Paying tax may already be a taxing job for you. With all that, keeping track of key dates and deadlines while filing your tax and following up on them so you don’t end up with penalties is itself a task. Here’s a list of all the tax deadline dates you need to keep in mind while filing your taxes in 2023.
What is the Due Date for 2023 Taxes?
April 18, 2023, is the deadline for filing a federal tax return. You will have to file your tax return by October 16, 2023, if you request an extension by April 18, 2023. There’s just one problem – your tax bill still needs to be paid by April 18. A tax extension allows you to file your return earlier, but it does not extend your tax payment deadline.
There are also deadlines to keep in mind for self-employed individuals and others who pay estimated taxes. It is usual to collect estimated taxes four times a year, in January, April, June, and September.
The automatic extension may be available to certain people, such as military members and people affected by natural disasters. In California, flood-affected counties will extend the deadline for filing federal returns and estimated taxes to May 15, 2023.
Tax Deadlines and Due Dates for 2023
You’ll need to be aware of a few more dates, and not all of them have to do with filing your taxes.
|February 15||The deadline for completing Form W-4 if you are a tax-exempt organization. To reclaim your exemption from tax withholding in 2023, you must file a new Form W-4 with your employer by this deadline.|
Deadline for 1099s: Informational returns such as 1099-Bs (for securities income earned from sales) and 1099-MISCs must be sent to recipients by this date. Information returns can be found here by the IRS.
|April 3||The RMD deadline is fast approaching. The first required minimum distribution for those who turn 72 in 2022 may be required to be taken by April 3, 2023.|
|April 18||TAX DAY|
The deadline for filing federal taxes. In order to file taxes with the IRS, you must file by this date. You can also file for an extension of your tax return on this date. Tax extensions give you more time to file your return, not to pay your tax bill. The deadline for paying your taxes owed is April 18, despite submitting a request for an extension.
Contribution deadlines for HSAs and IRAs. For the tax year 2022, the last day to contribute to your health savings account or Roth/traditional IRA is April 15, 2022. A family HSA can contribute $7,300 in 2022, while an individual HSA can contribute $3,650. IRA contributions in 2022 will be limited to $6,000 ($7,000 for those 50 and older).
This is an estimate of the taxes due for the first quarter. It is today that tax payments are due for the first quarter of the year (January 1, 2023, through March 31, 2023) for income earned.
|June 15||This is an estimate of the taxes due for the second quarter. Those who earned income during the second quarter of the year (April 1, 2023, through May 31, 2023) must make estimated tax payments on that income today.|
|September 15||Taxes due for the third quarter are estimated. You are required to pay estimated taxes on income earned during the third quarter (June 1, 2023, through August 31, 2023) by today.|
|October 16||The deadline for tax extensions has passed. Your return can be finalized by October 16 if you file for an extension by April 18. By missing this deadline, your return is considered late by the IRS, and the penalties will begin to pile up.|
|December 31||The 401(k) contribution deadline is fast approaching. December 31 is usually the last day to make a qualified contribution to an employer-sponsored retirement plan, such as a 401(k). A maximum contribution of $22,500 is allowed for the 2023 tax year ($30,000 if you’re over 50).The second deadline for RMDs has passed. You must take your RMDs by December 31 if you need to; this also applies to people who took their initial RMD in April.|
When are State Income Taxes Due?
Federal income tax deadlines are typically followed by state deadlines. However, there are some exceptions. State tax returns must be filed by May 1 in Virginia, for example. Further information can be obtained from the tax and revenue authority of your state.
While keeping these tax deadline dates in mind, here are 6 best tax moves to make before filing your taxes.
Don’t Forget to File Tax Returns for 2019!
The deadline for submitting an old Form 1040 and claiming a refund for the 2019 tax year is April 18 (Tax Day). Get to work if you haven’t filed yet! Tax deadline dates are important because if you miss them, the government keeps your money.
Max out your 401(k)
The amount you contribute to a traditional 401(k) reduces your taxable income. Take the example of earning $65,000 a year and contributing $10,000 to your 401(k). By paying taxes on only $55,000 of your salary, you will avoid paying income taxes on the entire $65,000 you earned. You can shield $10,000 from taxes if you save for the future (and even more if you’re 50 or older; read more here). If you contribute enough to your retirement account, your employer will match some of it, meaning you’ll also get some free money.
Whether you contributed to a 401(k) in 2022 or not, it’s always a good idea to plan ahead. The maximum contribution in 2023 is $22,500 (and $30,000 if you are 50 or older).
By Tax Day, Contribute to or Open an IRA
Tax deductions are available for contributions to traditional IRAs. Tax-year 2022 ends on April 18, 2023, so you still have a few days to make your IRA contribution, Roth or traditional, before the April 18, 2023, deadline. For either type of IRA, the maximum contribution amount is $6,000 or $7,000 for people over 50.
Contribute to Your Health Savings Account
An HSA is a tax-saving way for individuals with high-deductible health plans to cover out-of-pocket medical expenses. For the 2022 tax year, the deadline for contributions to an HSA is April 18, 2023. HSA owners had a limit of $3,650 for individuals and $7,300 for families in 2022. You can contribute an extra $1,000 to your HSA if you’re 55 or older.
File an Extension by Tax Day
Tax Return Form 4868 should be filed if you are not able to complete your return by April 18. The IRS will have until October 16 to file tax returns for most taxpayers.
Note: The purpose of a tax extension is to give you more time to file your return, not to allow you to pay your taxes. The tax deadline still applies if you owe tax or have a good estimate of how much you owe. Payment for your extension must be included with your request for an extension. Otherwise, a penalty for late payment could be imposed.
When are Taxes Due in Your State?
It is important to know the date of your local tax day. State income taxes are payable by most taxpayers, and most states that have income taxes follow the federal tax deadline dates. Find out when taxes are due by contacting your state’s tax department. Ask: How can I get an extension if necessary?