As you head into a new year, mark these dates on your calendar. There are tax deadlines for both individuals and businesses early in the year.
Important 2023 Tax Deadlines and Dates for Individual Filers
Individual Filers are employees, retirees, self-employed individuals, independent contractors, and gig or contract workers. Be sure to work closely with your CPA to understand how tax deadlines may affect your personal situation.
January 17 – Estimated Tax payments for 4th quarter 2022 are due. This covers the time period of September 1 through December 31, 2022. Self-employed persons or those earning other income without tax withholding make quarterly estimated tax payments. Work closely with your CPA to be sure you are not at risk of for penalties for improper payments.
January 31 – Employers send W-2 forms. The IRS requires employers to send employees a W-2 no later than January 31 following the close of the tax year.
January 31 – 1099 forms must be sent. 1099 forms, including 1099-NEC,1099-MISC, and 1099-K are sent to those earning income as independent contractors, gig workers, or from self-employment. These forms are also sent to those receiving income from interest, dividends, prize winnings, rents collected, royalties, or brokerage accounts.
February 15, 2023 – Reclaim exemption from withholding. If you chose to claim an exemption from withholding taxes from your paycheck last year by filing a Form W-4, you’ll need to re-file the form by February 15th. You need to file this exemption request if you expect to have no tax liability this year and also had no tax liability in the prior year.
Important Tax Deadlines and Dates for Businesses
Businesses include Partnerships, LLCs, C Corps (using Form 1120), and S Corps (using Form 1120S)
January 16, 2023 – 4th Quarter 2022 estimated tax payment is due. This covers the time period of September 1 through December 31, 2022. Work closely with your CPA to be sure you are not at risk of for penalties for improper payments.
January 31, 2023 – Employers send W-2s forms to employees. The IRS requires employers to send employees a W-2 no later than January 31 following the close of the tax year.
January 31, 2023 – Send certain 1099 forms. You must send 1099 forms, including 1099-NEC,1099-MISC, and 1099-K to those earning income as independent contractors. These forms are also sent to those receiving income from interest, dividends, prize winnings, rents collected, royalties, or brokerage accounts.
Have Questions?
If you need assistance or have any questions on the information in this article, please call your CironeFriedberg professional. You can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford) or email us at info@cironefriedberg.com.
