When is the Tax Deadline for 2023?
To ensure you know how to file taxes and meet the tax deadlines in 2023, we’ve created this helpful guide.
The tax deadline 2023 date is April 15, 2024.
Extensions are available until October 15, 2024.
The US business tax deadline for 2023 is the same as the citizen’s tax deadline.
You can file your taxes for free online using the IRS Free File.
The 2023 interest penalty on unfiled taxes is 7%.
When is tax day for 2023 submissions?
Every year, the US tax deadline is the same: April 15. If this date falls on a weekend or public holiday, it transfers to the next business day. This happened in 2023, when April 15 was a Saturday, pushing the 2022 filing deadline to Tuesday, April 18. However, the April 15 tax deadline for 2023 submissions falls on a Monday in 2024, so there’s no need for a date change.
Like most countries around the world, the US tax year starts on January 1 and ends on December 31. It is the same as the regular calendar year, making it easy to remember.
A tax filing deadline aims to incentivize citizens to file their taxes well in advance of the date. If you anticipate that you’ll need an extension, you may file for one that extends to October 15, 2024.
Taxes are a fact of life. But they don’t have to be a headache or a cause for stress. Understanding the annual tax deadline and its consequences if you miss it is essential for fulfilling your role as a responsible working citizen – and avoiding tax-related penalties.
When is the business tax deadline 2023?
The US business tax deadline 2023 is the same as the aforementioned regular tax deadline: Monday, April 15, 2024. However, there are other tax deadlines to be aware of, all of which depend on which forms are being filled out.
Business tax filing deadlines are also dependent on the model and scale of your business. Take a look at the following list of different business structures to understand which deadlines may apply to you:
Sole proprietors: These business owners are not considered separate from their businesses, and as a result, they need to file both personal and business taxes simultaneously. Their required documents, including Form 1040 and Form 1040-ES, must be submitted by the regular tax deadline.
Limited Liability Companies (LLCs): LLC owners are considered separate from their businesses, so they get taxed on a personal level. If you own a single-member LLC, you’ll need to fill out Form 1040 and submit your tax filings by the regular tax deadline. If you own a multi-member LLC, you’ll be required to fill out Form 1065 and Schedule K-1 on a quarterly basis.
Partnerships: Just like sole proprietors, business partners are not considered separate from their businesses. They need to fill out Schedule K-1 by March 15, 2024 (the quarterly deadline), as well as Form 1065 and Form 1040 by the regular tax deadline.
Corporations: Corporation owners are considered separate from their companies. Corporation owners are typically taxed on both personal and business levels. If you own an S corporation, you’ll need to fill out Form 1120-S by the regular tax deadline. If you own a C corporation, you’ll need a Form 1120 and a Form 1040 to file by the regular tax deadline.
The US tax year started on January 1, 2023, and it will continue until December 31, 2023, after which a new tax year will begin.
How do I file my taxes?
The easiest and most accessible way to file your taxes for free is to use the online IRS Free File. It is designed by the IRS itself and provides simple, step-by-step instructions for how to file taxes and how to meet your tax deadline in 2023. However, your adjusted gross income (AGI) needs to be higher than $73,000 in order to qualify for using Free File.
If you do not qualify for Free File, don’t worry. There are other options available to you. You can use Free File Fillable Forms (which is also created by the IRS) or FreeTaxUSA. You can also fill out your forms manually and post them to your nearest IRS office.
Whichever platform or method you use to meet your personal tax deadline in 2023, you will likely need to fill out the same list of forms, including IRS Form 1040 and Form 10-40 SR.
If you’re not sure which method will work best for you or you don’t have the time to invest in lengthy paperwork, you can always work with a financial advisor. A financial advisor can provide clear, simple guidance on how to meet your tax deadline every year and avoid penalties. Finding a financial advisor is easy with Unbiased. Our simple questionnaire will match you with the right advisor in just a few minutes. Get matched now.
What happens if you miss the tax deadline?
All owed taxes must be filed and paid by the deadline every year. If you owe money and you don’t meet the deadline, the IRS will hold onto your refund and charge interest. For the 2023 tax year, the interest rate is 7% (this is subject to change) for whatever amount is outstanding. Not filing on time may also trigger an IRS audit as it raises a red flag.
If you owe a significant sum, they will also levy a late-payment penalty of an additional 0.5% each month until you pay what is due. The maximum late-payment penalty the IRS can charge goes up to 25% – so you should always pay your taxes on time to avoid racking up debt.
If you miss your tax deadline, you can apply for an extension via the IRS with Form 4868. It will provide you with an automatic six-month extension (for the 2023 tax year, it is October 15, 2024).
Meeting the tax deadline of 2023
Tax filing can be an exhausting and time-consuming process, but it is essential for every individual and business to know how to file taxes and to do so on time. For the 2023 year, the US tax deadline is April 15, 2024. However, if you are a business owner of any kind, there are other deadlines you will need to be aware of.
By learning more about the tax filing deadline in 2023 and what happens if you miss the tax deadline, you can become a more responsible and organized citizen and avoid penalties.
Should you need any support or guidance going forward, speaking to a professional financial advisor from Unbiased can make your tax filing process faster, smoother, and much less stressful. Find a financial advisor today.
Senior Content Writer
Rachel is a Senior Content Writer at Unbiased. She has nearly a decade of experience writing and producing content across a range of different sectors.