Tax Due Dates

Hand with watch and the the words Tax Due Dates on Russo robins egg blue background.

Tax Due Dates for September 2023

September 15

Individuals – Paying the third installment of 2023 estimated taxes, if not paying income tax through withholding (Form 1040-ES).

Calendar-Year Corporations – Paying the third installment of 2023 estimated income taxes.

Calendar-Year S Corporations – Filing a 2022 income tax return (Form 1120-S) and paying any tax, interest, and penalties due if an automatic six-month extension was filed.

Calendar-Year S Corporations – Making contributions for 2022 to certain employer-sponsored retirement plans if an automatic six-month extension was filed.

Calendar-Year Partnerships – Filing a 2022 income tax return (Form 1065 or Form 1065-B) if an automatic six-month extension was filed.

Read more

Hand with watch and the the words Tax Due Dates on Russo robins egg blue background.

Tax Due Dates for August 2023

August 15 Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in July. Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in …

Read more

Hand with watch and the the words Tax Due Dates on Russo robins egg blue background.

Tax Due Dates for July 2023

July 10 Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. July 17 Employers – Nonpayroll withholding. If the monthly deposit rule applies, …

Read more

Russo CPA - What To Do if You Missed the Tax-Deadline. A middle aged man and small business owner looks at some paperwork with a worried expression on his face.

What To Do if You Missed the Tax Deadline

Tuesday, April 18, 2023, was the deadline for most taxpayers to file their tax returns. If you haven’t filed a 2022 tax return yet, it’s not too late.

First, gather any information related to income and deductions for the tax years for which a return is required to be filed, then call the office. If you are owed money, the sooner you file, the sooner you will get your refund. If you owe taxes, file and pay as soon as you can, which will stop the interest and penalties you owe.

Read more

RUSSO CPA Blog: Standard vs. itemized deductions

Extension Deadline Looming for 2021 Tax Returns

Time is running short for taxpayers who requested an extra six months to file their 2021 tax return. As a reminder, Monday, October 17, 2022, is the extension deadline for most taxpayers. Taxpayers are encouraged to file a complete and accurate return electronically as early as possible once they have gathered all their information. There’s no need to wait until the October deadline.

Read more

Russo CPA Tax Tips: Excise Taxes and your business

June 15 Deadline for Taxpayers Living Abroad

If you live or work outside the United States, you generally must file and pay your tax the same way as people living in the U.S. This includes people with dual citizenship. People who live and work abroad have until June 15, 2022, to file their 2021 federal income tax return and pay any tax due. An automatic two-month deadline extension is normally granted for those overseas. If you’re a taxpayer with foreign income, here’s what you should know about reporting foreign income:

Read more

Estimated Tax Payments: The Facts

Estimated tax is the method used to pay tax on income that is not subject to withholding, including income from self-employment, interest, dividends, alimony, rent, and gains from the sale of assets, prizes, and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.

Read more

Tax Tips Image: Neatly stacked pennies in an ascending line. Russo CPA Tax Tips 2023

File on Time Even if You Can’t Pay

Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the total amount due, but if you can’t, there are several options. Let’s take a look at a few scenarios:

Read more

Filing a Tax Return: Avoid These Common Errors

While not all mistakes on tax returns cause delays in refunds, as the April 18 deadline approaches, taxpayers are advised to steer clear of the common tax return errors listed below to ensure a timely refund.

Read more

Hand with watch and the the words Tax Due Dates on Russo robins egg blue background.

Reminder: Deferred Payroll Taxes Due in December

If you’re a household employer or self-employed and chose to defer paying some Social Security taxes under the CARES Act the deferred Social Security taxes are due by December 31, 2021 and December 31, 2022. If you also deferred the employee share of Social Security taxes the balance is included in the installment amount due by December 31, 2021.

Read more