If you are a taxpayer in the United States, it is crucial to keep up with the various deadlines set forth by the Internal Revenue Service (IRS). Missing a deadline can result in penalties and added stress. For those who need to make financial moves by Friday, September 15, 2023, here are the key IRS deadlines you need to be aware of:
Q3-2023 Estimated Quarterly Tax Payments
One of the most significant dates for individual taxpayers who pay estimated taxes is the third quarterly payment deadline for 2023. This applies to freelancers, independent contractors, and those who have other income that do not have taxes withheld. If you are in this category, you are required to make a payment by September 15.
Action Steps:
- Calculate your estimated tax liability for the third quarter.
- Use IRS Form 1040-ES to make the payment.
- You can also make the payment online through the IRS website or through Electronic Federal Tax Payment System (EFTPS).
Partnership and Multi-Member LLC Business Tax Extension Deadline
If your business is a partnership or a multi-member LLC that files a calendar year Form 1065, and you have filed for a tax extension this year, September 15 is your extended filing deadline. Failing to file by this date can lead to late filing penalties, so it is essential to gather all necessary financial information and complete your tax return promptly.
Action Steps:
- Compile all the required financial statements and documents.
- If necessary, consult with a tax advisor for complicated tax issues.
- Complete and file Form 1065 by the September 15 deadline.
S Corporation Business Tax Extension Deadline
Businesses that are structured as S corporations and file a calendar-year Form 1120-S have their extended tax return deadline on September 15 as well, provided they filed for an extension. This deadline doesn’t pertain to the S corporation owner’s personal tax return, only the business return.
Action Steps:
- Assemble all financial records, including income, deductions, and credits for the S corporation.
- Complete Form 1120-S.
- File the form by September 15 to avoid any late-filing penalties.
September 15, 2023, is a date that should be circled on your calendar if you fall under any of the categories mentioned above. Preparation is the key to avoiding penalties and added stress during the tax season. If you are uncertain about any tax issues, contact our office and speak with one of our tax professionals.
Submitted by: Jennifer Queen
Source: Business-Tax-Deadlines