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Federal Tax Deadlines 2023

There are some things in life where it is acceptable to be fashionably late. Filing taxes is not one of them. Below are important deadlines for 2023 with options if you are unable to file on time.

Partnerships (Form 1065) and Corporations (Form 1120-S)

March 15, 2023 is the federal deadline for filing a partnership or a corporate tax return for the 2022 tax year. If you are converting to an S Corp from an LLC or C Corp you also have until 3/15 to make that election.

You can also request an extension for 6 months, pushing your filing deadline to September 15, 2023. Filing in September is only allowed if an extension was requested.

If you are filing for an extension, it is important to make an estimated tax payment by 3/15 in order to avoid a penalty and interest - even though you have an additional 6 months to file the return.

Individual 1040 returns

Tax season for 1040 returns officially started on January 23, 2023 when the IRS began accepting them. The deadline for filing in 2023 is April 18.

Like partnership and corporate returns, you can request a 6 month extension to file your personal income tax return. However, you must pay any taxes due by the 4/18 due date to avoid a penalty and interest.

Estimated tax payments

The federal tax system is considered a ‘pay as you go’ system. For small business owners, freelancers, and independent contractors, estimated quarterly payments must be paid when taxes aren’t automatically withheld from their paychecks.

The due dates for paying estimated quarterly taxes for 2023 are:

First payment- April 18, 2023

Second payment - June 15, 2023

Third payment - September 15, 2023

Fourth payment- January 16, 2024

Taxes and tax strategy are tricky. Owning a business can feel overwhelming. Business owners deserve to reach their full potential without feeling limited by what they don’t know. Call us today to schedule a complimentary consultation at (404) 668-4713.

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