Tax season can be stressful, but with advance planning, it can go lot more smoothly. The official deadline for filing your federal income tax return each year is typically April 15, although that date isn't set in stone. When April 15 falls on a Saturday, Sunday, or a legal holiday, the deadline shifts to the following business day. Other national events may also cause the deadline to change.
Although the Internal Revenue Service (IRS) usually starts processing tax returns in late January each year, you can begin submitting as soon as you have gathered all the required documentation. If you need to file an extension, you must do so before Tax Day. You must also pay as much of your tax bill as you can by that date as well. Then, you must file your extension by or around October 15.
You'll discover all the crucial dates in this guide, ensuring a quick and simple tax filing procedure.
When are Federal Income Taxes Due in 2023 ?
April 18, 2023 is a deadline for paying any taxes owed for 2022, including self-employed individuals and those who make quarterly estimated tax payments. (usually April 15, but extended due to Emancipation Day holiday in Washington D.C.)
Moreover, Form 4868 must be submitted no later than April 18, 2023, to request a six-month tax delay. On January 23, 2023, the IRS started receiving and processing tax returns.
Another set of dates apply to self-employed individuals and others who pay anticipated taxes. Four times a year, in January, April, June, and September, estimated taxes are routinely collected.
Federal Tax Filing Deadlines for 2023 :
Tax filing deadlines often fall within a set, broad range. These are the deadlines you need to be aware of when it comes to filing your tax return. Here are the federal income tax deadlines for 2023 :
Individual income tax returns :
In 2023, April 15 falls on a Wednesday, but the following Monday is Emancipation Day in Washington, D.C., which closes all businesses and government buildings. The due date for your individual tax return (Form 1040 or Form 1040-SR) is therefore Tuesday, April 18, 2023.
Corporation income tax returns (IRS Form 1120) :
The deadline for businesses is April 18, 2023. If the corporation runs on a fiscal year rather than a calendar year, the deadline for Corporation returns is normally the 15th day of the fourth month after the conclusion of the corporation's fiscal year.
Partnership and S-corporation returns (IRS Form 1065 IRS and Form 1120-S respectively) :
Partnership and S-corporation returns are typically due on March 15. But, if you ask for an automatic six-month extension, the deadline is September 15.
Receiving W-2 Form :
Your W-2 form detailing your earnings must be sent to you by your employer by January 31. Independent contractors must also receive the majority of their 1099 forms by this date.
Note :
Estate taxes, gift taxes, trusts, exempt organizations, some types of companies, foreign partnerships, and nonresident aliens do not have filing dates and deadlines on the 2023 IRS calendar. To learn when you must file for one of these situations, visit the relevant page on the IRS website.
When are Taxes Due, If I Request a Tax Extension ?
October 16, 2023 is a deadline for filing a tax return if an extension was requested by the April 18 deadline.
Your federal tax return is due on October 16 unless you submit Form 4868 to request an extension. To be eligible for the extension, Form 4868 must be submitted before tax day (April 18). You have more time to file your taxes if you obtain a tax extension, but you do not have more time to pay them. You'll still need to calculate how much tax you owe and pay it before April 18th. Some people may be qualified for automatic extensions, such as select military personnel or those impacted by natural disasters.
All Federal Tax Deadlines by Months
If you'd rather just flick through and mark them on your calendar, important dates are listed below in chronological order. They also contain some additional due dates that may be relevant to you.
January to March Tax Deadlines :
Jan. 10, 2023:
The deadline for employees who received tips worth more than $20 in December should submit a Form 4070 to their employers.
Jan. 17, 2023:
The expected tax payment for the fourth quarter of 2022 must be paid by this date.
Jan. 31, 2023:
Your W-2 form including your 2022 earnings must be sent to you by your employer by January 31. Independent contractors must also receive the majority of their 1099 forms by this date.
Feb. 10, 2023:
The deadline for employees to report to their employers any tip revenue they received in January that exceeded $20. To do this, you can use Form 1070.
Feb. 15, 2023:
Financial institutions have until this date to mail out Forms 1099-B and 1099-S for sales of stocks, bonds, or mutual funds made through brokerage accounts, as well as Forms 1099-MISC, unless the sender is reporting payments in Boxes 8 or 10.
Feb. 28, 2023:
The IRS Forms 1099 and 1096 must be mailed by this date by businesses.
March 1, 2023:
Farmers and fishermen have until January 18, 2023 to pay their 2022 estimated taxes before they must file their individual income tax reports.
March 10, 2023:
The deadline for employees to report to their employers any tips they received in February that totaled more than $20.
March 15, 2023:
Deadline for filing partnership tax returns (Form 1065) and corporate tax returns (Forms 1120, 1120-A, and 1120-S) for tax year 2022, or to request an automatic six-month extension of time to file (Form 7004) for firms that utilize the calendar year as their tax year (Form 7004).
March 31, 2023:
The IRS must receive all Forms 1099, 1098, and 1099-NEC electronically by this date.
April to June Tax Deadlines
April 10, 2023:
The deadline for employees to disclose to their employers any tip income they received in March that exceeded $20.
April 18, 2023:
Deadline for household employers to submit Schedule H for Form 1040 if they paid $2,400 or more in compensation in 2022.
April 18, 2023:
By this day, everyone must submit their 2022 personal tax returns, often known as Forms 1040 or 1040-SR. Moreover, this is the cutoff date for filing Form 4868, which will automatically grant you a six-month extension to complete your return and pay any taxes owed.
May 10, 2023:
The deadline for employees to disclose to their employers any tip revenue they received in April that exceeded $20.
