It's very important to know when taxes are due in 2023. And, for many people, there are more tax deadlines to worry about than just the due date for your income tax return. If you miss a tax deadline, the IRS can hit you hard with penalties and interest. For instance, the standard penalty for failing to file your annual tax return on time is 5% of the amount due for each month your return is late. If you pay your taxes late, the monthly penalty is 0.5% of the unpaid amount, up to 25% of what you owe, plus interest on the unpaid taxes. Similar penalties apply for missing other deadlines. And there could also be other negative consequences for being late, like losing out on a valuable tax break. That's why it's so important to be familiar with the various tax deadlines throughout the year.
But it's not easy keeping track of every IRS due date. So, for those of you who need a little help remembering when to file a return, submit a report or pay a tax, we pulled together a list of the most important 2023 federal income tax due dates for individuals. There's at least one deadline in every month of the year, so play close attention if you don't want to get in trouble with the IRS.
January 2023 Tax Deadlines
We start off the year with several important due dates in January. First, the CARES Act of 2020 allowed self-employed people to defer payment of certain 2020 Social Security taxes for two years. Half of the deferred tax was due Jan. 3, 2022, while the remainder is due Jan. 3, 2023. Second, employees who received at least $20 in tips during December 2022 must report those tips to their employer by Jan. 10. (This is a monthly requirement for workers who collect tips.)
Three other January deadlines involve estimated tax payments. Jan. 17 is the last day for most people to pay estimated taxes for the 4th quarter of 2022. However, you don't have to make a payment by that date if you file your 2022 tax return by Jan. 31 and pay the entire balance due with your return. Farmers and fishermen can make a single payment of 2022 estimated taxes (instead of making quarterly payments) โ that payment is due Jan. 17.
February 2023 Tax Deadlines
The monthly tip reporting deadline is Feb. 10. This time it's for tips received in January.
In addition, if you were exempt from income tax withholding in 2022 and want to reclaim the exemption for 2023, you need to fill out a new W-4 form and give it to your employer. (Note that you must qualify to claim an exemption.)
March 2023 Tax Deadlines
March is pretty slow for individual taxpayers โ but it's a calm before the storm. To avoid a penalty, farmers and fishermen who didn't pay all their 2022 estimated taxes by Jan. 17 must file their 2022 tax return by March 1.
Employees must report February tips to their employer by March 10.
April 2023 Tax Deadlines
April is the most important month on the tax calendar. For most people, April 18 is the last day file a 2022 tax return โ unless you file an application for an automatic six-month extension with the IRS, which is also due on April 18. If you employ a nanny, maid, gardener or other household worker, you also have until April 18 to file Schedule H and pay their employment taxes.
There are some special deadlines in April for retirees and anyone saving for retirement, too. If you turned 72 in 2022, you must take your first required minimum distribution (RMD) from your traditional IRAs and 401(k) plans by April 1. April 18 is also the last day that you can contribute to an IRA or health savings account (HSA) for 2022. In addition, except for those who request an extension to file their 2022 tax return, April 18 is the due date for (1) self-employed people to contribute to a solo 401(k) or a simplified employee pension (SEP) plan for 2022, or (2) withdrawing excess IRA contributions made in 2022.
Finally, workers must report March tips to their employer by April 10, estimated taxes for the 1st quarter of 2023 are due April 18, and April 18 is the last day to claim a tax refund for the 2019 tax year.
May 2023 Tax Deadlines
After a busy April, things slow down considerable in May for most people. There's just the typical deadline for employees to report tips received in April to their boss. That's due by May 10.
June 2023 Tax Deadlines
Military personnel and other taxpayers who are serving or living outside the U.S. have until June 15 to file their 2022 tax return. If they want an additional four-month filing extension, they must submit an application by June 15.
Estimated tax payments for the 2nd quarter of 2023 are also due June 15, while the tip reporting deadline for workers who received tips in May is June 12.
July 2023 Tax Deadlines
For July, employees need to report any tips receive in June to their employer by July 10. Other than that, you can enjoy your time at the pool or beach without having to worry about tax deadlines!
August 2023 Tax Deadlines
The summer slowdown for tax deadlines continues in August. The only due date for individuals is the monthly tip report. Workers who received tips in July must report them to their employer by Aug. 10.
September 2023 Tax Deadlines
There are only two notable tax due dates in September. First, employees must report August tips to their employer by Sept. 11. And second, estimated tax payments for the 3rd quarter of 2023 are due by Sept. 15.
October 2023 Tax Deadlines
If you were granted an extension to file your 2022 tax return, now's the time to send that return to the IRS. The due date for extended returns is Oct. 16. For those who received an extension, Oct. 16 is also the last date for (1) self-employed people to contribute to a solo 401(k) or a simplified employee pension (SEP) plan for 2022, or (2) withdrawing excess IRA contributions made in 2022.
For workers who received tips in September, the deadline to report those tips to your employer is Oct. 10.
November 2023 Tax Deadlines
November is another slow month on the tax calendar. The only recurring deadline is for employees reporting tips earned in October to their boss. That report is due Nov. 13.
December 2023 Tax Deadlines
December is the time to make any last-minute moves to lower your tax bill for the year. But there are also some other important due dates that you need to be aware of to stay out of hot water with the IRS. There's the monthly tip reporting deadline, which is Dec. 11 for reporting November tips to your employer. Plus, 2023 contributions to employer-sponsored retirement plans (e.g., 401(k), 403(b), 457 or federal thrift savings plans) must be in by Dec. 31. That's also the deadline for taking an RMD for 2023 if you're 74 or older at the end of the year. (If you turn 73 in 2023, you have until April 1, 2024, to take your first RMD.)
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