Are you curious about the 2023 business tax deadlines you should mark on your calendar? Here are the essentials you need to know about 2023 deadlines for filing small business tax returns.
2023 tax return deadlines for small business
Jan. 31, 2023: Deadline for any employees or independent contractors you hired last year to receive their W-2, 1099-NEC, or 1099-MISC tax forms.
March 15, 2023:
- Deadline to file business tax returns for partnerships, S corporations, or LLCs that are taxed as partnerships (note that this is the deadline for calendar year filers). While most taxpayers fall under this category, there are special exceptions for fiscal-year taxpayers. If your tax year doesn’t start on Jan. 1, you will instead follow the IRS fiscal year due date.
- Deadline to file Form 2553 to switch your business election to an S corporation (S corp) for the tax year 2023. If you miss this deadline, your business will not be treated as an S corp until the calendar year 2024.
April 18, 2023:
- Deadline for C corporations, sole proprietorships (Schedule C), single-member LLCs or LLCs taxed as corporations, and individuals to file their tax returns
- Last day for you to make 2022 contributions to traditional and Roth IRAs
Oct. 16, 2023: If you received a filing extension on your 2022 income tax return, your extended individual return is due on this date.
2023 quarterly estimated tax payment deadlines
If you are self-employed or receive any form of income that requires you to pay estimated taxes, here are the estimated tax due dates for 2022:
- April 15, 2023 – Deadline for 2022 Q1 estimated tax payments
- June 15, 2023 – Deadline for 2022 Q2 estimated tax payments
- Sept. 15, 2023 – Deadline for 2022 Q3 estimated tax payments
- Jan. 15, 2024 – Deadline for 2022 Q4 estimated tax payments
Note: If any of the above dates fall on a weekend or federal holiday, the payment deadline falls on the next business day instead.
If you need more time and need to file an extension, you have until your tax-filing deadline (March 15 or April 18, 2023, depending on your business structure) to apply for a tax-filing extension. An extension will give you an extra six months to file your return.
Don’t forget to mark April 15, 2024, on your calendar
April 15, 2024, is the deadline to apply for the Employee Retention Credit (ERC) for all quarters in 2021.
If you’re not familiar with the ERC, it’s a refundable tax credit for businesses that continued to pay employees while shut down due to the COVID-19 pandemic or had significant declines in gross receipts from March 13, 2020, to September 30, 2021. The credit can be as high as $5,000 per employee in 2020 and as high as $21,000 per employee in 2021.
If you’ve yet to file for the Employee Retention Credit or you’re not sure if your business qualifies, contact Bottom Line Concepts today and schedule your no-cost, no-obligation 15-minute phone consultation. It could potentially be the most profitable call you’ll have this year.