TABLE OF CONTENTS
When Do Businesses Have To File Taxes?
When You Owe More Taxes Than You Can Pay
Need More Time? File A Business Tax Extension
Making Estimated Quarterly Tax Payments
So You Missed A Deadline…
When You’re Issuing W-2s And 1099s
How Acuity Can Help
2023 Business Tax Deadline FAQs
2022 Business Tax Filing Deadlines & FAQs
First off, there’s more than one business tax filing deadline. And when it comes to taxes, businesses have different deadlines and requirements than individuals.
As a business owner, it’s important to be aware of tax filing deadlines to avoid penalties and fees. However, keeping track of taxes can be complicated for businesses, especially for those who are new to the process.
That’s why we’ve included the most important dates to know below based on your business type! Learn more about each deadline below, and add any relevant business tax filing deadlines to your calendar.
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Business Tax Filing Deadlines You Need For:
S Corps, Partnerships, & LLCs taxed as a partnership
The first tax returns for the season are due on March 15, 2023. This deadline applies to partnerships, LLCs that are taxed as a partnership, and S corp tax returns.
Not only will your tax filing deadlines change based on your business structure, the way your business is taxed can vary, too.
Partnerships are a relatively simple structure which involves two or more people who share ownership of the business. A general partnership gives all parties equal financial, legal, and management responsibilities.
From a tax perspective, a partnership is a pass-through entity, meaning the business itself doesn’t pay federal income tax. Instead, the partners of the business report their income, deductions and credits on individual tax returns using Schedule K-1 (Form 1065).
Additionally, a partnership may have to pay self-employment taxes and estimated quarterly taxes, so we recommend speaking with a professional to learn more about your specific tax situation.
S corporations are one the two common types of corporations, next to C corps. Smaller groups and family companies typically fall under this category, and there are specific qualifications that a company must meet to be a S corp. S corps are also limited to 100 shareholders.
S corps utilize pass-through taxation, too, meaning the company’s income, deductions, and credits are reported on the individual tax returns of its shareholders, rather than being taxed at the corporate level, avoiding being taxed twice.
S corps file an annual tax return using Form 1120-S and must provide each shareholder with a Schedule K-1 detailing their share. In addition, shareholders are considered self-employed and are responsible for paying self-employment taxes on their share of the s corp’s income.
LLCs, or limited liability companies, are often a combination of a partnership and a corporation. As a business structure, an LLC offers flexibility in terms of taxation. An LLC can choose to be taxed as a sole proprietorship, partnership, S corporation, or C corporation, depending on the number of owners (referred to as members) and their tax status.
If an LLC has only one member, it is considered a single-member LLC and is automatically taxed as a sole proprietorship. If it has multiple members, it is considered a multi-member LLC and is taxed as a partnership by default.
Both sole proprietorships and partnerships are pass-through tax entities, meaning business income is taxed through personal tax returns instead of business tax returns, avoiding double taxation.
However, an LLC can choose to be taxed as an S corp or C corp by filing an election with the IRS using Form 2553. C corp taxes are filed through the company, and S corp taxes are filed through the individual.
Still, state taxes vary by state, so we recommend consulting a professional to understand your specific tax situation.
Business Tax Filing Deadlines You Need For:
C Corps & Sole Proprietorships
Next comes Tax Day 2023! This year, Tax Day falls on April 18, 2023. This deadline applies to C corporations and sole proprietorships, AKA businesses who report on a Schedule C, Form 1040. (P.S. – This is also the tax deadline for individual income tax returns!)
C corporations are one of the two common types of corporations, next to S corps. Corporations involve more complexity in how they’re formed and their tax requirements. C corp taxes are filed through the company as opposed to the individual, which can be beneficial if your corporate tax rate is lower than your personal tax rate.
C corps also pay income tax and in some cases are taxed twice when the company turns a profit, and when dividends are paid to stockholders on their tax returns.
Sole proprietorships are the most straightforward business structure, with one person acting as the only owner and operator. In this case, the sole proprietor is personally liable for all financial and legal obligations of their business, unlike LLCs and corporations.
Sole proprietorships are a pass-through tax entity, meaning the business’s income is taxed through the owners, not the business itself. The owner reports the earnings on their personal tax return and pays taxes on their share of the profits. This type of taxation is used for sole proprietors (as well S corps, partnerships, and LLCs) to save on taxes by only taxing income once.
For more information on entity types and their different tax filing requirements, check out our blog article on business ownership structures.
If you cannot afford to pay your tax bill in full immediately, you may qualify for a short-term payment plan of 180 days or less, or a long-term installment agreement with monthly payments.
The IRS will determine what you qualify for, depending on your individual tax situation.
Learn more about applying for online payment plans on the IRS website.
If you need more time, that’s totally fine!
You can file a business tax extension with Form 7004 or Form 4868, depending on your business type.
Multi-member LLCs, partnerships, corporations, and S corporations all use Form 7004. However, the deadline to submit the form differs depending on your business’s original filing deadline.
