Get Ahead of Your Tax Preparation
In this post, we’ll show you how to get ahead of the game. We’ll cover what you need to know for tax day 2023, key forms to check, important deadlines, and helpful resources. So whether you’re a procrastinator or just want to be prepared, follow our guide and you’ll be ready when tax day rolls around.
What You Need to Know
The first thing you need to know for tax day 2023 is the deadline: April 18th, 2023. This date may be subject to change, so be sure to check with the IRS closer to the time.
In order to file your taxes, you will need a few things: your Social Security number (or Individual Taxpayer Identification Number), income statements (W-2 forms), and documentation of any deductions or credits that you plan to claim. You should also have a copy of last year’s tax return on hand, as this can be helpful when preparing your return.
Gather the Necessary Documents
The first step in preparing for tax season is gathering all of the necessary documents. This may include forms such as a W-2 from your employer, 1099 forms from any other income sources, bank statements, and records of any deductions or credits you plan to claim. If you’re unsure which documents you need, we have compiled a helpful checklist for your convenience.
Important Tax Deadlines in 2023 : Month by Month
In addition to collecting documents, now is a good time to review important deadlines. For example, if you plan to file your taxes electronically, the deadline is typically April 15th. However, if you need to file an extension, the deadline is October 15th. Keep in mind that these deadlines may vary depending on your individual situation, so it’s always best to check with the IRS for the most up-to-date information, and follow us on social media and YouTube for the latest tax news.
|January 3||Self-Employed Individuals Pay Half of Deferred 2020 Social Security Taxes|
|January 10||Tips for December 2022 Reported to Employer (Form 4070)|
|January 17||Estimated Tax Payment for 4th Quarter of 2022 (Form 1040-ES)|
|January 17||Farmers and Fishermen Pay Estimated Tax for 2022 (Form 1040-ES)|
|January 31||File 2022 Tax Return (Form 1040) to Avoid Penalty if Last Installment of Estimated Tax Not Paid by January 17|
|February 10||Tips for January 2023 Reported to Employer (Form 4070)|
|February 15||File Form W-4 to Reclaim Exemption from Withholding for 2023|
|March 1||Farmers and Fishermen File 2022 Tax Return (Form 1040) to Avoid Penalty if Estimated Tax Not Paid by January 17|
|March 10||Tips for February 2023 Reported to Employer (Form 4070)|
April 2023 : Final Prep to File Taxes
|April 1||First Required Minimum Distribution (RMD) by Individuals Who Turned 72 in 2022|
|April 10||Tips for March 2023 Reported to Employer (Form 4070)|
|April 18||File 2022 Tax Return (Form 1040) and Pay Tax Due|
|April 18||File Form 4868 to Request 6-Month Income Tax Return Filing Extension (payment of tax not extended)|
|April 18||File Schedule H (1040) and Pay Employment Taxes for Household Employees (file separately if Form 1040 is not filed)|
|April 18||Estimated Tax Payment for 1st Quarter of 2023 (Form 1040-ES)|
|April 18||Contribute to Individual Retirement Account (IRA) for 2022|
|April 18||Withdraw Excess IRA Contributions in 2022 to Avoid Penalty if Filing of Form 1040 Was Not Extended|
|April 18||Contribute to Health Savings Account (HSA) for 2022|
|April 18||Contribute to Solo 401(k) Plan or Simplified Employee Pension (SEP) Plan for 2022 by Self-Employed if Filing of Form 1040 Was Not Extended|
|April 18||File 2019 Tax Return (Form 1040) to Request an Unclaimed Tax Refund for the 2019 Tax Year|
|May 10||Tips for April 2023 Reported to Employer (Form 4070)|
|June 12||Tips for May 2023 Reported to Employer (Form 4070)|
|June 15||Estimated Tax Payment for 2nd Quarter of 2023 (Form 1040-ES)|
|June 15||U.S. Taxpayers Living and Working Abroad File 2022 Tax Return (Form 1040)|
|June 15||U.S. Taxpayers Living and Working Abroad File Form 4868 to Request 4-Month Income Tax Return Filing Extension (payment of tax not extended)|
|June 15||Military Personnel on Duty Outside the U.S. File 2022 Tax Return (Form 1040)|
|June 15||Military Personnel on Duty Outside the U.S. File Form 4868 to Request 4-Month Income Tax Return Filing Extension (payment of tax not extended)|
Soldiers and other taxpayers who are stationed or living abroad have until June 15 to submit their 2022 tax return. If they need an extra four months to file, they must apply for an extension by the same date.
