Aimlon CPA P.C. | Selected 2023 tax deadlines for individual and business taxpayers

By Mathieu Aimlon, CPA
Expert-comptable diplômé, France (non inscrit) 

Knowing and meeting tax deadlines are important for the success of your business and/or your household. Most individual income tax returns are filed between January and April. The IRS will start accepting 2022 tax returns on January 23, 2023. 

We’d like to remind you of the following upcoming tax due dates. 

Tax due date for businesses

January 17, 2023 

Fourth quarter 2022 estimated tax payment: if you are sole proprietors, contractors, single member of limited liability companies and other income earners who are not on payroll.

January 31, 2023 

Employers must provide a copy of their employees’ IRS Form w-2 and file a copy with the Social Security Administration (SSA). If your organization is using a payroll processing company to process payroll, they’ll usually handle these for you.

Organizations or sole proprietors are required to report on IRS Form 1099-MISC NEC payments to certain vendors by January 31, 2023. They must provide a copy of Form 1099-MISC NEC to the vendors by the same date.

February 28, 2023

Due date of IRS Form w-2 and Form 1099-MISC NEC for organizations that requested by January 31, 2023 an extension of time to file those forms.

March 15, 2023 

Due date of the U.S. Return of Partnership Income, Form 1065 and the U.S. Income Tax Return for an S Corporation, Form 1120-S that close their books on December 31.

April 18, 2023 

First quarter 2023 estimated tax payment: corporations, sole proprietors, contractors, single member of limited liability companies that are not a business, and other income earners who are not on payroll. The U.S. Corporation Income Tax Return for organizations that close their books as of December 31 is also due.

June 15, 2023 

Second quarter 2023 estimated tax payment: corporations, sole proprietors, contractors, single member of limited liability companies that are not a business, and other income earners who are not on payroll should make their.

September 15, 2023 

Extended due date of the U.S. Return of Partnership Income, Form 1065 and the U.S. Income Tax Return for an S Corporation, Form 1120-S that close their books on December 31.

Third quarter 2023 estimated tax payment: corporations, sole proprietors, contractors, single member of limited liability companies that are not a business, and other income earners who are not on payroll.

October 16, 2023 

Extended due date of the U.S. Corporation Income Tax Return for organizations that close their books as of December 31.

December 15, 2023 

Fourth quarter 2023 estimated income tax payment: corporations that close their books on December 31.

January 16, 2024 

Fourth quarter 2023 estimated tax payment: sole proprietors, contractors, single member of limited liability companies that are not a business, and other income earners who are not on payroll. However, you don’t have to make the payment due January 16, 2024 if you file your 2023 tax return by January 31, 2024, and pay the entire balance with your return. States tax due date generally follow the federal tax due date with a few exceptions where the tax return is due a month later.

Tax due date for individuals

April 18, 2023 

Due date of the U.S. Individual Income Tax Return, Form 1040 or 1040-SR and the U.S. Nonresident Alien Income Tax Return, Form 1040-NR. This is because April 17, 2023 is Emancipation Day holiday in Washington DC. Those who live in Washington DC as well as those who don’t have April 18 as 2023 Tax Day.

June 15, 2023 

Due date of the U.S. Individual Income Tax Return, Form 1040 or 1040-SR if as of April 18, 2023 you live outside the United States and Puerto Rico and your main place of work is outside the United States and Puerto Rico, or you’re in military or naval service on duty outside the United States and Puerto Rico.

October 16, 2023

Extended due date of the U.S. Individual Income Tax Return, Form 1040 or 1040-SR and the U.S. Nonresident Alien Income Tax Return, Form 1040-NR.

The Internal Revenue Service (IRS) is charged with the administration of federal taxes with integrity and fairness. Each year, the federal agency collects about $3 trillion in taxes and generates nearly 96% of the funding that the Federal Government needs for its operations. During the fiscal year October 1, 2020 September 30, 2021, the IRS processed more than 261 million tax returns and forms, up from 240 million the previous fiscal year. Individual and business income tax returns and employment tax returns account for 227 million (87%) of the returns and forms filed in the fiscal year ended September 30, 2021.  

With 168 million tax returns filed in the fiscal year ended September 30, 2021, up from 157 million the previous fiscal year, individual income tax returns represent about two returns out of three filed during that period. In comparison, 12 million business income tax returns were filed during the same period. This represents only 5% of the number of returns and forms filed.   

During the fiscal year ended September 30, 2021, the IRS collected nearly $4.11 trillion in Federal taxes paid by individuals and businesses. Individual income tax and employment taxes account for $3.6 (86%) of the $4.11 trillion collected during that fiscal year: 

1. Individual taxpayers paid $2.3 trillion (56%) of the $4.11 trillion collected.
2. Businesses paid $419 billion in business income tax, and
3. Individual taxpayers and businesses paid $1.3 trillion of employment taxes. Employment taxes include payroll tax, self-employment tax. 

The IRS issued more than $1.1 trillion in refunds out of the $4.11 trillion collected in the fiscal year ended September 30, 2021. 

Compliments of Aimlon CPA P.C. – a member of the EACCNY.