Individual and C-Corporation tax returns are due Tuesday, April 18th, 2023 (as the normal deadline of the 15th falls on a weekend and Monday the 17th is the Emancipation Day holiday in the District of Columbia).
Most tax professionals are already working on a backlog of taxpayer information that has flooded their offices in the last few days, so don’t be surprised if your tax return will need an extension if you have not already taken in or dropped off complete information. If you have not yet gathered/received all of your information, or you’ve brought it too late for your professional to finalize it before April 18th, an extension will allow you to file without late filing penalties until the extended deadline of Monday, October 16th, 2023.
While the extension will allow you to file later, it does not allow you to pay later. You’ll want to ensure that you make a payment with your extension if you expect to owe taxes for 2022, to avoid late paying penalties. Your tax professional should do a rough calculation with the information that you do have and advise you on an amount to pay if you request this.
Additionally, if you are self-employed or do not have enough federal withholding from your wages and need to make estimated tax payments, the first estimated payment for 2023 is also due on April 18th, 2023.
It is highly recommended that you make your payments to the IRS (for extensions, estimates, or a balance due) electronically so that you receive a confirmation of the payment right away. Payments can be made on the EFTPS website if you already have a personal account set up (do not use your business account where you do payroll taxes unless you are a C-corporation!), but all other taxpayers can make a payment directly on the IRS website. To avoid fees, use your bank account and routing number and choose direct pay. You’ll want a prior-year tax return to verify who you are, and for the first person listed on that tax return to make the payment if you file a joint return. Choose which year the payment is for and if it is an extension payment for 2022, the estimated payment for 2023, or your return is done and it’s a balance due payment for 2022. Make sure to print a copy of the confirmation for your records and get a copy to your tax professional.