February is a crucial month for staying compliant with tax reporting obligations. Whether you’re a business owner, freelancer, or employee, navigating the various deadlines can feel overwhelming. This guide aims to demystify the key tax deadlines approaching in February, offering a clear and concise explanation for each and helpful tips for staying on top of your filings.
February 10th
- Non-Payroll Taxes: If you deposited income tax withheld on non-payroll items (like interest or dividends) for 2022 in full and on time, file Form 945 by this date.
- Social Security, Medicare & Withheld Income Tax: File Form 941 for Q4 2022, but only if you deposited the tax on time and in full.
- Certain Small Employers: File Form 944 for 2022 Social Security, Medicare, and withheld income taxes, provided you deposited timely and in full.
- Farm Employers: File Form 943 for 2022 Social Security, Medicare, and withheld income taxes, but only if you deposited timely, properly, and in full.
- Federal Unemployment Tax: File Form 940 for 2022, but only if you deposited the tax on time and in full.
February 15th
- Information Statements: Provide Forms 1099-B, 1099-S, and 1099-MISC to recipients by this date if you made certain payments in 2022. You can issue them electronically with their consent.
- Social Security, Medicare & Withheld Income Tax: Make your monthly deposit for January payments.
- Payroll Withholding: Employers, start withholding taxes for employees who claimed an exemption in 2022 but haven’t provided a new W-4 form.
- Claim Exemption from Withholding: Employees, if you claimed an exemption last year, file a new W-4 by today to continue it for 2023.
February 28th
- Gambling Winnings: File Forms 1096 and W-2G for 2022 gambling winnings. If filing electronically, your deadline extends to March 31st. The deadline for providing recipients with these forms was January 31st.
- Informational Returns Filing: Submit government copies of Forms 1099 and transmittal forms for various payments you made in 2022 (excluding 1099-NECs due January 31st).
- Large Food & Beverage Establishments: File Form 8027 and 8027-T for tip income and allocated tips. If filing electronically, the deadline extends to March 31st.
- Applicable Large Employers: File Forms 1094-C and 1095-C for health insurance information. Other providers file Forms 1094-B and 1095-B. If filing electronically, the deadline extends to March 31st.
Remember: This list includes key deadlines, but consult a tax professional for specific details and exceptions. Don’t wait until the last minute – mark these dates on your calendar and take action to avoid unnecessary stress and penalties.
Bonus Tip: Utilize online resources and tools offered by the IRS and other tax authorities to simplify your filing process. Stay informed about any updates or changes in regulations that might affect your taxes.
By staying proactive and organized, you can navigate tax season smoothly and ensure compliance with all filing requirements.
