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2023 Important Tax Deadlines

November 11,2022

Ashkey Fields

The upcoming tax season is just around the corner and here's what to expect in 2023. Be mindful when filing taxes late without an extension, you may be subject to a late filing penalty at 5% per month on the tax balance due up to the actual file date. For example,if you file a 1040 tax return and file on July 1, 2023 and owe $500, the late penalty fee is $62.50 ($500 x 5%[$12.50] x 3.15 months). If you file an extension, you won't be charged the late filing penalty but interest will still accrue on any tax balance at 5% if not paid by the original deadline. Extensions don't exempt you from the interest. The fees are calculated per month up to the actual filing date. No interest in assessed if there is a refund.

Learn more on when the IRS charge Interesst.

Before I share the tax deadlines, I want to share one last tip before you file your taxes. It behooves you to download your tax transcript from the IRS website. This will determine what has been reported to ensure you file an accurate return and to avoid any IRS letters.Get Your Tax Record.

Individuals tax deadlines for federal returns

Aptil 17, 2023

Business tax deadlines for federal tax returns

Sole proprietorships: Schedule C and personal tax return (IRS Form 1040) due April 17, 2023.
Partnerships: IRS Form 1065 due March 15, 2023.
Multimember LLCs: IRS Form 1065 due March 15, 2023.
S-corporations: IRS Form 1120S due March 15, 2023.
C-corporations: IRS Form 1120 due April 17, 2023.

If you are a LLC who chooses to be taxed as a S-corporation, you must fill out form 2553 and fax by February 15,2023 to take advantage of the election for the 2022 and 2023 tax year. After this date, you will only be granted in the year 2024.

Business tax extension deadlines

If you need more time to file, you may be able to get a tax extension. You must request an extension on or before the regular filing deadline. If you get a tax extension, the filing deadline changes to the following:

Sole proprietorships: October 16, 2023.
Partnerships: September 15, 2023.
Multimember LLCs: September 15, 2023.
S-corporations: September 15, 2023.
C-corporations: October 16, 2023.