It’s that time of year again: tax season. As we move into 2023, there are a few key dates and details to keep in mind as you begin preparing your taxes.
First, it’s important to know when you can start filing your 2023 taxes. The IRS has announced that the official start date for the 2023 tax filing season is Monday, January 23rd, 2023. This means that you can begin submitting your tax returns to the IRS as of this date. Be aware that while you may file your taxes as soon as the IRS begins accepting them, any refund you are owed will not be available until the IRS has processed your return.
It’s also important to know the deadline for filing your taxes. Most taxpayers’ deadline to file their federal income tax returns for the 2022 tax year is April 17, 2023. This is because April 15th falls on a Saturday, and Monday the 17th is a holiday in Washington D.C. (Emancipation Day). The due date for state income tax returns can vary, so it’s important to check with your state’s tax department for more information.
If you’re not able to file your taxes by the deadline, you can request an extension with the IRS. This will give you an additional six months to file your return, until October 16th, 2023. Keep in mind that an extension to file is not an extension to pay, so you’ll still need to estimate your tax liability and pay any taxes owed to avoid penalties and interest.
Estimated taxes are payments made throughout the year to the IRS, rather than a lump sum payment when you file your tax return. These payments are typically required for self-employed individuals, independent contractors, and those with significant non-wage income. If you expect to owe more than $1,000 in taxes for 2023, you may be required to make estimated tax payments.
THE ESTIMATED TAX DUE DATES FOR 2023
April 18, 2023: First quarter estimated tax payment due.
June 15, 2023: Second quarter estimated tax payment due.
September 15, 2023: Third quarter estimated tax payment due.
January 16, 2024: Fourth quarter estimated tax payment due.
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If you have any questions, please contact our Tax Team or give us a call at 630.584.4555.