The information in this article is up to date for tax year 2022 (returns filed in 2023).
We all know about Tax Day, but what about other tax deadlines? This article covers when some of the most common tax forms for individuals and employers are due.
Tax Forms for Individuals
Form W-4, Employee’s Withholding Certificate
Form W-4 is used to calculate how much money should be withheld from an employee’s paycheck to pay their taxes throughout the year. Generally, there is no deadline to file Form W-4, because it is filled out as employees are hired and updated as needed.
However, individuals who were exempt from tax withholdings the previous year must file a new Form W-4 with their employer by February 15 in order to remain exempt in the upcoming year.
Form W-9, Request for Taxpayer Identification Number and Certification
Form W-9 is never submitted to the IRS, so there is no due date for filing it. Instead, businesses use it to receive the Social Security number or Taxpayer Identification Number (TIN) of independent contractors. They need this information to file 1099s later in the year.
Form 1040, U.S. Individual Income Tax Return
Form 1040 is by far the most common tax form used by individual taxpayers. It comes in various versions, such as 1040-X (for amended returns), 1040-SR (for reporting Social Security benefits), and 1040-ES.
Form 1040 is always due on Tax Day, unless special circumstances delay the deadline.
A note on Form 1040-ES, Estimated Tax for Individuals
Filing Form 1040-ES allows clients to pay taxes throughout the year if they are not having taxes automatically deducted from their paychecks. If your client needs to pay their last installment of 2023 taxes, they can use 1040-ES to calculate any remaining taxes due and pay by January 15, 2024.
For taxes filed in 2023, they can file Form 1040-ES quarterly; each quarterly tax installment is typically due on the 15th of April, June, September, and October.
Schedule C, Profit or Loss from Business
Schedule C: Profit or Loss from Business is another portion of Form 1040 that is meant specifically for sole proprietors. It’s typically due on Tax Day.
Tax Forms for Employers and Organizations
Form W-2, Wage and Tax Statements
Form W2 reports employees’ wages and taxes that were withheld throughout the year. They must be filed with the Social Security Administration by January 31, and a copy must be provided to the employee by February 1.
Form 1099 has various versions with different due dates. Form 1099-NEC: Non-Employee Compensation reports any payment over $600 made to freelancers, independent contractors, or other non-employee workers. It must be filed by February 1, and a copy must be provided to the individual.
Form 1099-MISC: Miscellaneous Income encompasses other types of payments a business makes such as prizes or payments to an attorney. If you are filing this form on paper, it is due on February 28 – or February 29 during a leap year. If this date falls on a weekend, Form 1099-MISC will be due on March 1.
Employers have a time incentive to file electronically, making the form due on March 31.
Form 1120-H, U.S. Income Tax Return for Homeowners Associations
Form 1120-H serves as a tax return for Homeowners Associations and allows them to take advantage of certain tax benefits. It’s due on the 15th day of the fourth month after the end of the HOAs fiscal year. However, if an HOAs fiscal year ends on June 30, they must file the form by the 15th day of the third month after the end of their fiscal year.