This article was written by Jennifer Clark, Content Marketing Manager at TaxJar.
This post is for educational purposes only. For tax advice related to your specific business, be sure to consult a reputable accountant. This post was update in 2022 with 2023 dates.
Before you started your own business, chances are you thought of Tax Day as just another day in April. But now, there are many tax deadlines that may require your attention. This post will help you navigate the new calendar by highlighting the most important tax dates to remember as a small-business owner.
A couple of things to keep in mind: This list is aimed toward sole proprietors and business owners who don’t pay payroll tax and use the calendar year (as opposed to the fiscal year) as their tax year. If you own a larger or more complex business, you may be liable for more taxes. Consider some of these dates and plan ahead before filing IRS forms for year-end deadlines.
Check out the IRS’s meticulous tax calendar for more info. Remember, this post is for educational purposes only. Consult a reputable accountant (read our post about how to find the right match) for tax dates that might apply to your specific business.
|January 31, 2023||1099- MISC due to Contractors|
|February 15, 2023||1099- MISC due to IRS (for each contractor)|
|March 15, 2023||S Corporation Tax|
|April 18, 2023||Personal Income Tax|
|April 18, 2023||Quarterly Estimated Tax|
|June 15, 2023||Quarterly Estimated Tax|
|September 15, 2023||Quarterly Estimated Tax|
|December 15, 2023||Quarterly Estimated Tax|
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Income tax due dates:
Income tax is generally what we think of when we think of tax. While this is the most labor-intensive tax due date, it fortunately also rolls around just once a year.
March 15, 2023: This is the tax due date for corporations and S corporations. And yes, it falls a whole month before the “usual” income tax due date. Keep in mind that you file a separate tax return for corporate tax, and your personal income tax will still be due on April 18.
April 18, 2023: Just as it was before you put on your small-business-owner hat, this is still the most “famous” of all sales tax due dates. If you’re a sole proprietor or a single-member LLC, then your income tax is due this day. Personal income tax is also due on the same day.
Depending on whether a business operates as a sole proprietorship, an S corporation, a C corporation, an LLC, or a partnership, you may have to file different IRS forms. If your business is an S corporation or a partnership, look into what forms you might need, such as a Schedule K-1 or Form 1120, among others. If you are self employed, you may also have different federal taxes to consider.
Quarterly estimated tax due dates:
The United States has a pay-as-you-go income tax system. Since you don’t have an employer submitting tax on your behalf each pay period, the IRS (and mostly likely your state’s department of revenue) wants a quarterly payment from you. They’ve divided the year into four periods. Here are quarterly payment due dates for 202:
April 18, 2023: Not only is this the income tax due date, it’s the due date for your first quarterly estimated tax (QET) payment. In April, you’ll pay quarterly estimated taxes on the income you made in January, February, and March 2022.
June 15, 2023: This is when you’ll pay quarterly estimated taxes on the income you made in April and May 2022.
September 15, 2023: Quarterly estimated taxes for the months of June, July, and August 2022 are due on this date.
December 15, 2023: Quarterly estimated taxes for the months of September, October, November, and December 2022 are due on this date.
The important thing to remember for quarterly estimated taxes is that you don’t want to miss a deadline (so put some reminders in your calendar) and you don’t want to underpay. Either may result in penalties.
Sales tax due dates:
Your sales tax due dates come down to your individual sales tax situation. States require sellers to pay at intervals — usually monthly, quarterly, or annually — and every state is different. You’ll be assigned sales tax filing due dates when you apply for your sales tax permit at your state’s department of revenue.
1099 due dates:
If you hire contractors, you may be required to send them a form 1099-MISC (here’s our explainer on this form) to report their income. This form goes to the contractor and the IRS. Some states also require you to report contractor income.
January 31, 2023: This is the date form 1099-MISC is due to contractors. This gives them a chance to compare what you’ve paid them to their own records.
February 15, 2023: This is the date you must submit form 1099-MISC to the IRS for each contractor.
Tax extension due dates:
If you wish to file a tax extension, you must file by April 18, 2023.
Fortunately, many tax extensions are granted, giving you six more months to prepare your income tax paperwork and filing. Unfortunately, a tax extension doesn’t grant you an extension on time to pay. So you’ll have to estimate the amount you owe for the year and pay that by April 18, tax extension or not.
October 17, 2023: If you filed a tax extension, this is the final due date for your income tax filing.
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