So, that means Form 7004 is due by April 18, 2023 for multi-member LLCs and partnerships, and March 15, 2023 for corporations and S corps.
Sole proprietors and single-member LLCs use Form 4868, along with individuals filing their tax returns. The deadline for filing Form 4868 is April 18, 2023.
Once you file for a tax extension, your new updated deadlines will be:
- September 15, 2023: Partnership and S corp tax deadlines.
- October 16, 2023: Individual, sole proprietorship, and C corp filing deadline
Check out our article on business tax extensions in 2023 for how and where to file, what forms you need, and when to make your tax payment.
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Estimated quarterly tax payments are based on your expected income and tax liability for the quarter, which can be calculated using last year’s tax return, your year-to-date income, or a handy tax withholding calculator.
Estimated quarterly tax payments are made using Form 1040-ES and paid online or by mail to the IRS, and they’re the best way to avoid tax penalties from the IRS.
You’re required to make quarterly tax payments if taxes have not been withheld from your income. This includes taxpayers such as:
- Individuals including sole proprietors, partners, and S corporation shareholders who generally expect to owe tax of $1,000 or more when their return is filed.
- Corporations who will likely owe $500 or more in taxes when their return is filed.
The core idea behind quarterly taxes is that rather than paying a large bill in March or April, business owners space out payments in four installments throughout the year. If done right, you can better manage your cash flow and avoid hefty underpayment fines from the IRS, such as a failure-to-file penalty or failure-to-pay penalty. It’s important to note that interest also accrues on the unpaid tax amount, top of IRS penalties.
With that in mind, let’s make sure you don’t miss a quarterly tax deadline.
There are four quarterly tax due dates each year: January 15; April 15; June 15; and September 15. However, if these dates fall on a Saturday, Sunday, or legal holiday in any given year, the payments are due the next business day.
With that in mind, here are the due dates for estimated quarterly tax payments in 2023:
- Estimated tax payment for Q4 2022 is due on January 17, 2023
- Estimated tax payment for Q1 2023 is due on April 18, 2023
- Estimated tax payment for Q2 2023 is due on June 15, 2023
- Estimated tax payment for Q3 2023 is due on September 15, 2023
Ready to make your life easier? Download our free quarterly estimated tax calculator, a tool we created to reduce the headache of calculating your payments.
If you miss a tax deadline, your options depend on two things: what deadline you missed, and whether you are owed a refund or you owe money.
If You Miss Your Tax Filing Deadline & Owe Taxes
If you miss the tax filing deadline and owe taxes, you’ll be charged a failure to file penalty. The penalty is 5% of your unpaid taxes for each month your return is late, but it won’t exceed 25% of your unpaid taxes.
Unfortunately, charges don’t stop there. The IRS charges interest on top of a failure to file penalty.
The current underpayment interest rate is 7%. However, underpayment interest rates vary and are subject to change based on the quarter, so check the IRS website for up-to-date rates.
If You Miss Your Tax Filing Deadline & Are Owed A Refund
If you miss the 2023 tax filing deadline and you are owed a refund, there’s no penalty. But you may miss out on your refund if you wait too long. According to the IRS website, by law, you have a three-year window from the original due date to claim your refund. Don’t miss out on a refund!
If You Miss A Quarterly Estimated Tax Payment
You may face a penalty charge upon filing your tax return if you missed a quarterly tax payment – even if you’re owed a refund.
If you haven’t already, add each of the quarterly tax payment deadlines to your calendar now to make sure you don’t miss one. Just scroll up!
And if you need help calculating how much you should pay each quarter, don’t forget to download our free quarterly estimated tax calculator.
Sending a W-2 or 1099 form? Make sure your employees and independent contractors receive their forms by the deadline, January 31, 2023.
There are a number of different 1099s, but the majority are filed through the 1099-NEC form or the 1099-MISC form. 1099-NEC is for non-employee compensation of $600 or more, and 1099-MISC is for miscellaneous compensation such as rent, awards, medical or healthcare payments, to name a few.
For more information on issuing and filing 1099s, check out our blog: The 1099 Form.
Not sure who you should issue a 1099 to? No worries! Learn which tax forms you need to issue, and when, here.
At Acuity, our dedicated tax team ensures that you file on time, while getting each tax deduction and credit you deserve. Plus, our tax services include bookkeeping so that your books are cleaned up and organized when it comes time to file.
Without clean books, your business is at risk for audit, filing your taxes incorrectly, and missing out on tax savings. That’s why we offer tax and bookkeeping services together – so that you can get all the support you need in one place!
Our CPAs prepare federal and state tax returns for S corps, C corps, partnerships, LLCs, and individuals, making sure to maximize available tax savings.
Taxes are complicated, and as your business develops, they’ll only get more difficult. We’ve helped over 2,000 innovative entrepreneurs maximize their tax savings. Get the tax credits and deductions you deserve! Check out our tax services packages for more information.
And if you have any other questions, schedule a free consultation with our team! You’ll receive personalized solutions for your business.
When is Tax Day 2023?
