The Business Tax Deadlines for 2023 (A Complete Guide)

2023 Business Tax Deadlines
Table of Contents

There are approximately 32.6 million businesses in the U.S. If you own one of these businesses, knowing the business tax deadlines and filing taxes on time is one of the most important things that you’ll do each year.

While you should be thinking about your business taxes throughout the year, it’s especially important that you know the dates of important tax deadlines. Filing your taxes on time is important and will help you avoid penalties and other actions by the Internal Revenue Service (IRS).

This guide will tell you more about the business tax deadline for 2023. 

When Are Taxes Due in 2023?

Although you can start filing your taxes as early as January 23rd, the general deadline for filing your 2022 taxes is on April 18, 2023. The taxes must be filed by midnight in whatever time zone you live on April 18. 

April 15 is typically known as Tax Day in the United States, but the tax day for 2023 is on April 18 because April 15 is on a Saturday. April 18th is a Monday. 

Keep in mind that the filing deadlines for C corporations, S corporations, and partnerships are a bit different than for individuals and other business entities.

C corporations must make quarterly estimated tax payments throughout the year. The last quarterly payment is due on January 17, 2023. 

For S corporations and partnerships, taxes will be due on March 15, 2023. It’s possible to request a 6-month extension for filing taxes as a partnership or S-corporation.

How Early Can You File a Tax Return?

The IRS usually begins accepting business tax returns in January. When filing taxes for the 2022 tax year, the IRS will begin accepting returns on January 23, 2023.

While you can wait to pay your taxes until later on, filing taxes early can be a good decision. Doing so can help ensure that you’re not rushing at the last minute to get your taxes in before the deadline on April 18th.  

Dates of Important Business Tax Deadlines

In addition to the deadlines associated with paying quarterly estimated tax payments throughout the year, there are some other deadlines you should know about. Here are the main tax filing deadlines you should know about when filing 2022 taxes.

  • Sending W-2 Forms to Employees: Businesses are required to send W-2 forms to employees and 1099 forms to independent contractors by January 31, 2023.
  • Individual Income Tax Returns: Since April 15 is a Saturday in 2023, individual income tax returns (IRS Form 1040 or IRS Form 1040-SR) will be due on Monday, April 18, 2023.
  • Partnership and S-Corporation Returns: Partnership and S-corporation tax returns (IRS Form 1065 or IRS Form 1120-S) will be due on March 15, 2023.
  • C Corporation Income Tax Returns: C Corporation tax returns (IRS Form 1120) will need to be filed by April 18, 2023.

You need to be aware of these main business tax deadlines for filing 2022 taxes. Be sure to write down these dates and ensure that you meet the deadlines based on your business type.

What Happens When You File Taxes Late?

Remember that there are fees and penalties associated with filing late, so you need to try your best to pay on time.

You could incur a penalty if you haven’t filed for an extension and missed the tax deadline. The penalty you’ll need to pay will vary based on the forms you failed to file.

Here are the penalties that you can expect for filing late:

  • Forms 1120 and 1040: 5% of the unpaid taxes for every month the return is late, with a maximum of 25% total
  • Forms 1120-S and 1065: $210 per shareholder or partner for every month the return is late, up to 12 months total

Be sure to avoid these penalties by paying on time, and be sure to file a return regardless of your ability to pay.

What Happens If You Can’t Pay Your Taxes?

If you cannot pay your taxes for any reason, you should still file a tax return. Then, you should make sure to apply for a payment plan.

The IRS is often willing to work with a business that fails to pay its taxes on time. The IRS typically allows them to pay in installments instead, as part of a payment plan. 

Reasons to Pay Your Taxes Early

Although there are deadlines to be aware of when filing taxes, you should start planning early and aim to file and/or pay your taxes ahead of time. Here are some reasons why you should consider filing early.

Reduce Stress

Tax season can be stressful, especially if you’re very busy and don’t have a lot of time to work on filing taxes.

You can avoid the stress of trying to meet IRS deadlines by setting earlier deadlines for yourself. Consider setting a date a couple of months in advance in which you’ll file your taxes and get the entire process out of the way.

Avoid Tax Penalties

When you pay your taxes early, you’ll have a better chance of avoiding penalties for late payments.

If you wait until the last minute to file your taxes, a simple, unexpected event could cause you to miss the deadline. As a result, you may be more likely to suffer penalties and pay more on your taxes overall.

Faster Processing

Filing and/or paying taxes early tends to move faster when compared to waiting until closer to the deadline.

When the IRS has a lot of paperwork to go through at once, it’s more likely that processing delays will occur. Your return may be processed more slowly, and it will take time to get a refund if you’re owed one.

In addition, you’ll also have an easier time working with tax professionals when filing early. They won’t be nearly as busy in January or February as they’ll be in April when the deadline is closer. 

Lower Chances of Identity Theft

Tax return identity theft is a real issue. If someone uses your social security number to file a tax return, then you may not get your tax refund.

The earlier you pay your taxes, the less likely it will be that someone will file taxes using your social security number and get your refund instead of you.

Meeting the Business Tax Deadline for 2023

If you own your own business, be sure that you know the business tax deadline for 2023. Paying your taxes early or on time can help you avoid penalties and can help ensure you get the maximum refund amount.

Want to get more out of filing your taxes? Fill out an application today to learn whether your business is eligible for the Employee Retention Credit.

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