As the end of the year marches ever closer, life can get overwhelming. It is easy to forget our tax obligations as year-end work deadlines, holiday shopping, celebrations and other responsibilities pile on. Missing a tax deadline can result in a hard penalty from the IRS. To help remind you some of the important deadlines, we are providing you with a summary of the various tax-related due dates and deadlines for the remainder of this year (2022).

December 15, 2022

Deadline for corporations with FYE 12/31 that need to file the fourth installment of estimated income tax for 2022.  For FYE other than 12/31, the four estimated payments are due by the 15th day of the fourth, sixth, ninth, and 12th month of the tax year.

December 31, 2022

Last day to make any last-minute tax moves for the year.  However, as a general rule, you have until Tax Day to make IRA contributions for the prior year. Therefore, you can make contributions toward your 2022 tax year limit until April 18, 2023.  This is also the deadline for taking a Required Minimum Distribution (RMD) from your retirement account(s), if you are 73 or older as of year-end.

For those that are marking their 2023 calendar and would like to pencil in some of the important tax-related dates, below you will find some key tax deadlines for the year ahead:

January 3, 2023

First day to file a federal tax return. The IRS will begin accepting and processing 2022 federal tax returns.

January 17, 2023

Deadline for the fourth installment of estimated income tax for 2022 for individuals, including sole proprietors, partners, and S corporation shareholders, who need to make estimated tax payments.  Generally, taxpayers need to make estimated tax payments if they expect to owe $1,000 or more when they file their 2022 tax return, after adjusting for any withholding.  Taxpayers who may need to make estimated tax payments include someone who receives income that isn’t from an employer, such as interest, dividends, alimony, capital gains, prizes, and awards.

February 15, 2023

If you claimed an exemption from your employer withholding taxes from your paycheck last year by filing a Form W-4, you’ll need to re-file the form by this date to reclaim the exemption for 2023.

April 3, 2023

Deadline for the first RMD from your retirement account(s) for 2022, for individuals who turned 72 in 2022.

April 18, 2023

Tax Day (unless extended due to local state holiday). The tax deadline typically falls on April 15 each year but can be delayed if it falls on a weekend or holiday.

April 18, 2023

First quarter 2023 estimated tax payment due; last date to contribute to your IRA for 2022.

June 15, 2023

Second quarter 2023 estimated tax payment due.

September 15, 2023

Third quarter 2023 estimated tax payment due.

September 17, 2023

U.S. citizens or resident aliens living abroad must file tax returns and pay any taxes due by this date (or file for a four-month extension).

October 1, 2023

For self-employed individuals or small business owners, October 1st is your last chance to set up a SIMPLE IRA for the year 2022.

October 16, 2023

If you filed an extension request on your 2022 tax return, this is the due date for filing your tax return.  This is the last day for most people to file a Form 1040 and Form 1120 to avoid the late filing penalties.

Note: If you have missed a deadline, haven’t submitted a tax return, or made any payment that is due on time, you will either face the Failure-to-File Penalty or Failure-to-Pay Penalty. The IRS may be able to remove or reduce some penalties if you acted in good faith and can show reasonable cause for why you weren’t able to meet your tax obligations. By law the IRS cannot remove or reduce interest unless the penalty is removed or reduced.  Please consult your tax advisor to review your specific situation.

 

Thomas Nuzzi
Equity Trader

Disclosures:

This is provided for informational purposes only and should not be interpreted in any way as investment, tax, accounting, legal or regulatory advice. An investor must take into consideration his/her individual circumstances. 

There is no guarantee investment strategies will be successful. Investing involves risks including possible loss of principal. There is always the risk that an investor may lose money. A long-term investment approach cannot guarantee a profit.  All expressions of opinion are subject to change. This article is distributed for educational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services. Investors should talk to their wealth advisor prior to making any investment decision.

 

Sources:

Brady Ware. (2022, March 7). 2022 Tax Deadlines Calendar. Brady Ware CPAs. https://bradyware.com/resources/tax-calendar/

Mengle, R. (2022, October 4). 2022 Tax Calendar: Important Tax Due Dates and Deadlines. Kiplinger.com. https://www.kiplinger.com/taxes/tax-deadline/603992/2022-tax-calendar-tax-due-dates-and-deadlines

Tax season calendar. (n.d.). Edward Jones. Retrieved October 26, 2022, from https://www.edwardjones.com/us-en/market-news-insights/taxes-and-investing/tax-calendar

Failure to Pay Penalty | Internal Revenue Service. (n.d.). Retrieved October 26, 2022, from https://www.irs.gov/payments/failure-to-pay-penalty

Adams, R. C. (2022, October 18). Every Tax Deadline You Need To Know. Copyright 1997–2022 Intuit, Inc. All Rights Reserved. https://turbotax.intuit.com/tax-tips/tax-planning-and-checklists/important-tax-deadlines-dates/L7Rn92V1d

2023 Tax Season Dates and Deadlines – When Can I File My 2022 Tax Return? (2022, September 25). $Aving to Invest. https://savingtoinvest.com/when-can-i-file-my-taxes-and-other-key-tax-filing-extension-and-refund-dates/