If you are a business owner, you have a great deal to think about. As I've written about in the past, you wear many hats! So, not only are you looking for ways to grow your business, but you are also thinking about ways to save time and money.
You also need to think about your corporate taxes, which can vary depending on whether you have an LLC or an S corporation. Keeping important dates straight can be challenging, so we have created a calendar you can use to keep track of due dates for the 2022 tax year as you file in 2023.
January 17, 2023: This is the due date for Q4-2022 estimated quarterly tax payments. S corporation quarterly taxes for the fourth quarter of 2022 are due.
January 31, 2023: This is the due date for Form 1099-NEC for nonemployee compensation to be filed with the IRS and the deadline for copies to be provided to contractors (if you are a contractor, you should have received this form by this date). It’s also the deadline for sending W-2 forms to employees for the 2022 tax year.
March 1, 2023: Are you a farmer or a fisherman? If you did not pay all your estimated tax payments in 2022, you must file an income tax return and pay any taxes owed by March 1 or face a tax penalty.
March 15, 2023: This is the due date for filing tax returns for S corporations and partnerships with calendar-year businesses. This is also the last day to apply for an extension to file tax returns for S corporations and partnerships.
April 18, 2023: This is the due date for Q1-2023 estimated quarterly tax payments. The deadline for filing sole proprietorship and single-member LLC tax returns on Schedule C is today. Your personal income tax return (Form 1040) and your retirement contributions are also due today. Finally, today is the deadline for filing the Report of Foreign Bank and Financial Accounts (FBAR, Form 8938).
June 15, 2023: This is the due date for Q2-2023 estimated quarterly tax payments.
September 15, 2023: This is the due date for Q3-2023 estimated quarterly tax payments.
October 16, 2023: This is the tax filing extension deadline for sole proprietors and single-member LLCs.
Below is a list of holidays in 2023. If you need to contact the IRS, you can expect not to reach them on these days.
January 2—New Year's Day (observed)
January 16—Birthday of Martin Luther King, Jr.
February 20—Washington's Birthday
April 17—District of Columbia Emancipation Day (observed)
May 29—Memorial Day
June 19—Juneteenth National Independence Day
July 4—Independence Day
September 4—Labor Day
October 9—Columbus Day
November 10—Veterans Day (observed)
November 23—Thanksgiving Day
December 25—Christmas Day
Your corporate taxes represent one of your biggest obligations as a business owner. While this calendar is meant to help, it may not cover all your obligations. Further, if you feel like you're already behind in 2023 for business tax planning, you still have time! The second half of 2023 is ample time to make sure you have all of your tax planning needs covered. So don't hesitate to reach out for assistance in preparing your 2023 taxes!
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Matt Faubion, CFP®
Founder - Wealth Manager
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.