2023 Tax Deadline That You Need to be aware of

Taxpayers must submit their federal income tax forms by April 18 of 2023, unless they request an extension. But there are lots of other crucial dates to keep in mind for people who own their own enterprises, are self-employed, or must take other specific tax issues into account. To learn more about them, keep reading. Make a note of these crucial 2023 tax deadlines in your calendar:

Self-employed individuals and business owners must make their fourth quarter anticipated tax payments by January 17.

Tax filing officially began on January 23.

15 February: Regain tax exemption.

If your age is 72 as of April 3, 2022, take your first RMD.

Tax Day is on April 18.

Request an extension by submitting Form 4868 by April 18.

The expected tax payment deadline is April 18, 2023.

The deadline for IRA and HSA contributions for 2022 is April 18.

On June 15, the expected tax payments for the second quarter of 2023 are due.

Estimated tax payments for the third quarter of 2023 are due on September 15.

File a 2022 extended tax return by October 16.

On December 31, take any RMDs.

Jan. 17: Self-employed individuals and business owners are expected to owe taxes for the fourth quarter.

By January 17, 2023, you must submit estimated quarterly tax payments if you are self-employed or did not pay your taxes through W-4 tax withholding. This often applies to people who will have a tax bill of more than $1,000 after filing their returns.

Jan. 23: The start of tax season and the start of filing

The Internal Revenue Service started receiving and processing the tax year 2022 returns on January 23, 2023. Filing According to Robert Gorman, a certified financial planner and founding partner of Apollon Wealth Management in Mount Pleasant, South Carolina, the sooner you file your taxes and begin the process of getting your return, the more time that money has invested.

15 February: Reclaim Withholding Exemption

In order to prolong your exemption into 2023, you must file a new Form W-4 by February 15 if you claimed your exemption from federal income tax withholding in 2022 using Form W-4.

3 April: Will you be 72 in 2022? Create Your First Minimum Required Distribution

You must take your first required minimum distribution (RMD) from your traditional IRA or 401(k) by April 3, 2023, if you turned 72 in 2022. Keep in mind that Roth IRAs are not covered by this. The deadline is now Monday, April 3, rather than the customary April 1 because that day falls on a Saturday in 2023. To prevent fines, it’s crucial to take RMDs. As the IRS’s chief financial officer and senior financial advisor at Perspective Wealth Partners in Boise, Idaho, Travis Schaat says, “It’s crucial to remain on top of things because those penalties are likely some of the harshest that the IRS can apply.”

Tax Day is April 18!

Even though it usually falls on April 15, 2023, there will be an extra day due to Emancipation Day in Washington, D.C. On April 18, taxpayers must submit their federal returns by the day’s end.

The first Quarter Estimated Tax Payment is Due on April 18

You must submit quarterly anticipated tax payments if you own a small business or are self-employed and earned more than $400 during the tax year. According to Schatt, the IRS examines your estimated liability during specific time frames, and if you don’t make payments during those windows, you can be liable for penalties.

April 18 is the deadline to make contributions to an IRA or HSA for the year 2022.

You still have until April 18 to make additional contributions (up to the annual contribution limit) to your IRA or HSA if you haven’t already done so for 2022. This cap for IRAs is $6,000, or $7,000 if you’re over 50. As for HSAs, the maximum combined contribution is $3,650 for individuals with single health insurance and $7,300 for individuals with family health insurance.

Second Quarter Estimated Taxes are Due on June 15th.

Estimated quarterly taxes are due on June 15 for anyone whose federal income taxes are not withheld, such as small business owners and self-employed individuals. To determine how much you owe, consider your 2022 taxes as a starting point, or your yearly gross income plus any deductions or credits you could have claimed.

Third Quarter Estimated Taxes are Due on September 15th.

Self-employed people and small business owners should mark September 15 on their calendars since that is when the third quarter’s estimated taxes are due. This may be your first payment if you decided to get into business for yourself during the year. However, those who don’t anticipate making more than $1,000 in 2023, may not need to pay quarterly taxes.

File an extended 2022 tax return by October 16.

The due date for your 2022 federal income tax return, if you requested an extension using Form 4868, is October 16. You must submit Form 1040 or Form 1040-SR and pay the taxes you owe, along with any applicable interest and penalties.

Take any required minimum distributions by December 31.

Any more RMDs must be taken by the end of the calendar year after your initial one. According to Schaat, if you postpone taking the 2022 RMD until 2023, you’ll have to take the 2023 RMD by December 31, 2023. Only the first year that an individual is required to make necessary minimum payments is eligible for the delay option.

FAQ Tax Deadline in 2023

  1. What are the most important tax deadlines in 2023 that I should be aware of?

–The filing dates for federal and state income tax returns, anticipated tax payments, and any other tax-related payments or filings are the most significant tax deadlines in 2023. April 15th (federal tax return due date), June 15th (second quarter estimated tax payment), September 15th (third quarter estimated tax payment), and January 15th of the following year are some important dates to keep in mind (fourth quarter estimated tax payment).

2. Is there a comprehensive list of all 2023 tax deadlines available?

–Yes, the IRS website, your state tax authority website, and numerous tax preparation and financial planning tools all have thorough lists of all 2023 tax deadlines.

3. How can I make sure I don’t miss any important tax deadlines in 2023?

–You can set up automated alerts through your tax software or add a calendar reminder to ensure that you don’t forget any crucial tax deadlines in 2023. To keep track of all deadlines and due dates, you can also speak with a tax expert or use online resources.

4. Are there any penalties for missing tax deadlines in 2023?

–Yes, there can be significant penalties for missing tax deadlines in 2023, including late fees, interest charges, and even legal action in severe cases. To avoid these consequences, it’s important to stay informed on all tax deadlines and make timely filings and payments.

5. Can I get an extension on the 2023 tax deadline if I need more time to file?

–Yes, you can request an extension on a 2023 tax deadline if you need more time to file your return. However, this extension is only for filing the return, not for paying any taxes owed, so it’s important to estimate what you owe and pay on time to avoid penalties.

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