Everybody knows that tax day is April 15th – right? What happens if the 15th falls on a weekend? What if there’s a holiday? When should you expect to receive your tax documents?
Knowing the various tax dates can not only alleviate stress but also help you avoid late penalties and interest. While taxpayers have deadlines on when to file and pay their taxes, companies also have deadlines on when to file and send tax documents to those taxpayers.
Here are important dates to know this tax season:
The due date to make your fourth quarter estimated tax payment is January 17th. For individuals who have self-employment income, rental income, stock sales, or retirement income (i.e., pensions or IRA distributions), you may need to make quarterly tax payments.
The official start of tax season! The IRS announced just a few days ago that they will begin accepting and processing 2022 tax returns on January 23rd. This is the earliest date you can electronically file your tax returns this year.
The deadline for employers to file and send out their employees’ W-2s forms is January 31st. This is also the deadline for certain 1099 forms:
- 1099-INT; interest received from banks
- 1099-DIV; dividends received from companies or investment funds
- 1099-B; stock sale transactions
- 1098; mortgage interest paid to lenders
- 1099-NEC; nonemployee compensation paid to independent contractors
If you paid any independent contractors over $600 for services rendered in 2022, you will need to file and send them their Form 1099-NEC by January 31st.
The deadline for companies and financial institutions to file and send out Consolidated 1099 forms is February 15th. A Consolidated 1099 includes:
- 1099-INT; interest income AND/ OR
- 1099-DIV; dividends received from companies or investment funds AND/ OR
- 1099-B; stock sale transactions
It’s not uncommon for taxpayers to receive corrected Consolidated 1099 forms from financial institutions. If you receive a corrected Consolidated 1099 form AFTER you’ve already filed your tax returns, you may need to file an amended tax return to report the correct information.
The deadline for partnerships and S-corporations to file their business returns. If you plan to create an S-corporation in 2023, the deadline to make the election to be taxed as an S-corporation is March 15th.
The deadline for individual taxpayers to file and pay their 2022 taxes is April 18th. If you need to request a 6-month extension to file your tax returns, you must do so by this deadline. Requesting an extension to file does NOT extend your time to pay. All 2022 tax liabilities must be paid by April 18th or you will incur late penalties and interest.
For taxpayers who make quarterly estimated tax payments, April 18th is the due date to make your first quarter payment for 2023.
Knowing the deadlines for tax season is crucial to help you file your tax returns accurately and on time. If you would like to work with a financial planner to walk you through your options, I would love to help you!
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Disclaimer: This blog is for informational purposes only, and should not be considered advice or recommendations. All opinions expressed herein are solely those of Amaral Financial Planning, LLC, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made to another parties’ informational accuracy or completeness. You should consult your financial advisor, tax professional or legal counsel prior to implementation.