While many people are aware of the dreaded “tax day,” there are other critical tax dates to be mindful of throughout the year. Simply knowing when estimated payments are due or when you need to file your taxes if you applied for an extension can save you tons of money by helping you avoid late fees and penalties.
This article goes over all the important tax dates you need to know and even provides you with a checklist of documents you’ll need when you’re ready to file your taxes.
When Are Taxes Due?
In 2023, the deadline for filing your federal tax return is April 18th. However, if you file a tax extension by April 18th, your tax return is not due until October 16th, 2023.
The catch is that if you do file for an extension, your tax bill is still due by April 18th. This means that any taxes that you owe for 2022 need to be paid by April 18th, regardless of if you file for an extension.
If you are military personnel serving in a combat zone, living outside the United States, or were impacted by a natural disaster, you may be eligible for an automatic extension. Check the IRS website to see if you qualify.
Other Important Tax Dates
While April 18th is the big kahuna of tax dates in 2023, there are several other key tax dates that you’ll want to keep track of.
January
- January 17th – 4th quarter 2022 estimated taxes are due
- January 23rd – The IRS begins accepting tax returns for 2022
- January 31st
- W-2 forms must be sent by your employer
- Most 1099 forms must be sent by this date
April
- April 3rd – If you turned 72 in 2022, you have until this date to take your required minimum distribution.
- April 18th
- Deadline to file your 2022 taxes
- Last day to request a tax extension
- Last chance to contribute funds to an IRA or HSA and have it count towards the 2022 tax year
- 1st quarter 2023 estimated tax payments are due
June
- June 15th
- 2nd quarter 2023 estimated taxes are due
- US taxpayers living abroad must file their 2022 taxes or request a four-month extension
- Military personnel on duty outside of the US must file their 2022 taxes or request an extension
September
- September 15th – 3rd quarter 2023 estimated tax payments are due
October
- October 16th – Deadline to file your 2022 taxes if you requested an extension
December
- December 31st – Required minimum distributions must be taken if you are 73 or older.
What Happens if I Miss a Tax Deadline?
If you owe money to the IRS, missing a tax deadline often means additional penalties and fees. That’s why it’s essential to keep track of the important deadlines listed above.
If you do end up missing a deadline, you should pay your overdue taxes as soon as possible. If your taxes remain unpaid, you can expect to receive one of these notices from the IRS.
When Are State Tax Returns Due?
Your state tax return is typically due on the same day as the federal tax due date. However, there are some exceptions.
Some states like Alaska, Florida, and Texas don’t have income tax. Therefore, you do not have to file state income taxes in those states.
Additionally, some states, like Virginia, have a due date other than the federal tax due date. It’s best to check your state’s tax website for the most up-to-date information.
What Do I Need to File My Taxes?
Before filing your taxes, it’s essential to gather all the necessary documents you need to accurately file your tax return. Collecting all of the necessary information is the best way to ensure your tax return is accurate and to get you the largest refund possible.
If you read our article on end-of-year tax planning, you are already way ahead of the game in being prepared to file your taxes. However, if you didn’t, don’t worry! Here is everything you might need to file your 2022 taxes.
Personal Documents
These are the documents that you’ll need to identify yourself and complete the basic information on your tax return. You should have all of the following documents for yourself, your spouse (if filing jointly), and any dependents.
- Valid Identification
- Social security number
- Birth dates
- Bank account and routing numbers
- Past two years’ tax returns
Income Documents
You should have the following income documents that apply to your working situation for yourself and your spouse.
Employment
- W-2 from any job that you worked during the past year
Self-Employment
- 1099-NEC or 1099-K
- Records of any income not reported on 1099
- Proof of any estimated tax payments
- Records of any business-related expenses
Disability, Retirement Benefits, or Unemployment Income
- 1099-R for pension/annuity/IRA income
- SSA-1099 for Social Security benefits
- 1099-G for unemployment benefits
Other Sources of Income
- Alimony
- Income from rental properties
- 1099-INT/1099-DIV for interest and dividends from banks
- Income from the sale of capital investments (stocks, bonds, real estate, etc.)
- Gambling winnings or losses
- Records for any other forms of income
Expense Documents
One of the best ways to increase your tax refund or reduce the taxes you owe is to keep track of expenses that may qualify as income deductions. Some of the most common expenses that can be deducted include:
- Retirement contributions
- State and local taxes
- Mortgage interest
- Education expenses
- Charitable donations
- Medical expenses
- Childcare expenses
If you are self-employed, you have even more opportunities for deductions. Read our article on common tax deductions for self-employed and side-gigs for an idea of what additional deductions you may be eligible for.
How Do I File My Taxes?
One of the best ways to file your taxes is by using an online tax software. FileSmart members have access to free tax preparation software as part of their membership. In addition, you can ask tax professionals up to 5 questions a month about how to save on your taxes!
Become a FileSmart member today to get access to our free tax prep software and so much more!
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