June 12, 2023:
The deadline for employees to report to their employers any tips they received in May that totaled more than $20.
June 15, 2023:
The second quarter's projected tax payments are due by this date for the 2022 tax year.
June 15, 2023:
American citizens residing overseas have until this date to file their individual tax returns or submit Form 4868 to request an automatic four-month extension.
July to September Tax Deadlines
July 10, 2023:
The deadline for employees to report to their employers any tips they received in June that totaled more than $20.
Aug. 10, 2023:
The deadline for employees to report tips that totaled more than $20 in July to their employers.
Sept. 11, 2023:
The deadline for employees to report tips that totaled more than $20 in August to their employers.
Sept. 15, 2023:
The third quarter's projected tax payments are due by this date for the 2022 tax year.
Sept. 15, 2023:
If an extension was sought, the last day to submit partnership and S-corporation tax returns for the tax year 2022. (Forms 1065 and 1120-S).
October to December Tax Deadlines
Oct. 10, 2023:
The deadline for employees to disclose to their employers any tip revenue they received in September that exceeded $20.
Oct. 16, 2023:
Last extended date (if previously requested) for submitting Forms 1040 and 1120-based individual and business tax returns for the 2022 tax year.
Nov. 13, 2023:
The deadline for employees to report tips that totaled more than $20 in October to their employers.
Dec. 11, 2023:
the deadline for employees to disclose to their employers any tip payments they received in November that exceeded $20.
Dec. 15, 2023:
The deadline for businesses to submit their fourth estimated income tax payment for the year 2022.
What If You Miss a Federal Tax Deadlines ?
If you fail to file a tax return and pay any required payments by the due date, you will undoubtedly be subject to a financial penalty, such as an increase in interest. If you miss a federal income tax deadline, the consequences can vary depending on whether you owe taxes or are due a refund. Here are the possible scenarios :
1) If you owe taxes and miss the deadline :
If you fail to file your tax return and pay your taxes owed by the deadline, you will likely face penalties and interest charges. The penalty for failure to file is typically 5% of the unpaid tax per month, up to a maximum of 25%. The penalty for failure to pay is generally 0.5% of the unpaid tax per month, up to a maximum of 25%. Additionally, interest is charged on any unpaid tax at a rate of the federal short-term rate plus 3%.
2) If you are due a refund and miss the deadline :
If you are owed a refund and miss the tax filing deadline, you may not face any penalties or interest charges. However, you will forfeit your refund if you do not file your tax return within three years of the original due date.
It is always best to file your tax return and pay your taxes on time to avoid any unnecessary penalties and interest charges. If you are unable to file your tax return or pay your taxes on time, you may be able to request an extension or set up a payment plan with the IRS.
How To File Tax Return Electronically ?
If you haven't already, you might want to e-file your late return as well. Many taxpayers who had AGIs under $73,000 are eligible to e-file through IRS Free File. The individual software vendors who take part in the Free File Alliance may also impose additional conditions. E-filed returns can be sent to the IRS up to November. The precise cutoff date for November will be revealed somewhere in October.
It is important to note that the process for filing a state tax return electronically may differ from the process for filing a federal tax return electronically. Be sure to follow the instructions provided by your tax preparation software for filing your state tax return.
Tip :
If you owe money and don't want to mail the IRS a check, you can alternatively go to IRS Direct Pay and have tax payments taken immediately out of your bank account. Long-term, this might save you both time and money.
What If You Can’t Pay Taxes ?
Even if you are unable to pay your taxes for any reason, file your return anyhow, and then right away submit an application for a payment plan. If you establish plans to pay over time, the IRS will typically allow you to do so.
Frequently Asked Questions
What is the last day to file taxes?
April 18, 2023, is the last day to submit your federal income tax return. Also, this is the last day to submit Form 4868 in order to request a six-month tax extension.
What are the US tax deadlines?
The typical date by which US citizens must submit a Federal Tax Return for the tax year 2022 is April 18, 2023. (Because Saturday, August 15, falls). This deadline, however, is automatically extended by two months, to June 15, 2023, for US citizens who reside abroad.
What if you miss US tax deadline?
For each month that you are late, penalties for filing might increase by 5% of the tax owed. The minimum fine is $100 or 100% of the tax owed with the return, whichever is less, if you are more than 60 days late. By requesting the extension by the deadline, the penalty file is destroyed.
Is US tax deadline extended?
A tax extension is a request for more time from the IRS to submit your federal income tax return. The deadline for filing your taxes in 2023 has been extended until October 16th. You can avoid paying a late-filing penalty by obtaining a tax extension if you anticipate owing taxes when you submit your return.
When are taxes due in state?
State income taxes are normally due by the federal tax deadline for the majority of filers. The simplest approach to discover your state income tax due date and how to submit a state tax extension is to contact your state's tax department.
What happens if you forget to make an estimated tax payment?
If you end up owing less than $1,000 for the year's quarterly estimated taxes and if you pay that tax burden with your annual returns, you could not be subject to a penalty for missing a payment during the year. In the absence of making the required quarterly payment, interest fees will apply.
Are inheritance taxes required when the inheritance is received or after the decedent passes away?
The federal government solely levies an estate tax, while some states do have inheritance taxes. Estate taxes are levied on the estate rather than the people who receive the estate's assets as gifts. Even though they aren't always due on the day of death, estate taxes will have been paid by the time an heir gets assets in a formal capacity.
How do I extend my US tax filing date?
By submitting IRS Form 4868 by Tax Day in April, taxpayers can ask for an extension on their income tax return. Regardless of whether you asked for a filing extension, you must also pay your tax obligation by that time. You have till October to file your return if it is accepted.
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