Tax Day 2023 is April 18, 2023. This is when individual income tax returns are due in the U.S.
It’s also the deadline for C corporation and sole proprietorship tax returns as well as Q1 2023 estimated tax payments.
Tax Day typically falls on April 15, but since the 15th is a Saturday and Emancipation Day is the 17th, Tax Day falls on the 18th this year.
What is the deadline for S corporation tax filing?
The S corp tax deadline is March 15, 2023.
When are the partnership tax deadlines in 2023?
The partnership tax deadline is March 15, 2023.
When are LLC taxes due?
It depends! For LLCs that are taxed as a partnership, the tax deadline is March 15, 2023. For LLCs that are taxed as a corporation or single member LLCS, the tax deadline is April 18, 2023.
What are the sole proprietor tax deadlines?
The sole proprietorship tax deadline is April 18, 2023.
What is the due date for corporate tax returns?
The corporate or C corp filing deadline is April 18, 2023 – which is also Tax Day 2023!
What is the deadline for 1099 forms?
The deadlines vary, depending on which 1099 form you’re filing.
For all you need to know about 1099 forms and their deadlines, check out our blogs: The 1099 Form: What You Need to Know About Filing in 2022 and W-9 vs 1099 Forms: What’s the Difference and Why Are They Important?
When do businesses have to file taxes? When is the last day to file taxes?
The deadline for filing depends on your business type and which form you’re submitting.
For partnerships, LLCs taxed as a partnership, and S corps, taxes are due on March 15. For individuals, C corps, and sole proprietors, taxes are due on Tax Day 2023, which is April 18 this year.
If you can’t finish filing your taxes by these dates, consider filing a tax extension! Tax extensions are due on the same date as your original tax return deadline, and they give you an additional 6 months to file your returns.
What if I made a mistake and need to re-file my taxes? Would I file an amended return?
Sometimes, you need to make changes to a tax return you’ve already filed. That’s where amended tax returns come in! If you find mistakes or need to update information, you can file an amended return electronically or via mail.
To file an amended return, you just need to fill out Form 1040-X. Keep in mind, you have up to three years from the date you filed the original return or two years from the date you paid your taxes to file an amended return and claim a refund.
And just a heads up – filing an amended return doesn’t guarantee a refund, and there’s a chance you might owe more taxes.
What happens to my tax deadline if I live in an area impacted by a natural disaster?
Keep up with this page on the IRS website for updates related to disaster tax relief.
The IRS will generally offer disaster relief to taxpayers in specific areas impacted by natural disasters. This may include delayed tax deadlines as well.
Simplify your finances with Acuity.
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Whether you need help with clean up, payroll, invoicing, collections, tax returns, or something else, we’ve got you covered. Reach out below and see the difference outsourcing can make for your business:
You might be wondering why we’ve listed 2022 deadlines here…We want to make sure that you don’t have any loose ends when it comes to your taxes. Maybe you missed a deadline, want to refer back to due dates from 2022, or need a piece of info from our 2022 tax deadline FAQs.
January 18, 2022 – Deadline for Q4 2021 estimated tax payments.
January 31, 2022 – Deadline for your employees and independent contractors to receive their W-2 or 1099-NEC/1099-MISC forms.
March 15, 2022 – Deadline for partnership tax returns (& LLCs that are taxed as a partnership) as well as S corporation tax returns.
April 18, 2022 – Deadline for 2022 Q1 estimated tax payments.
April 18, 2022 – Deadline for C corporation, sole proprietor (businesses who report on a schedule C), and individual tax returns.
June 15, 2022 – Deadline for 2022 Q2 estimated tax payments.
September 15, 2022 – Deadline for 2022 Q3 estimated tax payments.
September 15, 2022 – Partnership and S corp tax deadline for those that received a filing extension.
October 17, 2022 – 2021 individual and c corp filing deadline for those who received a filing extension.
2022 Business Tax Filing Deadlines FAQs
What is an amended tax return? What’s the amended tax return deadline for 2022?
As a taxpayer, you would file an amended tax return if you’ve made a mistake while filing your tax return. Some reasons for mistake might be:
– Entering income incorrectly
– Not claiming tax credits that you qualify for
– Claiming tax deductions that you’re not qualified for
There are several options to file your amended tax return electronically. Your 2022 amended tax return deadline varies.
The IRS guidelines say that in order to request a credit or refund, you need to submit Form 1040-X within three years of filing your original return or two years after paying the tax – whichever deadline comes later.
For more explicit instructions as well as information about special circumstances, read the instructions for Form 1040-X on the IRS website.
What is the 1099 filing deadline for 2022?
The 1099 filing deadline varies, depending on which 1099 form you’re filing and which box the data is reported in.
That being said, it’s always a good idea to have everything completed by January 31. Many recipients are required to receive their 1099s by the end of January.
Still need some clarity? Our blog, The 1099 Form: What You Need To Know About Filing In 2022 is packed with information about filing 1099s!
When are business taxes due in 2022?
We’ve included all of the business tax filing deadlines for 2022 above. Just scroll up!