Every 2023 Tax Deadline You Need to Know

While the IRS begins taking returns in late January, there are numerous other crucial dates to keep in mind all year long.

Tax Day is April 18.

Taxpayers must submit their federal income tax forms by April 18 of 2023, unless they request an extension. But there are lots of other crucial dates to keep in mind for people who own their own enterprises, are self-employed, or must take other specific tax issues into account. After learning more about them, make a note of them on your calendar.

January 17: Estimated fourth quarter taxes are due for the self-employed.

By January 17, 2023, you must submit estimated quarterly tax payments if you are self-employed or did not pay your taxes through W-4 tax withholding. This often applies to people who will have a tax bill of more than $1,000 after filing their returns.

Late January: Tax season begins.

The Internal Revenue Service started receiving and processing tax year 2021 returns on January 24, 2022. Although the IRS hasn't provided a specific date for when it will start taking tax year 2022 filings, planning beforehand can be beneficial. According to Robert Gorman, a certified financial planner and founding partner of Apollon Wealth Management in Mount Pleasant, South Carolina, the sooner you file your taxes and begin the process of getting your return, the more time that money has invested.

Feb. 15: Reclaim exemption from withholding.

In order to prolong your exemption into 2023, you must file a new Form W-4 by February 15 if you claimed your exemption from federal income tax withholding in 2022 using Form W-4.

April 3: Turned 72 in 2022? Make your first required minimum distribution.

Your first required minimum distribution from a traditional IRA or 401(k) must be made by April 3, 2023, if you turned 72 in 2022. Keep in mind that Roth IRAs are not covered by this. The deadline is now Monday, April 3, rather than the customary April 1 because that day falls on a Saturday in 2023. To prevent fines, it's crucial to take RMDs.

As the IRS's chief financial officer and senior financial advisor at Perspective Wealth Partners in Boise, Idaho, Travis Schaat says, "It's crucial to remain on top of things because those penalties are likely some of the harshest that the IRS can apply."

April 18: Tax Day is here.

Even though it usually falls on April 15, in 2023 there will be an extra day due of Emancipation Day in Washington, D.C. On April 18, taxpayers must submit their federal returns by day's end.

April 18: File Form 4868 to request an extension.

If you won't file your taxes by the deadline of April 18, you must submit Form 4868 to request an extension. You must notify the IRS if you won't be filing by the deadline even if you don't owe any money. The following deadline for filing your federal tax return is October 16, 2023.

However, you must continue to pay your quarterly taxes. "The deadline for paying anticipated taxes cannot be extended. You still need to have a solid concept of where you might stand and make sure the taxes are paid, even if you prolong your actual tax return "says Schaat. If not, you risk incurring potentially hefty underpayment penalties.

April 18: First quarter estimated tax payment is due.

You must submit quarterly anticipated tax payments if you own a small business or are self-employed and earned more than $400 during the tax year. According to Schatt, the IRS looks at your projected liability within specific periods of time, and you risk penalties if you don't make payments during such windows.

April 18: Last day to contribute to an IRA or HSA for 2022.

You have until April 18 to make additional contributions (up to the annual contribution limit) if you haven't already done so to your IRA or health savings account for 2022. This cap for IRAs is $6,000, or $7,000 if you're over 50. The combined contribution cap for HSA plans is $3,650 for individuals with single health insurance and $7,300 for those with family insurance.

June 15: Second quarter estimated taxes are due.

Estimated quarterly taxes are due on June 15 for anyone whose federal income taxes are not withheld, such as small business owners and self-employed individuals. To determine how much you owe, consider your 2022 taxes as a starting point, or your yearly gross income plus any deductions or credits you could have claimed.

Sept. 15: Third quarter estimated taxes are due.

Self-employed people and small business owners should mark September 15 on their calendars since that is when the third quarter's estimated taxes are due. This may be your first payment if you decided to get into business for yourself during the year. However, those who don't anticipate making more than $1,000 in the calendar year 2023 might not be required to pay quarterly taxes.

Oct. 16: File extended 2022 tax return.

The due date for your 2022 federal income tax return, if you requested an extension using Form 4868, is October 16. You must submit Form 1040 or Form 1040-SR and pay the taxes you owe, along with any applicable interest and penalties.

Dec. 31: Take any required minimum distributions.

Any more RMDs must be taken by the end of the calendar year after your initial one. According to Schaat, if you postpone taking the 2022 RMD until 2023, you'll have to take the 2023 RMD by December 31, 2023. Only the first year that an individual is required to make necessary minimum payments is eligible for the delay option.

Mark your calendar with these important 2023 tax deadlines.

• Jan. 17: Fourth quarter estimated tax payments are due for self-employed workers and business owners.
• Late January: Tax season begins and filing opens.
• Feb. 15: Reclaim exemption from withholding.
• April 3: Take your first RMD if you turned 72 in 2022.
• April 18: Tax Day is here.
• April 18: File Form 4868 to request an extension.
• April 18: First quarter 2023 estimated tax payments are due.
• April 18: Last day to contribute to an IRA or HSA for 2022.
• June 15: Second quarter 2023 estimated tax payments are due.
• Sept. 15: Third quarter 2023 estimated tax payments are due.
• Oct. 16: File extended 2022 tax return.
• Dec. 31: Take any RMDs.