1065 by Sept. 15.
March 15, 2023. S corporations.
- File a 2022 calendar-year income tax return (Form 1120S), pay any tax still due, and provide each shareholder with a copy of Schedule K-1. For an automatic 6-month extension, file Form 7004 and deposit an estimate of the tax owed.
March 15, 2023. S elections.
- File Form 2553 to choose to be treated as an S corporation for calendar year 2023 and thereafter. If Form 2553 is filed late, S treatment will begin with calendar year 2024 (unless the taxpayer qualifies for late election relief).
March 31, 2023. Electronic filers of information returns.
- Electronically file those information returns listed under Feb. 28, above (e.g., Form 1099s, Form W-2s, etc.). (Feb. 28 is the due date for non-electronic filers.)
March 31, 2023. Large food and beverage establishment employers.
- Electronically file Form 8027 to report tip income and allocated tips. Employers with more than one establishment should use Form 8027-T to summarize and transmit Form 8027. (Mar. 1, 2023 is the due date for non-electronic filers.)
April 18, 2023. Individuals.
- File an income tax return (Form 1040) for 2022 and pay any tax due.
- U.S. citizens and resident aliens living and working (or on military duty) outside the U.S. and Puerto Rico get an automatic 2-month extension (to June 15) to file their returns and pay any tax due.
- Make the first installment payment of 2023 estimated tax.
- Last day to make contributions to an IRA, Roth IRA, HSA, Archer MSA or Coverdell ESA for 2022.
April 18, 2023. C corporations.
- File 2022 calendar-year income tax returns (Form 1120) and make any required income tax payments. Corporations needing additional time (beyond April 18) to file should file Form 7004, and deposit the tax they owe, by April 18, 2023, to obtain an extension to file the return. The filing extension date won't go beyond Oct. 18, 2023. And, that extension doesn't extend the time to pay the tax beyond April 18, 2023.
April 18, 2023. Corporations.
- Calendar-year corporations deposit the first installment of estimated income tax for 2023.
June 15, 2023. Individuals.
- Make the second installment payment of 2023 estimated tax.
- U.S. citizens or resident aliens living and working (or on military duty) outside the U.S. and Puerto Rico file their 2022 Forms 1040 and pay any tax, interest and penalties due (under the 60-day extension to which they're entitled). For further extension to Oct. 16, file Form 4868 and check the box on line 8. For taxpayers serving in a combat zone, the filing deadline is extended further.
June 15, 2023. Corporations.
- Calendar-year corporations deposit the second installment of estimated income tax for 2023.
July 17, 2023. Employers.
- Employers that maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or Form 5500-EZ for plan years that ended in Sept., Oct., or Nov. of 2022. Employers with Forms 5500 due between Mar. 31, 2023, and July 17, 2023 because of a previously filed extension request, file the Form 5500.
July 31, 2023. Employers.
- Employers that maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or Form 5500-EZ for calendar year 2022. Employer that use a fiscal year as the plan year file the form by the last day of the seventh month after the plan year ends.
September 15, 2023. Individuals.
- Make the third installment payment of 2023 estimated tax, if not enough 2023 income tax is being withheld. Use Form 1040-ES, or pay by various electronic means.
September 15, 2023. S corporations.
- If under a 6-month extension, file a 2022 calendar-year income tax return (Form 1120S), and pay any tax due.
September 15, 2023. Corporations.
- Calendar-year corporations must deposit the third installment of estimated income tax for 2023.
September 15, 2023. Partnerships.
- If under a 6-month extension, file a 2022 calendar-year return (Form 1065).
October 16, 2023. Individuals.
- Individuals with an automatic 6-month extension to file income tax returns for 2022, file Form 1040 and pay any tax, interest, and penalties due.
October 16, 2023. C corporations.
- File a 2022 calendar-year income tax return (Form 1120), and pay any tax due if under an automatic 6-month extension.
During November, 2023. Employers.
- Request that employees whose withholding exemptions will be different in 2024 fill out a new Form W-4.
December 15, 2023. Corporations.
- Calendar-year corporations must deposit the fourth installment of estimated income tax for 2023.
