As Ben Franklin famously said, “. . . nothing is certain except death and taxes.” And if you’re anything like millions of Americans, add procrastination to that list. According to a recent survey,* over 30 percent of us wait until the last minute to file. And over half don’t know our tax deadlines. Sound familiar? If you don’t know the 2023 tax deadline for small businesses, don’t worry. This guide will walk you through the different 2023 tax filing deadlines you should be aware of as a small business owner.
For entrepreneurs, managing the seemingly endless laundry list of tax forms and dates can be overwhelming. Filing dates often vary from year to year. And this tax season of 2023, some business owners may receive a form they haven’t seen before — a 1099-K form for payments using credit cards and third-party networks such as Venmo, PayPal, and Amazon. In prior years, the form was only sent to taxpayers with more than 200 transactions totaling above $20,000. Now a single Venmo sale over $600 may trigger the form!
Knowing the important tax deadlines for small businesses is a lot to keep track of, but we’re here to help.
Let’s take each small business tax deadline for 2023 in order.
So, what is the tax deadline for 2023? Here are the dates you need to know.
January 31, 2023
February 28, 2023
March 15, 2023
March 31, 2023
April 18, 2023
June 15, 2023
September 15, 2023
October 16, 2023
November 1, 2023
December 31, 2023
January 15, 2024
The end of January marks the deadline for issuing tax documents for your employees and contractors.
If you have employees, you’ll need to file a Form W-2 for each of your employees. One copy needs to go to the IRS. The other one should be sent to the employee. Both need to be sent out by January 31, 2023 (via mail or electronically).
You can get the Form W-2, Wage, and Tax Statement, free from the IRS.
Form 1099-NEC (nonemployee compensation) is similar to the W-2, except that it's used for independent contractors.
When are 1099 NEC forms due? Copy A must be filed with the IRS, and Copy B must be sent to the contractor by January 31, 2023.
Use this form to report payments other than nonemployee compensation made by a trade or business to others. This includes payments of at least $600 in rents, royalties, prizes, and awards.
As with the 1099-NEC forms above, Copy B must be sent to the payee by January 31, 2023.
While you are required to send Copy B to payees by January 31, Copy A needs to be filed with the IRS by February 28 (March 31, if filing electronically). To order Copy A for filing with the IRS, go here. Click on the “Online Ordering for Employer Returns” link, follow the instructions, and the IRS will mail you the form.
This also is the deadline to file for an extension for S-corp and partnership tax returns.
As we mentioned above, this is the date for filing Copy A of this form with the IRS. Please be aware that this due date is for electronic filings only.
Since April 15 is on a Saturday and the 17th is Emancipation Day, this year’s deadline for individual filers, sole proprietors, and C corporations falls on April 18, 2023.
For many taxpayers, April 18, 2023, is the deadline for filing individual income tax returns and often represents the end of the annual tax season. However, if your business pays taxes each quarter, the cycle begins anew.
Form 1040-ES, Estimated Tax for Individuals (Payment Voucher 1) must be filed with your first 2023 estimated quarterly tax payment. This form helps you calculate your estimated quarterly payment.
Tax day can be stressful for many of us. It’s the deadline to file individual tax returns (Form 1040).
You may be able to qualify for Free File software from the IRS if your adjusted gross income is $73,000 or less. According to the IRS, you’ll need a computer and an email address in order to get started on the Free File website.
You’ll need to use Schedule C (Form 1040) to report income or loss from a business that you operated as a sole proprietor. The IRS considers you a business if:
Tax deadlines can sneak up on us. If you find yourself needing more time to complete your forms, you can file for an extension. While that will buy you some time, there are some important things to be aware of.
It can be better to overpay — If you’re unsure about the amount you may owe, some find it a good idea to send the IRS a bit more. If, in the end, you overpay, you’ll get a refund. On the other hand, if you end up underpaying, you’ll likely have to pay interest on the additional amount you owed.
Individuals and businesses affected by tornadoes, hurricanes, and other natural disasters can be granted extensions and other tax relief from the IRS. If natural disasters have had a negative impact on you or your business, you can find out about any potential extensions or other relief on the IRS website.
Laws and requirements for filing taxes vary among states. You can get some quick information about your particular state here.
This is when your second 2023 estimated quarterly tax payment is due. You should use Form 1040-ES, Estimated Tax for Individuals (Payment Voucher 2).
Time for Round 3 of your estimated quarterly tax payments. You’ll need to complete Form 1040-ES, Estimated Tax for Individuals (Payment Voucher 3).
If you filed an extension for your S Corporation or partnership, your tax return needs to be filed by September 15, 2023.
Here are two forms you may need:
If your business is a C Corporation and you filed for an extension, your time is up. This is also true for sole proprietorships. Corporations will use Form 1120, while sole proprietorships should file with the appropriate individual income tax return.
One way to help take the worry and anxiety out of tax filing is by being prepared. Making the right end-of-year tax moves may not only help reduce tax-related stress, it also could reduce your tax burden.
This would be a good time to talk with your accountant or tax preparer to see what are the best steps for your business.
We also recommend checking out this handy guide on how to make tax planning easier.
Remember those steps you discussed with your tax professional back in November? This is the last day you can implement them for the 2023 tax year.
If the range of your thinking and planning extends beyond the upcoming tax cycle and into your retirement years, you may want to look into the tax and other advantages of a solo 401(k) plan.
OK, we may be jumping the gun a bit here by looking into 2024, but if you’re making your last estimated payment for 2023, it’s helpful to know that your 2023 fourth payment is actually due in January 2024.
In any given tax year, there’s a lot you need to be aware of. Missing a deadline can land you in trouble and can often cost you money as well, so it makes sense to stay on top of key tax dates throughout the year.
The good news is that there are a number of tools that can help you. Even better, some of the most helpful ones come from the IRS, and they’re free. Here’s a short list to get you started.
One more thing to consider: Find a good accountant or tax professional. Many of them are small business owners themselves, so they know what it’s like to run a business and stay on top of changing tax regulations and annual deadlines.
Many of the dates provided in this article were taken from this article by the small business tax experts at Bench.co.
Born and raised in the fishing port of Gloucester, MA, I grew up listening to the sea stories of local fishermen. My first job was “chum girl” on my dad’s tuna boat, where I spent my formative years covered in fish guts. Since then, I’ve worked as a researcher, blogger, and writer for documentary films. When not at work, you can find me surfing the cold waters of the North Atlantic or searching for warmer waves around the world.
This content is for general, informational purposes only and is not intended to provide legal, tax, accounting, or financial advice. Please obtain expert advice from industry specific professionals who may better understand your business’s needs. Read our full disclaimer
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