Small Business Tax Deadlines for 2023

Written by: Chloe Silverman, Senior Writer at The Hartford

Reviewed by: Gene Marks, CPA, Author & Small Business Owner

When Are Business Taxes Due in 2023?

With each new year, you’ll need to review your small business insurance and the deadline for filing a tax return. For most small businesses, business tax deadlines for 2023 are on April 18, 2023. Multimember LLCs, S corporations and partnerships, however, must file tax returns by March 15, 2023.

Income Tax Deadlines for 2023

Most small businesses need to file federal income taxes annually. These taxes are based on the revenue your company earns each year.¹

The forms you’ll need for your income tax return depends on your business’ structure. For instance, you may need these Internal Revenue Services (IRS) forms:²

Form 1040 for sole proprietors
Form 1040 or 1040SR for only member limited liability corporations (LLCs)
Form 1120 for corporations
Form 1120S for S corporations
Form 1065 for partnerships

Keep in mind that most small businesses are pass-through organizations. This means business income is treated as the owner’s personal income. So, if this is how you’re structured, you’ll need to finish filing your return on March 15, 2023.

2023 Quarterly Tax Deadlines for Businesses

The quarterly estimated taxes you’ll need to file also depend on your business’ structure and if you have employees or not. Sole proprietors without employees do not need to file quarterly estimated tax payments. However, they still need to file annually for income taxes.

If your business does have employees, you’ll need to use Form 941 for federal purposes to file the income, security and Medicare taxes withheld from your employees’ paychecks quarterly. You’ll also need to file any excise taxes quarterly with Form 720.³ On top of these, you may also need to file state forms, depending on where you live.

Some important quarterly tax dates for 2023 to keep in mind include:

April 18: 1st quarter 2023 estimated tax payment due.
June 15: 2nd quarter 2023 estimated tax payment due.
September 15: 3rd quarter 2023 estimated tax payment due.
October 16: Final extended tax deadline to file individual or corporate tax returns if requested by filing correct forms.
January 15, 2024: 4th quarter 2023 estimated tax payment due.

To learn more about the estimated tax payments you’ll need to submit, you can work with an accounting firm. They can provide personalized tax services for your business that can make tax season easy. You can also use tax software, like QuickBooks.

If you need more time to finish your taxes, you can request a tax extension. Keep in mind that with an extension, you’ll still need to fill out an estimate of what you owe. Individuals can use Form 4868 and small businesses can use Form 7004.

Employment Tax Deadlines 2023

Your employment taxes are where you’ll need to report wages, tips and other compensation that you’ve paid your employees. You’ll need to prepare W-2, Wage and Tax Statements for each of your workers at the end of the year. These report your employees’ earnings.⁴

You can view other important tax due dates on the IRS’ Employment Tax sitio web.

Excise Tax Deadlines 2023

You’ll have to file excise taxes if you:⁵

Manufacture or sell products
Use certain equipment, facilities or products
Receive payment for certain services

You can use Form 720 to file excise taxes in these categories:⁶

Ambientales
Communications and air transportation
Fuel
First retail sale of heavy trucks, trailers and tractors

Some other forms you may need to fill out include:

Form 2290: This is for certain truck, truck tractors and buses used on public highways that are a gross weight of 55,000 pounds or more.
Form 730: If you’re a business that accepts wagers or do a pool or lottery, you may have to file an excise tax on wagering. This from helps you figure out the tax on the wagers you receive.
Form 11-C: This form allows you to register for any wagering activity and to pay the tax on it.

Payroll Withholding and Employment Tax

If you have employees, you’ll need to pay employment taxes. These include:

Social Security and Medicare taxes
Federal income tax withholding
Federal unemployment (FUTA) tax

You’ll need to report these payroll taxes on Form W-2 to your employees. Your employees then need to include this information on their tax return, which is Form 1040 or 1040-SR.⁷

Wage and Non-Employee Compensation Tax

Non-employee compensation is the money you pay to independent contractors that work for your business. This includes:

Wages
Non-employee compensation
Dividends
Royalties
Profit-sharing distributions

You’re required to report this on Form 1099-MISC. You’ll also need to pay self-employment taxes on it. The deadline for filing this is Jan. 31, 2023.

Learn More About When Corporate Taxes Are Due in 2023

It’s important to learn about 2023 tax filing deadlines early. Also, keep in mind that you may qualify for credits or deductions for certain expenses. You also may be wondering, "Is business insurance tax deductible? Yes, business insurance is tax deductible.

There are also ways you can reduce taxable income, like selling property that has no value to your business anymore. On top of this, your business can also get a tax refund if you paid more than you needed to during the year.

If you need small business insurance coverage, you can learn more by getting a quote from us today. We’ve been helping customers find the right insurance for over 200 years.

Última actualización: 21 de septiembre de 2023

This article provides general information, and should not be construed as specific legal, HR, financial, insurance, tax or accounting advice. As with all matters of a legal or human resources nature, you should consult with your own legal counsel and human resources professionals. The Hartford shall not be liable for any direct, indirect, special, consequential, incidental, punitive or exemplary damages in connection with the use by you or anyone of the information provided herein.

^1,2 Internal Revenue Service (IRS), “Which Forms Must I File?”

³ FindLaw, “Filing Quarterly Taxes”

⁴ Internal Revenue Service (IRS), “Understanding Employment Taxes”

^5,6 Internal Revenue Service (IRS), “Business Taxes”

⁷ QuickBooks, “W-2 Employee Forms: A Small Business Owner’s Guide to Filing”

Divulgaciones adicionales a continuación.

Small Business Tax Deadlines 2023