Tax Day 2023

Rick Bromund
By Rick Bromund

April 18, 2023, is Tax Day. The traditional April 15th deadline falls on a weekend, and Monday is the observance of a federal holiday, Emancipation Day. This gives taxpayers a little more time to get their returns ready.

However, even having a few extra days, the deadline can sneak up on you if you’re not careful. Missed filings and late payments can mean fees and penalties. It’s best to get started on your taxes early and avoid procrastination. Whether planning ahead or facing last-minute panic to get your forms in on time, you can take charge of your taxes before Tax Day.

Federal income tax

Of course, Tuesday, April 18, is the deadline to file your federal income tax. For faster processing, the IRS recommends that taxpayers file returns online

April 18th is also the last day to make contributions to these accounts:

  • IRA, Roth IRAs,
  • Health/Medical Savings Accounts (HSA, MSA),
  • Education Savings Accounts (ESA),                                
  • Solo 401(K)
  • Simplified Employee Pension (SEP) IRAs

Additionally, if you haven’t filed your return and think you need additional time, you can receive an extension to October 16th, but the request must be submitted by April 18th. 

Please note that an extension of time to file does not extend your time to pay. Any tax or estimated tax amount due must be paid by April 18th, or it will be subject to penalty and interest. 

This year is also the deadline to file amended returns for 2019 returns that were filed in 2020. 

State income tax 

Most states follow the IRS guidance and have an April 18th, 2023, deadline for state income tax. However, there are a few outliers. Please review your state guidelines for specific filing details and dates.

Things to keep in mind 

If you received any type of business grant last year, the money is typically considered taxable income. You should plan accordingly for any tax liabilities.

There's good news if you took out any business loans during this period. Business loans are not taxable. They are considered liabilities and are not counted toward your taxable income.

*While the deadline seems set for 2023, some circumstances can still affect potential extensions. For example, the IRS issued a one-month extension to victims affected by a severe storm that hit California. Extensions like this usually come with some caveats. To qualify for the California extension, taxpayers must reside or have a business in a county designated by FEMA. If you think you might be eligible, check the list of available tax relief for those in disaster situations on the IRS website.

Bottom line

We want you and your business to thrive, and that includes staying up to date with tax codes and deadlines to ensure your business remains compliant and penalty-free.

Need help managing your tax deadlines, notices & more? We’ve got you covered. Try us for free.

Rick Bromund
By Rick Bromund
Rick Bromund heads the tax research team at ComplYant, a technology platform offering business owners and entrepreneurs a simple way to manage tax rules and requirements. Rick is an experienced professional in the tax industry and has previously held positions at Fortune 500 companies as well as one of the big 4 accounting firms

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