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by Gregory S. Dowell Updated May 16, 2023 Spring is the traditional kick-off to wedding season, and thoughts quickly turn to the wedding venue, gifts, the happy couple, and, of course, the guest list. Lurking somewhere in the shadows, behind even that strange uncle you barely know, is another guest that needs to be considered: The tax impact on the newlyweds. To start, newlyweds will have two options for filing their income taxes in the year of marriage: Filing status can either be married filing jointly, or married filing separately. In the vast majority of cases, a couple will benefit with a lower overall tax burden to the couple by choosing to file married filing jointly. One of the classic cases where a couple may consider filing separately is when one spouse has significant amounts of medical expenses for the year. Medical expenses are only deductible if they exceed 7.5% of adjusted gross income; using only one spouse's income may allow a deduction to be taken if filing separately, compared to losing the medical deduction entirely if both incomes are combined by filing jointly. We previously had written about the tax trap that often occurs when two people get married, resulting often in an unanticipated balance due when the first joint tax return for the couple was filed. While President Trump’s Tax Cuts and Jobs Act (TCJA), changed the dynamics somewhat, it is still worthwhile to put pen to paper before saying “I do”. Prospective spouses have the opportunity to save money by taking income tax considerations into account before tying the knot. That’s particularly true for those who plan to marry late this year or early next year. As this article explains, from the federal income tax standpoint, some individuals marrying next year may come out ahead by either deferring or accelerating income, depending on their circumstances. Others may find it to their advantage to defer a year-end marriage until next year. For some quick background, a “marriage penalty” exists whenever the tax on a couple’s joint return is more than the combined taxes each spouse would pay if they weren’t married and each filed a single or head of household income tax return. Before President Trump’s TCJA, only the 10% and 15% married filing jointly brackets were set at twice that of the singles bracket, and so the marriage penalty effect on joint filers applied in the brackets above the 15% bracket. Beginning with the 2018 tax year, however, the TCJA set the statutory tax brackets for marrieds filing jointly-through the 32% bracket-at twice the amount of the corresponding tax brackets for singles. As a result, the TCJA eliminated any tax-bracket-generated marriage penalty effect for joint filers where each spouse has roughly the same amount of taxable income-through the 32% bracket. For example, if two individuals who each have $215,950 of taxable income file as single taxpayers for 2022, each would have a tax bill of $49,335.50, for a combined total of $98,671. If they were married, their tax bill as marrieds filing jointly would be $98,671, exactly the same amount as the combined total tax they’d pay as single taxpayers. Because the 35% bracket for marrieds filing jointly isn’t twice the amount of the singles 35% bracket, the marriage penalty effect will still apply to joint filers whose income falls in the 35% bracket. Using 2022 tax tables, two single taxpayers may each have $500,000 in taxable income, for a combined total of $1,000,000, without having any of it taxed higher than 35%. However, for marrieds filing jointly, the 35% tax bracket ends at $647,850 in taxable income, and each additional dollar of taxable income taxed at 37%. Thus, where two high-earning unmarried taxpayers with substantially equal amounts of taxable income are planning for their marriage to take place either late this year or early next, it may pay from the tax viewpoint to defer the marriage until next year. As an example, if two individuals each have $539,900 of taxable income file as single taxpayers for 2023, each would have a tax bill of $162,718, for a combined total of $325,436. If they were married before the end of the year, their tax bill as marrieds filing jointly would be $334,076, or $8,640 more than the combined total tax they’d pay as single taxpayers. If only one of the prospective spouses has substantial income, marriage and the filing of a joint return may save taxes, thus resulting in a marriage bonus. The bonus is the result of two factors: 1) the tax brackets for marrieds filing jointly cover wider spans of income than the tax brackets for taxpayers as singles; and 2) the taxable income of the lower-earning individual may not push the couple’s combined income into a higher tax bracket. In such a case, it will probably be better from the tax standpoint to accelerate the marriage into this year if feasible. There are a number of other factors that should also be taken into account when determining the effect of a marriage on income taxes of the couple. As mentioned early in this post, the first decision is to verify that filing a joint return is preferred to filing separate returns. In addition, many provisions of the tax code phase out completely (or decrease partially) as adjusted gross income increases. In a perfect world, there would only be good surprises for a newlywed couple following their wedding. To avoid any unpleasant income tax surprises, we always recommend that a newlywed couple take the time to make a projection of what their income will look like when combined as a couple, and determine what the tax bill will look like, at the Federal and State levels. After all, planning ahead, communicating with each other, discussing finances, and avoiding unpleasant surprises are some of the keys to a long marriage.
The IRS asks taxpayers to wait to file 1040s if they received rebate payments from their state in 2022.
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