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Key Deadlines for 2022 & 2023 Tax Years

Tax season seems to always be right around the corner. Use this resource to stay ahead of tax deadlines, plan ahead, and avoid the pitfalls of falling behind on your taxes! Make sure your calendar’s up-to-date with these key tax deadlines.

January

  • January 15th: On this date, you can start filing your individual tax returns. So if you want to avoid stressing out about the April 15 2023 due date, feel free to start filing your returns starting in the middle of January. This date is also the deadline to pay your 4th quarter estimated tax payments.
  • January 31st: This is the last day to send out W-2 to employees and 1099 forms to contractors to whom you paid $600 or more during the past year. You don’t want to be late on these! Fines range from $50 – $270 per W-2 or 1099. This is also the last day to file FUTA form 940 for the previous year.

March

  • March 15th: This is the annual tax due date for partnerships, non-single owner LLCs, and S-corporations. This is also the last date to request a 6-month extension, if needed. If you file an extension, all taxes owed are still due on this date, however. The extension only gives you more time to file.
  • Key tax forms: 1065 and K-1. Be sure to find the correct one depending on your business structure (partnership, LLC, etc.) Sole proprietors will need a 1040.

April

  • April 15th: This year’s tax day is April 15th. This means that individuals, single-member LLCs and businesses that act as sole proprietors must file their taxes by this date. Also, if you won’t be able to file your taxes on this date, this is the last date to request a 6-month extension to file. If you file an extension, all taxes owed are still due on April 15th, however. The extension only gives you more time to file.
  • April 30th: This is the last day to file form 941 for the Employer’s Quarterly Federal Tax Return. This form is used to report your employees’ quarterly tax withholding tax amounts for estimated income, FICA, and FUTA withholdings.

July

  • July 31st: This is the last day to file form 941 for the Employer’s Quarterly Federal Tax Return for the 2nd quarter of the year.

September

  • September 15th: The last day to file your taxes if your corporation received a 6-month extension in March.

October

  • October 15th: If you’re an individual or sole proprietor that was given a 6-month extension in April, this is the last day you have to file your taxes.
  • October 31st: This is the last day to file form 941 for the Employer’s Quarterly Federal Tax Return for the 3rd quarter of the year.

Tax Tips

It may sound simple, but the best tip to make tax season a breeze to keep clean books and records. Not only does this take tons of stress out of tax season but it will also save you time and money. Here’s five common reasons messy books impact the bottom line around tax season:

  • Costly cleanup to correct financials
  • Wasted time revisiting historical transactions
  • Lost opportunity for meaningful tax strategy
  • Missed tax deductions or credits
  • Penalties and interest from missed or deferred tax payments

By directly integrating with our bookkeeping services, we can streamline your tax process to help avoid some of those costly mistakes mentioned above. Check out our Tax Solutions page or schedule a consultation with one of our finance experts to find out more about how Xpanse can make your next tax season a breeze.

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