Estimated tax payments for the 2nd quarter of 2023 are also due June 15, while the tip reporting deadline for workers who received tips in May is June 12.
July 2023 Tax Deadlines
|July 10||Tips for June 2023 Reported to Employer (Form 4070)|
Employees are required to report any tips they receive by July 10 in order to avoid any tax deadlines. Beyond that, you can enjoy your time at the pool or beach without having to worry about tax deadlines!
August 2023 Tax Deadlines
The summer slowdown for tax deadlines continues in August. The only due date for individuals is the monthly tip report. Workers who received tips in July must report them to their employer by August 10.
|August 10||Tips for July 2023 Reported to Employer (Form 4070)|
September 2023 Tax Deadlines
|September 11||Tips for August 2023 Reported to Employer (Form 4070)|
|September 15||Estimated Tax Payment for 3rd Quarter of 2023 (Form 1040-ES)|
The two notable tax due dates in September are the first, when employees must report August tips to their employer by September 11, and the second, when estimated tax payments for the third quarter of 2023 are due by September 15.
October 2023 Tax Deadlines
|October 10||Tips for September 2023 Reported to Employer (Form 4070)|
|October 16||File Extended 2022 Tax Return (Form 1040) and Pay Tax Due|
|October 16||Withdraw Excess IRA Contributions in 2022 to Avoid Penalty if Filing of Form 1040 Was Extended|
|October 16||Contribute to Solo 401(k) Plan or Simplified Employee Pension (SEP) Plan for 2022 by Self-Employed if Filing of Form 1040 Was Extended|
If you have been granted an extension to file your 2022 tax return, now is the time to send that return to the IRS. The due date for extended returns is October 16. For those who received an extension, October 16 is also the last date for (1) self-employed people to contribute to a solo 401(k) or a simplified employee pension (SEP) plan for 2022, or (2) withdrawing excess IRA contributions made in 2022.
If you received tips in September, the deadline to report those tips to your employer is October 10.
November 2023 Tax Deadlines
|November 13||Tips for October 2023 Reported to Employer (Form 4070)|
November is a month when tax deadlines are sporadic. The only recurring deadline is for employees to report tips earned in October to their boss. That report is due on November 13.
December 2023 Tax Deadlines
|December 11||Tips for November 2023 Reported to Employer (Form 4070)|
|December 31||Contribution to Employer-Sponsored Retirement Plan for 2023 (401(k), 403(b), 457 or federal thrift savings plans)|
|December 31||Required Minimum Distribution (RMD) by Individuals Who are 74 or Older at the End of 2023|
December is the month to get your tax affairs in order before the year ends. There are also some other important deadlines that you need to be aware of if you want to avoid any trouble with the IRS. The monthly tip reporting deadline is December 11th, for reporting tips from November. By December 31, 2023, you must contribute at least 2023 dollars to your employer-sponsored retirement plan. If you’re 74 or older at the end of the year, you have until April 1, 2024 to take your first RMD.
January is the month to gather all of the necessary documents. This includes tax-related forms and any other important deadlines. In February, review these forms and deadlines to make sure everything is in order.
March is the time to start planning ahead. Utilize resources such as online calculators to help you estimate your tax liability. And finally, in April, take care of any final preparations before filing your taxes.
The final deadline for filing federal income taxes is April 15th. However, if you can’t file by that date, you can get an extension by filing Form 4868 with the IRS. This will give you an additional six months to file your return (but not pay any taxes owed).
Keep in mind that even if you get an extension, you’ll still need to pay any taxes owed by April 15th. If you don’t pay on time, you’ll be charged interest and may be subject to penalties as well. So if possible, try to file your return and pay any taxes owed by the original deadline of April 15th.
Ensure a Smooth & Stress-free Tax Season
The best way to prepare to file your taxes is to stay organized throughout the year. Keep a folder or binder with all of your tax-related documents, including receipts, W-2 forms, 1099 forms, and any other records you need. This will make it much easier to find everything when you’re ready to file.
It’s also a good idea to start gathering your tax information early in the year. This way, you can be sure you have everything you need before the April deadline. If you wait until the last minute, you may end up scrambling to find missing documents or forms.
If you’re not sure how to prepare your taxes, make sure to book a call with one of our certified tax experts to talk about your specific situation. You may benefit from having a professional look for possible deductions and tax breaks you could qualify for. Planning ahead saves money and time, the same goes for tax planning.