Being a business owner, you might have always felt some anxiety as the tax season approaches after the start of every New Year. This is obvious, given that delays or inaccuracies in tax return filing can lead to severe financial consequences. However, by being aware of the business tax deadline in 2023 and the key dates, you can arm yourself with what you need to manage 2023 business tax deadlines.
Whether you take care of navigating through tax season on behalf of your clients or own a business, this helpful guide to the business tax deadline 2023 will help you file your 2022 tax returns smoothly and timely.
Basic Business Tax Deadlines for 2023
Generally, the filing deadline for 2022 taxes is April 18, 2023.
Although you might feel like the deadline is approaching faster than expected, it’s time to prepare your taxes and reflects on last year’s success or failure to set realistic financial goals for this year.
You should also remember that failing to file the taxes by the due date can result in penalties imposed by the IRS over and above the tax amount you owe. Hence, filing the tax returns on time makes sense to avoid getting penalized. Besides this, if you need more time to set the tax files in order, you can apply for a tax extension.
The due dates fall under the business tax deadline of 2023, depending on the type of business you run. Given below are a few dates you should add to your calendar if applicable to your business:
|Business Tax Due Date||
|Mar 15, 2023||Business tax deadline for S corporations, partnerships, or multi-member LLCs|
|Apr 18, 2023||Corporate tax filing deadline for small business owners including sole proprietors, single member LLCs, C corporations, etc. (also it is the deadline to apply for an extension)|
|Oct 17, 2023||Business tax deadline to file 2022 tax return in case you apply for a tax deadline extension|
Who Needs to File a Tax Return?
All businesses, irrespective of the type, must file a tax return to pay federal tax on the income earned in a year. Partnerships are the only exception to this rule as they need to file an annual information return followed by profit/loss reports of each partner on their tax return.
The types of taxes payable depend on the structure of your business. In addition, you need to pay medicare and social security taxes if you are self-employed. If several employees work for you, you must abide by the employment tax requirements.
How to Get a Tax Deadline Extension?
You can ask for a tax deadline extension to get more time to prepare the tax return. Although this can give you extra time to file the return, it does not mean you can avoid paying taxes. You still need to pay the tax owed per the business tax deadline of 2023.
You will benefit from the tax deadline extension in 2023 in the following ways:
- You are willing to pay the tax owed but do not have everything to file the return.
- You are unable to file the return due to family or personal circumstances.
- You are unable to obtain the correct documents or all the documents needed for tax filing by the original business tax deadline of 2023
- You think you will get a tax refund and want to get the documents in order.
While you can get a tax deadline extension, you must apply for this benefit by the tax return due date. The date is March 15, 2023, for corporations and partnerships, while it is April 18, 2023, for other businesses.
The form you will need to file for tax deadline extension differs per your business type.
- You will need Form 7004 for partnerships, C corporations, and S corporations
- You will need Form 4868 for sole proprietorships
When is the Last Day for Taxes in 2023?
The tax filing date varies annually depending on when April 15 falls. If there is a weekend or holiday on this date, it is pushed to the next business day. If you are planning to prepare for tax season 2023, you mainly need to know this:
- The business tax deadline for your 2022 taxes will be April 17, 2023.
- The date for filing 2023 taxes will be April 15, 2024.
If you run a small business, filing tax returns and dealing with the related complications might be out of your comfort zone. However, being aware of the business tax deadline in 2023 will make it easier to alleviate the stress related to the tax season 2023.
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