Here are some important dates related to your taxes this winter and spring:
- January 16: Individuals make a payment of your estimated tax for 2023 if you didn't pay your income tax for the year through withholding (or didn't pay in enough tax that way) via Form 1040-ES. Farmers and fishermen pay your estimated tax for 2023 using Form 1040-ES. If you pay your tax in full, you have until April 15 to file your 2023 income tax return. If you don't pay your estimated tax by January 16, you must file your 2023 return and pay any tax due by March 1, 2024, to avoid an estimated tax penalty.
- January 31: Form 1099 due to recipients of certain payments made during 2023 for interest, rent, contract labor, veterinarian services, etc., including the new 1099-NEC Form. Provide employees copy of Form W-2 for 2023. Farm employers file Form 943 to report social security and Medicare wages, and withholdings. Non-farm employers file form 941 for the 4th quarter to report social security and Medicare wages, and withholdings. Employers file form 940 for federal unemployment tax.
- March 1: Payers must file Forms 1099 and 1096 (other than 1099-NEC, which is due January 1) with the IRS. If these forms are e-filed, the deadline is extended to April 1. Qualifying farmers file individual tax return (Form 1040) and pay tax due if no safe estimated tax amount paid in and owe over $1,000 in tax.
- March 15: S Corporations file a 2023 calendar year income tax return (Form 1120S). Provide each shareholder with a copy of Schedule K-1. If not able to file, file Form 7004 to request an automatic six-month extension. Partnerships and LLC’s taxed as a partnership file a 2023 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1. If not able to file, file Form 7004 to request an automatic six month extension.
- April 15: Individuals file a 2023 income tax return (Form 1040) and pay any tax due. If not able to file, file Form 4868 to request an automatic six-month extension. Any tax due must be paid with the extension. First quarter estimate is due for 2024 for individuals paying estimated taxes. C Corporations file a 2023 calendar year tax return (Form 1120) and pay any tax due. If not able to file, file Form 7004 to request an automatic six-month extension. Any tax due must be paid with the extension. C Corporations deposit the first installment of estimated income tax for 2024.
To get in contact with a GreenStone tax accountant, find more information here.
To view the winter 2024 issue of Partners magazine in its entirety, click here.
