Mark Your Calendars: Important Financial Dates in 2023

By Published On: October 27, 2022Categories: Services - Tax

Sure, we are just starting the fourth quarter of 2022, but it always seems like October is a hop, skip and a holiday away from turning into a new year. In order to help you get a jump on 2023 planning, we have put together a list of some key dates to be aware of for the upcoming year.

First Quarter

  • January 1st
    • Today is the day that the updated SSI benefits go into effect. Read our article here on the full details of the 8.7 percent increase.
  • January 17th
    • Fourth Quarter 2022 estimated tax payment due. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is the due date for your final quarterly payment for the 2022 tax year.
  • January 31st
    • Deadline for employers to mail W-2 Forms. In order for your taxes to be completed by the April deadline, the IRS requires employers to postmark W-2 forms by January 31st.
    • This is also the date that some 1099 forms will be sent.
  • March 15th
    • This is the tax due date for certain types of businesses, including partnerships, multi-member LLCs, and S-Corporations. There are different requirements depending on your business’s fiscal year. Make sure to consult with your SDK CPA to make sure you are meeting the correct deadlines for your specific business.

Second Quarter

  • April 3rd
    • If you turned 72 in 2022, you have until April 3, 2023 to take your 2022 required minimum distribution (RMD).
  • April 18th
    • This is the “Big Day” in the tax world. There are multiple filing deadlines taking place today, including individual returns and C-Corporation returns. You have until midnight to apply for an extension, e-file or postmark your return.
    • First Quarter 2023 estimated tax payment due. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is the due date for your first quarterly payment for the 2023 tax year.
    • In addition, April 18th is the last day to make a 2022 IRA contribution.
  • June 15th
    • Second Quarter 2023 estimated tax payment due. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is the due date for your second quarterly payment for the 2023 tax year.

Third Quarter

  • September 15th
    • If you filed for an extension for a Partnership or S-Corporation return, today is the deadline for that extension.
    • Third Quarter 2023 estimated tax payment due. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is the due date for your third quarterly payment for the 2023 tax year.

Fourth Quarter

  • October 16th
    • If you filed for an extension on your individual return or your C-Corporation return,  today is the day your filing is due.
  • December 31st
    • Required minimum distributions (RMD) must be taken for individuals age 73 or older by the end of 2023. Even if you just took your first RMD after turning 72 in 2022, you are required to take your 2023 RMD by the end of the year.

For a full list and details of each date and deadline, click here to view the draft of the IRS schedule for 2023.

SDK Has You Covered

If all of these dates have your head spinning, there is no need to worry. The team at SDK is highly trained and ready to take on even the most challenging returns. Call today to schedule a time to meet with one of our CPAs and make a plan for your 2023 taxes. 612-332-5500 or email us at info@sdkcpa.com.