2023 Tax Deadlines Self-Employed Individuals Should Know

Surprises may be welcome when it comes to gifts or parties—but when it comes to taxes, most of us want to know what to expect well before the refund comes back.  For self-employed individuals, the tax-time surprise can sometimes feel like it comes with the territory since it can be tough to stay on top of everything without a traditional employer to help guide you. But one piece of the puzzle that should help the self-employed rest a little bit easier is knowing what to do and when to do it.  

From filing federal income taxes to paying estimated taxes and registering for self-employment taxes, staying on top of these deadlines will prevent last-minute panic. So get your pen and planners ready, and mark down these 2023 tax deadlines that every self-employed person needs to know.

Important 2023 Tax Dates for Self-Employed Individuals:

Staying on top of self-employed tax deadlines is crucial to avoid penalties or fines. Mark these key dates in your calendar:

• January 23, 2023: 2022 tax season kicks off

• January 31, 2023: Deadline to issue 2022 Form 1099-NEC to contractors

• April 18, 2023: Deadline to file your 2022 personal tax return (or an extension).

• April 18, 2023: Q1 2023 estimated tax payment is due

• April 18, 2023: Last day to make 2022 retirement contributions 

• June 15, 2023: Q2 2023 estimated tax payment is due

• September 15, 2023: Q3 2023 estimated tax payment is due

• October 16, 2023: Deadline to file your extended 2022 personal tax return

• January 16, 2024: Q4 2023 estimated tax payment is due

2022 Tax Season Kick-Off

January 23, 2023: The IRS typically starts processing submitted tax returns in the last week of January. For the 2022 tax season, January 23, 2023, is when the agency will begin accepting and processing 2022 tax year returns. 

If you’re expecting a refund, you still won’t get your refund until approximately three weeks after your return is processed. So if you’re filing early to get your refund, you should still factor in the processing time.

1099 Contractor Forms

January 31, 2023: 1099-NECs must be issued by this date. If you’re expecting to receive a 1099-NEC from a client or employer, this is the last date for payers to postmark these forms. That means if you haven’t received yours by the 31st, it may still be on the way to you.

It’s important to wait to file your tax return until you’ve received these documents, even if you’ve been keeping track of your income throughout the year. Why? The IRS also gets a copy of any 1099s issued to you, so you need to ensure the income reported on your 1099(s) matches up with the income in your tax return. If there are any discrepancies, you’ll want to sort those out with the payer before you submit your return.

Note: Starting with the 2023 tax year, the IRS lowered the reporting threshold for 1099-K forms and will include payments for goods and services made on peer-to-peer apps like Venmo, Cash App, and PayPal in the 1099-K filing requirements. So while you won’t see any changes to your 2022 tax filing process, now’s a good time to start clearly tracking your P2P earnings and setting up automatic tax withholding on these to prevent a last-minute scramble next year. 

2023 Quarterly Estimated Tax Payments Due Dates

Quarterly taxes—or “estimated taxes”—are tax payments that self-employed individuals may be required to pay throughout the year if you receive income that doesn’t have taxes already withheld from it.

For estimated tax purposes, a year has four payment periods, and taxpayers must make a payment each quarter. For most people, the due date for the first quarterly payment is April 15. The following payments are due June 15 and Sept. 15, with the last quarter’s payment due on Jan. 15 of the following year. However, the deadline is the next business day if these dates fall on a weekend or holiday, as they do in the 2023 calendar year.

Here are the 2023 tax deadlines for quarterly estimated tax payments:

• April 18, 2023: First quarter estimated tax payment is due

• June 15, 2023: Second quarter estimated tax payment is due

• September 15, 2023: Third quarter estimated tax payment is due

• January 16, 2024: Fourth quarter estimated tax payment is due

Taxes Due (2022 tax season)

April 18, 2023: The tax deadline typically falls on April 15 each calendar year but is sometimes delayed if it falls on a weekend or holiday. For 2023, tax day falls on Tuesday, April 18. Monday, April 17, is recognized as a holiday in Washington, D.C.

Need more time to prepare your individual tax return? You can file for an extension of time to file to buy a few extra months to prepare your federal taxes. Filing for an extension gives you until October 15 (or the next business day) to file a return.

If you are planning to file for an extension, here are some important things to know: 

• An extension of time to file your return does not grant you any extension to pay your taxes. 

• In order to determine how much you own, you need to estimate the amount of taxes you owe and pay that amount to avoid any late payment penalties. If you end up owing more, you have to pay the difference with interest and a late fee when you file. If you end up owing less, you may receive a refund.

• You must file your extension request by the regular due date of your return.

Note: The IRS often extends filing deadlines for taxpayers affected by disaster situations. Taxpayers in Alabama, California, and Georgia may have until October 16, 2023 to file various federal individual and business tax returns and make tax payments. Visit the agency’s website to see if you are eligible.

2022 Retirement Contributions 

April 18, 2023: If you plan to make any contributions to your traditional or Roth individual retirement accounts (IRAs) for the 2022 tax year, today is your deadline! You can’t make 2022 contributions to 401K plans. The deadline was December 31, 2022, and it has passed.

Note: If you file an extension, you can make contributions up to the extended due date of the tax return.

Extended Filing Deadline

October 16, 2023: If you’ve requested an extension on filing your tax return, this is the deadline to file your extended 2022 tax return. If you miss this deadline, your late filing penalties will start to accrue.

Stay on top of your taxes

The more organized you are with your tax records, the easier it will be to manage your business finances and keep up with tax deadlines. Here are a few things you can start doing now to be ready for tax season:

• Separate your business and personal expenses separate from one another. If you haven’t done so, set up a separate business bank account to streamline your business operations and save you time and hassle come tax season.

• Track your business transactions in a bookkeeping system to make sure you’re as quickly and efficiently as possible. Found is a great option to keep your business records organized and IRS-ready.

• Set aside money for taxes throughout the year to cover the taxes you will owe.

Found’s tax tools help you run your business with newfound clarity and ease: auto-save for taxes, see your tax estimate in real-time, find and track write-offs, and pay estimated taxes from the app. Sign up for free today.

The information on this website is not intended to provide, and should not be relied on, for tax advice.