Start the new year off right with a clear understanding of your tax obligations! As January unfolds, crucial deadlines emerge for both businesses and individuals to ensure compliance and avoid penalties.
This comprehensive guide outlines key tax deadlines for January, covering various aspects like employer responsibilities, form submissions, and estimated tax payments. Bookmark this article and breeze through filing season like a pro!
For Businesses
- Employer Social Security Tax: If you deferred half of your employer share of social security tax in 2020, the remaining 50% is due by January 3rd.
- Monthly Deposits: Employers subject to monthly deposit rules must submit Social Security, Medicare, and withheld income tax for December 2022 by January 17th. This also applies to nonpayroll withholding deposits.
- Form 1099-NECs: Did your business pay $600 or more to non-employee service providers in 2022? Issue them and the IRS with Form 1099-NEC by January 31st to avoid penalties. This covers commissions, fees, and prizes.
- Other Forms 1098 & 1099s: Distribute Forms 1098 and various 1099s (excluding NEC) to recipients by January 31st. Submit copies to the IRS by February 28th (or March 31st electronically).
- W-2s for Employees & Government: Provide employees with their W-2 forms for 2022 and submit copies of W-2 Copy A and Transmittal Form W-3 to the Social Security Administration by January 31st.
- Forms 941 & 943: File Form 941 for Q4 2022 with any undeposited taxes by January 31st. Farm employers should also file Form 943 by this date.
- W-2G for Gambling Winnings: Payers of gambling winnings must issue W-2G forms to winners by January 31st.
- Forms 940 & 945: File Form 940 for 2022 and Form 945 for withheld income tax on non-payroll items by January 31st.
For Individuals
- Missed Estimated Tax Payment? If you missed your last estimated tax payment for 2022, file your income tax return by January 31st to avoid penalties.
Additional Tips
- Mark your calendar: Proactively noting deadlines helps you stay organized and avoid last-minute scrambles.
- Seek professional guidance: If you have complex tax situations, consulting a qualified tax professional can ensure accuracy and compliance.
- Stay informed: Tax regulations can change, so staying updated through reliable sources like the IRS website is crucial.
Remember: By meeting these January deadlines, you’re setting yourself up for a smoother tax filing process and peace of mind throughout the year. So, take control of your taxes and start 2024 with financial clarity!
