Mark your calendars: the deadline to file your 2023 tax return is April 18th. But don’t forget about other critical tax deadlines throughout the year, such as the due date for estimated tax payments and various tax-related forms. Stay ahead of the game and avoid any penalties by keeping track of these important dates.
- January 17, 2023
- January 23, 2023
- April 18, 2023
- June 15, 2023
- September 15, 2023
- October 16, 2023
- Important Tax Filing Dates for Businesses
Here are the essential 2023 tax deadlines to keep in mind, with the most critical being the due date for filing your 2022 tax return, which is Tuesday, April 18, 2023.
Important Tax Filing Dates for Individuals
Things are usually pretty simple for W-2 employees. However, for self-employed and freelancer CPAs, tax season can be complicated. If you received unemployment benefits in 2022, this can also affect your tax liability. Organizing your finances and understanding your tax obligations can help simplify the process.
Missing a tax deadline can lead to serious financial repercussions. To help you stay on track, we’ve compiled the most important tax deadlines for 2023. These deadlines begin as early as mid-January and can impact everyone from W-2 workers to self-employed CPAs.
January 17, 2023: Estimated Tax Due Date for the 2022 Tax Year
For self-employed CPAs, paying estimated taxes is essential once their tax liability surpasses a certain threshold, as federal and state income taxes are not automatically deducted from their paychecks, as opposed to CPAs who receive a W-2. To estimate these payments, IRS Form 1040-ES can be used, but beware that it is just a rough estimate – deductions and credits will ultimately affect your final tax liability when you file the actual return, likely resulting in either a refund or owing money to the IRS.
January 23, 2023: IRS Begins Accepting 2022 Tax Returns
CPAs can file their tax returns as early as January 23, well before the April deadline. This allows those with all the necessary paperwork to get ahead of the game and avoid any last-minute rush. E-filing and direct deposit enrollment typically result in a faster refund, taking just three weeks if you qualify for one. Here are some of the documents that CPAs need to file their tax return:
- Obtain W-2s from your employer or 1099s from clients (if you’re self-employed).
- Gather records of contributions made to tax-advantaged retirement accounts, such as 401(k)s, traditional IRAs, and HSAs.
- Collect documents showing interest paid on student loans, with a deduction limit of up to $2,500 for 2022 taxable income.
- Keep receipts for childcare expenses incurred in 2022, which can include daycare, babysitters, and before- or after-school care. Parents and guardians may be eligible for a tax credit.
- Save receipts for any business expenses incurred in 2022, if you’re self-employed. These receipts may help reduce your taxable income.
April 18, 2023: 2022 Tax Return and 2023 Estimated Tax Payment Deadlines for CPAs
CPAs and taxpayers alike should mark April 18 on their calendars as the deadline for filing their 2022 tax returns. In case you can’t meet the deadline, you can apply for an extension. Avoid last-minute stress by planning ahead and gathering all necessary documents.Self-employed CPAs must pay estimated quarterly taxes based on their income, and the first payment for income earned between January 1 and March 31, 2023, is due on April 18, 2023. It’s essential to estimate your tax liability accurately and make timely payments to avoid penalties and interest charges from the IRS.
June 15, 2023: Second Estimated Tax Payment Deadline
CPAs who make estimated tax payments must pay taxes on income earned between April 1 and May 31 by June 15th, 2023.
September 15, 2023: Third Estimated Tax Payment
This is the third estimated tax payment for 2023. It applies to income earned between June 1 and August 31.
October 16, 2023: Last Day to File Your 2022 Tax Return with Extension
If you’re unable to file your 2022 tax return by the April deadline, you can request an extension to push your deadline to October 16, 2023. While it’s recommended to file your taxes by the original deadline to avoid penalties and interest, an extension can provide some breathing room for those who need it. Keep in mind that the extension only applies to the filing deadline, not the payment deadline, so any taxes owed should still be paid by the original due date to avoid additional fees. You can automatically receive an extension by filling out Form 4868.
As a CPA, it’s crucial to understand that filing for an extension only extends the time to submit your paperwork to the IRS, not the time to pay any taxes owed. To avoid late-payment penalties, it’s best to estimate your tax liability and make any necessary payments by the April 18 tax deadline. As a tax professional, you can assist your clients in estimating their tax liability or guide them in using line 13 of Form 1040-ES to calculate it themselves. Don’t forget to communicate these deadlines and expectations clearly to your clients to avoid any surprises down the line.
CPAs must ensure their clients are aware that underpaying taxes can result in penalties and fees from the IRS. If taxpayers overpay, they’ll receive a refund after filing their tax return, but underpaying can lead to owing money and accruing interest and penalties. Failing to pay taxes can result in additional fees, with the penalty being 0.5% of unpaid taxes per month until the debt is settled, capped at 25%. Eligible taxpayers may opt for an IRS payment plan to avoid further penalties.
Important Tax Filing Dates for CPA Firms
As a CPA with your own practice, it’s vital to keep track of the various tax deadlines that apply to your own business and those of your clients. Here are some key dates to keep in mind for the 2022 tax year:
- January 31, 2023: If your business had employees in 2022, you must submit your W-2 forms to the IRS and furnish copies to your employees by this date. You must also submit 1099 forms issued to independent contractors by this deadline.
- March 15, 2023: S-corporations and partnerships must file their 2022 business tax returns by this date.
- April 18, 2023: Corporations must file their 2022 business tax returns by this date.
- September 15, 2023: This is the final day for S-corporations and partnerships to file their 2022 business tax returns with an extension.
- October 16, 2023: Corporations that received an extension have until this date to file their 2022 business tax returns.
Ensure you stay on top of these deadlines to avoid penalties and fees. As a CPA, you can help your business clients plan ahead and meet these deadlines in a timely and efficient manner.
Meeting Your Tax Deadlines
For CPAs who run their own practice, it’s vital to keep track of the 2022 tax deadlines for businesses, as Missing them can result in costly penalties. It’s a good idea to enlist the help of a financial advisor to paint a lifelong tax picture, including your long-term financial and retirement strategy. As a business owner with additional tax obligations, the extra assistance a financial advisor provides can help ensure you not only meet your obligations and avoid stress and confusion but also better prepare for long-term, tax-efficient financial success.
