The Complete List of Tax Filing Dates for Individuals and Small Businesses

One of the biggest things that small business owners stress about is taxes.

Tax Filing Dates for Individuals and Small Businesses ©️ CreateHER Stock

Some are wondering how to find more deductions while others are hoping they don’t get audited by the IRS. The federal income tax return and Form 1040 is the one most taxpayers think about first. In addition to filing your individuals tax return, business owners must to file and pay other estimated tax payments throughout the year.

A simple way to save time and money is to know when your individual and business taxes are due throughout the year. The IRS issues a tax calendar, a 12-month calendar year divided into quarters, so taxpayers know filing and payment deadlines.

Here’s a list of important dates you need to know when filing and paying taxes plus dates for individuals, sole proprietors, partnerships, s-corporations, and small business owners with employees.

If you need help with your taxes, here's our Tax Suite for individuals and businesses.

Tax filing dates for individuals:

• January 23: IRS begins 2023 tax season and starts accepting and processing individual 2022 tax returns.

• April 18: Last day to (1) file a 2022 tax return or request an extension to file (2) pay tax owed due to the Emancipation Day holiday in Washington, D.C.

• October 16: Due date to file on extension of 2022 tax returns.

Tax filing dates for sole proprietors:

The following dates apply to single-member LLCs and unincorporated businesses that operate as sole proprietors. Here’s the tax forms and filing deadlines to keep in mind throughout the calendar year.

January 18th: The last installment of estimated tax payments for the prior year is due on this day. If you made money last year but didn’t make any payments throughout the year, you can make an estimated payment by this date without a penalty.

January 31st: The IRS is giving you one last time to pay estimated taxes and avoid penalties - if you can file your tax return by January 31st. You can choose to file your return by the tax filing deadline and pay your taxes at that time. Expect to pay late payment penalties on top of the tax due if you file taxes after this date.

January 31st and February 15th: Businesses have until January 31st to issue Form 1099s. These tax forms provide information about payments made to third parties throughout the tax year.

For example, independent contractors, freelancers, and self-employed individuals will receive Form 1099s from companies they worked for. Taxpayers will also receive Form 1099s for contests, prizes, or gambling winnings, royalties, interest, dividends, retirement plan distributions, and debt that was settled.

April 18th: Most people think of April 15th as the official tax filing deadline, but that date varies depending on holidays and weekends.

The tax filing deadline is also the day that your prior year tax liability must be paid in full. Even if you file Form 4868 for an automatic extension to file your return for 6 months, you must still pay any tax due by April 18th to avoid a penalty for filing late.

Individuals must make the first installment of estimated tax payments by April 18th.

Taxpayers who need additional time to file their tax returns can request an extension with the IRS. You must file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, by the tax filing deadline. Note that filing Form 4868 gives you an extension to file your return, not an extension to pay. If you think you have a tax liability when filing for an extension, you must also pay the estimated tax due to avoid a late filing penalty.

If you need help with your taxes, here's our Tax Suite for individuals and businesses.

Tax filing dates for partnerships:

By default, the tax classification for multi-member LLCs is a partnership. This means the partners must file Form 1065 for the legal entity in addition to Form 1040 for partners for their individual tax returns.

Like individuals, partnerships must make estimated tax payments, issue 1099s, plus consider a few other tax deadlines below.

March 15th: Partnership income tax returns are due. The partnership must have a calendar year return on Form 1065, U.S. Return of Partnership Income. Each partner will get a Schedule K-1 detailing their share of the partnership’s profits, losses, and distributions.

September 15th: It’s common for partnerships to request extensions to file as they wait to get documents needed to fully report all business transactions.

Businesses can request a filing extension using IRS Form 7004. Image from IRS.gov. In this case, the partnership can file Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns with the IRS for a 6-month extension. Partnership tax extensions impact partners as they’ll have to wait to receive their Schedule K-1s and may have to file an extension to file their individual tax returns.

Tax filing dates for S-corporations:

S-corporations are domestic legal entities that elect to pass income, losses, deductions, and credits to shareholders. LLC members often elect S-corporation status to save on self-employment taxes, avoid double taxation, and still have the personal liability protection of an LLC.

