It’s that time of year again. The phrase “tax season” can send shivers down anyone’s spine, but with proper planning and preparation, it doesn’t have to be so daunting. Being aware of the tax deadlines is a crucial part of this planning process. Let’s dive in to understand these important dates.
Federal Tax Deadlines in 2023
Standard Tax Filing Deadline
The standard tax filing deadline is typically April 15th. This is the date by which most people need to file their federal income tax return and pay any taxes they owe.
Extended Deadline
However, if April 15th falls on a weekend or holiday, the deadline is extended to the next business day. This means in 2023, your tax return will be due on April 18, 2023. Mark this date on your calendar and make sure to file your taxes on time to avoid penalties.
State Tax Deadlines
State tax deadlines can vary from state to state. For instance, in California, the extended deadline for state tax returns is November 16, 2023. It’s essential to check with your state’s tax agency to confirm the exact due dates.
Tax Extensions
If you need more time to prepare your federal tax return, you can request an extension. The IRS gives you an additional six months, moving your filing deadline to October 16, 2023. However, remember that an extension to file is not an extension to pay. If you owe taxes, you still need to estimate your tax liability and pay the amount by April 18.
Estimated Tax Payments
Estimated tax is the method used to pay tax on income that isn’t subject to withholding, such as earnings from self-employment, interest, dividends, rents, or alimony. For 2023, the deadlines for estimated tax payments are April 18, June 15, September 15, and January 16, 2024. Timely payment of your estimated taxes can help you avoid penalties.
Special Considerations for Small Businesses
If you run a small business, you’ll have additional tax deadlines to keep in mind. For example, the third quarter payment for 2023 is due on September 15. If you’ve requested an extension, your final extended deadline will be October 16.
Conclusion
As Benjamin Franklin once said, “Nothing is certain except death and taxes.” And while we can’t offer advice on the former, we hope this guide helps you navigate the latter with less stress. Remember, planning ahead is key when it comes to tax season. Mark these dates on your calendar, set reminders, and ensure you’re prepared when tax deadlines roll around.
Remember, it’s not just about meeting these deadlines. It’s about taking control of your financial health. So, here’s to a smoother tax season in 2023!
Frequently Asked Questions (FAQs):
- Q: When is the standard federal tax filing deadline in 2023? A: The standard federal tax filing deadline in 2023 is April 18, due to the 15th falling on a weekend.
- Q: Can I get an extension on my tax return? A: Yes, you can request an extension from the IRS, which gives you until October 16, 2023, to file your federal tax return. However, any taxes owed are still due by the original deadline of April 18, 2023.
- Q: When are estimated tax payments due in 2023? A: In 2023, the deadlines for estimated tax payments are April 18, June 15, September 15, and January 16, 2024.
- Q: Are state tax deadlines the same as the federal tax deadline? A: Not always. State tax deadlines can vary, so it’s important to check with your state’s tax agency. For example, California’s extended deadline for state tax returns is November 16, 2023.
- Q: What are the key tax deadlines for small businesses in 2023? A: For small businesses, the third quarter payment for 2023 is due on September 15. If an extension has been requested, the final extended deadline will be October 16, 2023.