BLOG DETAILS

U.S. Tax Filing Deadlines and Important Dates

• 

  Raymond Cyrus

• September 9, 2023

• 0 Comments

• • Business Development

Filing taxes is a basic need for all firms operating in the United States, and its significance cannot be emphasized. Beyond being a legal necessity, tax filing is the foundation of a healthy and well-regulated corporate environment.  

It promotes openness, financial responsibility, and the equal allocation of public resources while ensuring compliance with federal and state tax rules. Taxes are critical to the nation's infrastructure, social services, and economic stability in this framework. 

Furthermore, timely and precise tax filings allow businesses to avoid costly fines, preserve financial integrity, and take advantage of tax benefits and deductions that dramatically influence their bottom line. Understanding and adhering to the complexities of the U.S. tax system is thus more than just an administrative burden.  

It is a critical component of prudent and sustainable business operations. We've developed a complete reference to U.S. tax filing deadlines and crucial dates to help you remain on top of your company tax duties. Let's review the important dates, from quarterly estimated tax payments to annual reports. 

Dates Every Entrepreneur Should Know 

Before checking the dates, please remember that dates are altered and amended every year. The due dates listed below are for submitting tax returns or forms in 2023 for 2022 (assuming a calendar year taxpayer; fiscal year-end filers should contact their competent U.S. tax advisor). This material is only provided for educational purposes. Please consult with a knowledgeable U.S. tax professional to establish the tax filing deadline that applies to you based on your specific facts and circumstances. 

• January 15th: The fourth quarterly tax payment deadline for fiscal year 2022 is January 15, 2023. Businesses subject to anticipated tax payments, such as sole proprietors, partnership partners, and S corporation shareholders, must make this contribution to avoid underpayment penalties. 
• March 15th: For businesses created as S corporations, the deadline for completing Form 1120-S, U.S. Income Tax Return for an S Corporation, is March 15, 2023. This is also the last day for investors to get their Schedule K-1. 
• March 15th: By 2023, partnerships must file Form 1065, U.S. Return of Partnership Income. Partnerships must also send Schedule K-1 to their partners. 
• April 18th: The filing deadline for your federal income tax return for calendar year 2022 is April 18, 2023. As a sole proprietor, you will reveal your company's revenue and deductions on Schedule C of your tax return. 

• April 18th: C corporations must file Form 1120, U.S. Corporation Income Tax Return, by April 18, 2023. C corporations whose fiscal years finish on December 31, 2022 are included. It also serves as the deadline for paying estimated taxes for the first quarter of 2023. 
• June 15th: Individuals, primarily self-employed individuals without employees, have until June 15, 2023, to submit their second projected quarterly tax payment for 2023. 
• Sept 15th: Partnerships and S corporations who requested a six-month extension to file their tax returns must do so by September 15, 2023. 
• Sept 15th:  Individuals and businesses who pay expected taxes have until September 15, 2023, to submit their third projected quarterly tax payment for 2023. 
• October 16th: The deadline for submitting federal income tax returns for 2022 for individuals and companies requesting a six-month extension is October 16, 2023. 

• December 15th: Individuals and businesses must submit their fourth planned quarterly tax payment for 2023 by December 15, 2023. 

What is the Importance of Knowing the Dates? 

Businesses must mark these dates on their calendars, keep proper financial records, and consult with tax specialists or accountants to ensure they satisfy their tax responsibilities and benefit from any applicable tax breaks. Failure to do so may have financial ramifications for the company. Here are some examples of why: 

• Compliance: Meeting these dates guarantees that your company complies with federal tax requirements and avoids costly fines and interest. 

• Keeping penalties at Bay: Failure to meet deadlines may result in fines and interest charges, significantly increasing your tax burden. 
• Knowing when your tax payments are due assists you to manage your cash flow and budget for your tax obligations throughout the year. 
• Extension deadlines: If you need more time to submit your tax returns, you can acquire an extra six months by requesting for extensions by the appropriate deadlines (for partnerships and S companies, March 15). 
• Accurate Reporting: Filing on time ensures that you have enough time to compile and disclose accurate financial information to the IRS, decreasing the possibility of mistakes or audits. 
• Each state has different deadlines: Remember that state tax deadlines may differ from federal deadlines, so it's critical to understand and follow your state's tax filing regulations. 

How Do You Extend Your Tax Return Period? 

If you cannot file your taxes on time, request an extension through the IRS's Free File program or by filing Form 4868. If you employ a tax preparer, they can also assist you with this. If you request a federal tax extension, you will have until October 16 2023 to file your return. But remember that you must still pay any taxes owed before the deadline in April. If you do not pay on time, you may incur penalty costs until your amount is paid. 

Where Can You Get Tax Assistance? 

Tax returns can be submitted electronically or by submitting a printed copy to the IRS. The IRS provides free fillable forms for people with an income of $72,000 or less and comfortable doing their tax returns.  

The IRS also offers free Volunteer Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs to qualified individuals. Most individuals desire assistance with their tax returns. This is when business tax software or resorting to a professional business advisor in USA comes in handy.  

When you visit an in-person location, you have the knowledge of a tax professional who will prepare your taxes while also asking you crucial questions. When you utilize tax software, you still handle your taxes but have the added benefit of audit protection. 

What is the Quickest Way to File Tax Return? 

Filing your tax return electronically is the quickest and most accurate method. Paper filing is less secure than electronic filing with the IRS. You don't have to worry about your tax return getting lost in the mail or arriving late because it is electronically submitted to the IRS.  

You'll also receive immediate notice that the IRS has received and begun processing your return. If you're waiting for a tax return, having it electronically transferred into your bank account is the quickest method to collect it. When taxpayers combine direct deposit with electronic filing, the IRS generally issues 90% of refunds in fewer than 21 days. 

Be Wary of Tax Evasion 

Scammers typically target you by impersonating the IRS to obtain your personal information. Tax evasion has cost thousands of people millions of dollars in cash and personal information. Scammers target people, companies, payroll, and tax experts by mail, phone, or email. 

Allow a professional to handle your taxes from start to finish. If you have any questions, please contact us. In reality, we can assist you in meeting your US tax responsibilities. Contact us, and one of our customer service representatives will gladly help you. 

How Can Lean Business Help You? 

Lean Business Stability is a consulting firm with a specialized team that guarantees you file on time and receive every tax deduction and credit you are entitled to. Professional business advisors use lean business consulting methodology to simplify tax filing procedures. 

Your company can avoid being audited, submitting improper taxes, and losing out on tax breaks with us. That is why we have a crew of professional business advisors- so you can receive all your help in one spot! 

We prepare federal and state tax returns for S corporations, C corporations, partnerships, LLCs, and individuals, maximizing possible tax savings. Reach us today to learn more about business tax filing procedures.