Not So Dreaded Deadlines
Updated: Nov 28, 2022
We all mostly know the super common deadline in the tax world - April 15th. But did you know that April 15th isn't even the deadline anymore? If you hear people talking about sending in tax estimates, do you know when those deadlines are? What about payroll tax and filing deadlines? We're here to help with a list of the most common payment and filing deadlines with the IRS. Remember to check with your local and state tax agencies for their deadlines as they may be slightly different.
So we don't get too confused on the different deadlines, let's break them down into two categories - personal deadlines and business deadlines. While there are a few deadlines that overlap, there are more differences than you'd think.
Personal Tax Deadlines
Here are the deadlines for your personal taxes and tax forms (filings).
January 15th - For taxpayers who make estimated tax payments, this is the date your fourth quarter (09/01 to 12/31 of the preceding year) estimate is due. Remember to allow time for mailing as a postmark of the 15th doesn't always mean you met the deadline.
January 31st - You should receive the bulk of your tax forms by January 31st of each calendar year. These forms includes Form W-2, Form 1099 series, and Form 1095 series (A or B). Depending on your personal return, you may also receive notices from retirement plans, Social Security Administration, or educational institutions by this date.
March 15th - This is the date brokerage statements are to be mailed. If you have investment income or loss, you will receive a Consolidated Form 1099 from your broker or brokerage provider. This statement is typically several pages long, and it is very important to have when you're ready to file your personal taxes.
April 16th - This is the big date for most taxpayers. This is when your personal tax filings are due. Form 1040 and all of its sub-schedules and forms must be received by the IRS on this date. With the ever increasing speed of efiling, you can file your taxes as late as 9pm local time.
This is also the date that any taxes you owe are due. Even if you file an extension so you have more time to file the Form 1040, you still have to pay in any known taxes owed by the 16th.
Wait! That's all great. But don't you mean April 15th? Not anymore. Because of a law passed by Congress that created a public holiday for all employees in the District of Columbia (Emancipation Day), America's most known tax deadline was inadvertently moved. Of course, if the deadline falls on the weekend, you get till the next business day to have your personal taxes filed and paid.
One last April 16th deadline (we promise!). For taxpayers who make estimated tax payments, this is the date your first quarter (01/01 to 03/31) estimate is due. Remember to allow time for mailing as a postmark doesn't always mean you met the deadline.
June 15th - For taxpayers who make estimated tax payments, this is the date your second quarter (04/01 to 05/31) estimate is due to the Internal Revenue Service. Remember to allow time for mailing as a postmark of the 15th doesn't always mean you met the deadline.
September 15th - For taxpayers who make estimated tax payments, this is the date your third quarter (06/01 to 08/31) estimate is due to the Internal Revenue Service. Remember to allow time for mailing as a postmark of the 15th doesn't always mean you met the deadline.
October 15th - If you filed an extension with the IRS so you could have more time to complete your Form 1040, this is the absolute last day you have to send it in. You'll want to pay in an additional taxes you owe or complete the direct deposit form if you get a refund. While "April 15th" is the day we all remember, October 15th really is the final day.
Business Tax Deadlines
Here are the deadlines for your business taxes and tax forms (filings). We are focusing on calendar year deadlines; please know that businesses with fiscal years may have slightly different dates.
BUSINESS INCOME TAXES
January 31st - This is the first big deadline of any new calendar year. Your business must have all Forms W-2 and Forms 1099 series delivered to their recipients by this date. For businesses that have to file Form 1095-B, this is also due to recipients on this date.
March 31st - For businesses with a tax structure that includes shares or stock - partnerships (Form 1065), multi-member LLCs (Form 1065), S-corporations (Form 1120-S) - you must have your return completed by this date so you can deliver the shareholder statements to the individuals for their personal tax preparation process. You can request an extension on this deadline to September 15th, if needed.
April 16th - For businesses that are C-corporations (Form 1120) or sole proprietorships (Form 1040 Sch. C), your filings and any taxes owed are due today. You can request an extension on this deadline to October 15th, if needed; just remember any tax owed is still due today.
BUSINESS PAYROLL TAXES
Most businesses with employees will have to remit payroll taxes and file forms. Here are the common dates for most businesses.
Known as the Employer's Quarterly Federal Return, this form is due on the last day of the month following the end of a calendar quarter.
January 1st to March 31st - Due April 30th
April 1st to June 30th - Due July 31st
July 1st to September 30th - Due October 31st
October 1st to December 31st - Due January 31st
While the form has a quarterly requirement, most business will have to remit the taxes withheld from paychecks each month. Example: Acme Accounting pays its employees on the 15th and last day of each month. Any taxes withheld from those paychecks and the amounts they contribute as an employer are due by the 15th of the next month. Acme Accounting's January payroll will have to send in those payroll tax by February 15th.
There are instances where any employer may have to remit taxes the same week as payroll or early the next week. The IRS or your trusted payroll pro will help you meet those more stringent deadlines, if they apply.
Federal Unemployment Taxes (FUTA)
The unemployment tax you pay to the federal government is due on a more unique schedule.
If your FUTA tax liability is more than $500 in any one quarter: You have to make a payment. The quarterly deadline is the last day of the month following that quarter (much like the Form 941 filing deadline above).
If your FUTA tax liability is $500 or less in a quarter: Carry it forward to the next quarter or until your cumulative FUTA tax liability is more than $500.
If your total FUTA tax liability for the year is $500 or less: You can either deposit the amount or pay the tax with your Form 940 by January 31st.
You will file Form 940 by January 31st for the preceding year. Example: January 1, 2022, through December 31, 2022, is filed on Form 940 by January 31, 2023.
Do remember to check with your state's taxation agency or department of revenue for state specific filing deadlines on employee tax withholding, state unemployment, and yearly employer filings.
While it would be wonderful if all taxes and filings could be automatically filed for us, that is not as common yet. We recommend setting some reminders in your calendar or a task in a to-do list app to give your some extra nudges on when different taxes or forms are due. Of course, your trusted tax pro or accountant will always be there for you to make sure you meet every filing deadline and get those tax payments in on time.
With a bit of planning at the beginning of each year, you can set yourself up for tax deadline success!
Legal Disclaimer: This post contains general information for taxpayers and should not be relied upon as the only source of authority. Taxpayers should seek professional tax advice for more information. This information was current at time of posting; we are not responsible for updating this or any blog post/article for subsequent changes in the law or its interpretation.