The IRS must first accept your S-corp election before you can operate as such. You must submit Form 2553 to the IRS and it must be a business decision that all shareholders agree on.

March 15th: S-corporations must file income tax returns by March 15th and pay any tax due. Once filed the entity must provide each shareholder with a copy of their Schedule K-1, Shareholder's Share of Income, Deductions, Credits, etc. so they can file their individual income tax returns.

Business owners have until March 15th to elect S-corporation status for the current year. If your Form 2553 is filed after this date, your S-corp status will be effective for the next calendar year (if accepted by the IRS).

March 31st: Tax deadline to report all non-employee compensation to third parties that you paid more than $600 to in the current tax year.

September 15th: Extended deadline for S-corporation income tax returns.

S-corporations can request a 6-month extension to file the income tax return. file Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns with the IRS for a 6-month extension. Partnership tax extensions impact partners as they’ll have to wait to receive their Schedule K-1s and may have to file an extension to file their individual tax returns.

Tax filing dates for employers

Wage Reporting Requirements for Employers

If your small business has employees, you’ll have to pay taxes to both the IRS and state tax agencies. This includes payroll taxes withheld from employees' paychecks, your employer share of Medicare and Social Security (or FICA) taxes, and Federal Unemployment (FUTA) tax.

If you need help with your taxes, here's our Tax Suite for individuals and businesses.

January 31: You must process and send your employees their W-2s by January 31st - either via mail or electronically. Employers must also report the value of health insurance coverage in box 12 on the W-2.

January 31: As an employer, you'll have to file Form W-3, Transmittal of Wage and Tax Statements, which summarizes all of the W-2s you've issued for the year. January 31st is a busy day for taxes! Other forms and reports due by January 31st include:

• Form 945 to report taxes withheld on-payroll taxes

• Non-employee compensation on Form 1099-NEC

• Form W-2G for lottery & gambling winners

• Form 941 to report fourth quarter of prior year for Social Security, Medicare, and income tax withheld

• Form 940 to report annual federal unemployment tax

The first step in complying with federal, state, and local tax laws is to know what’s due and when. There are multiple taxpayer resources and forms on IRS.gov plus you can login to view your tax activity. If keeping up with all of the tax deadlines is overwhelming for you as a business owner, consult with an accountant or tax professional to help you navigate your tax situation to avoid extra fines and penalties.

FAQs about tax filing dates

Here are answers to several frequently asked questions about federal tax deadlines.

Will the tax deadline be extended again?

As of the date of this post, the IRS has not announced plans to extend the tax deadline beyond April 18th this year.

What taxes do I pay if I am self-employed?

If you’re self-employed, you’ll have to make estimated tax payments each quarter based on your income. The self-employment tax is 15.3% which is a combination of Social Security and Medicare.

Do you get a tax refund if your business loses money?

It depends. You may be able to get a refund for your business loss but there’s other factors like your business structure and other tax situations. Consult with an accountant or tax professional to determine the tax impact of a business loss.

What can I write off as a business owner?

As a business owner you can write off eligible expenses you incurred to run your business. Keep your documentation and receipts that support the expenses for your tax professional or in case of an IRS audit.

What is the deadline for an LLC to file taxes?

The IRS doesn’t recognize an LLC as a taxable entity so the tax filing deadline for an LLC depends on the business structure. The default tax classification for a single-member LLC is to be taxed as a sole proprietor so the filing deadline is April 18th. Multi-member LLCs are taxed as partnerships by IRS default and the deadline is March 15th. Either way you can request a 6-month extension to file if you need more time.

What is the deadline for self employed taxes?

Self-employed individuals must make estimated quarterly tax payments. This year they are due on: April 18th, June 15th, September 15th, and January 16, 2023.

If you need help with your taxes, here's our Tax Suite for individuals and businesses.

Note: While this post offers valuable insights, this information should not be considered a substitute for professional tax advice. Tax laws and regulations can be complex and vary by jurisdiction. Consider a consultation with Winston CPA Group for personalized tax guidance tailored to your specific situation.