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Taxable vs. Nontaxable Income

by | Mar 13, 2023 | Employer | 0 comments

yellow paper tablet with red pen and dollars
 
 March 2023
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March 1 Farmers and Fishermen – File your 2022 income tax return (Form 1040 or Form 1040-SR) and pay any tax due. However, you have until April 18 to file if you paid your 2022 estimated tax by January 17, 2023.
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March 2 Health Coverage Reporting to Employees – If you are an Applicable Large Employer, provide Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to full-time employees. For all other providers of minimum essential coverage, provide Form 1095-B, Health Coverage, to responsible individuals.
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March 10 Employees who work for tips. – If you received $20 or more in tips during February, report them to your employer. You can use Form 4070.
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March 15 Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February.
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Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.
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Partnerships – File a 2022 calendar year income tax return (Form 1065). Provide each partner with a copy of their Schedule K-1 (Form 1065-B) or substitute Schedule K-1. To request an automatic 6-month extension of time to file the return, file Form 7004. Then file the return and provide each partner with a copy of their final or amended (if required) Schedule K­1 (Form 1065) by September 15.
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S Corporations – File a 2022 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in tax. Then file the return, pay any tax, interest, and penalties due and provide each shareholder with a copy of their Schedule K-1 by September 15.
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S corporation election – File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2023. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2024.
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March 31 Electronic Filing of Forms – File Forms 1097, 1098, 1099 (except Form 1099-NEC), 3921, 3922, and W-2G with the IRS. This due date applies only if you file electronically. The due date for giving the recipient these forms generally remains January 31.
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Electronic Filing of Form W-2G – File copies of all the Form W-2G (Certain Gambling Winnings) you issued for 2022. This due date applies only if you electronically file. The due date for giving the recipient these forms remains January 31.
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Electronic Filing of Forms 8027 – File copies of all the Forms 8027 you issued for 2022. This due date applies only if you electronically file.
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Electronic Filing of Forms 1094-C and 1095-C and Forms 1094-B and 1095-B – If you’re an Applicable Large Employer, file electronic forms 1094-C and 1095-C with the IRS. For all other providers of minimum essential coverage, file electronic Forms 1094-B and 1095-B with the IRS.
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 April 2023
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April 10 Employees – who work for tips. If you received $20 or more in tips during March, report them to your employer. You can use Form 4070.
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April 18 Individuals – File an income tax return for 2022 (Form 1040 or Form 1040-SR) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return and pay what you estimate you owe in tax to avoid penalties and interest. Then file Form 1040 or Form 1040-SR by October 16.
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Household Employers – If you paid cash wages of $2,400 or more in 2022 to a household employee, file Schedule H (Form 1040 or Form 1040-SR) with your income tax return and report any employment taxes. Report any federal unemployment (FUTA) tax on Schedule H (Form 1040 or Form 1040-SR) if you paid total cash wages of $1,000 or more in any calendar quarter of 2021 or 2022 to household employees.
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Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March.
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Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March.
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Individuals – If you are not paying your 2023 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2023 estimated tax. Use Form 1040-ES.
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Corporations – File a 2022 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in taxes.
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Corporations – Deposit the first installment of estimated income tax for 2023. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
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 May 2023
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May 1 Employers – Federal unemployment tax. Deposit the tax owed through March if more than $500.
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Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2023. Deposit any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return.
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May 10 Employees – who work for tips. If you received $20 or more in tips during April, report them to your employer. You can use Form 4070.
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Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2023. This due date applies only if you deposited the tax for the quarter in full and on time.
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May 15 Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in April.
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Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in April.
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 June 2023
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June 12 Employees – who work for tips. If you received $20 or more in tips during May, report them to your employer. You can use Form 4070.
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June 15 Individuals – If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 or Form 1040-SR and pay any tax, interest, and penalties due. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then file Form 1040 or Form 1040-SR by October 16.

However, if you are a participant in a combat zone you may be able to further extend the filing deadline.
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Individuals – Make a payment of your 2023 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2023.
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Corporations – Deposit the second installment of estimated income tax for 2023. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
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Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May.
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Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May.
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 July 2023
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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.
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July 17 Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in June.
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Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June.
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July 31 Employers – Federal unemployment tax. Deposit the tax owed through June if more than $500.
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Employers – If you maintain an employee benefit plan, such as a pension, profit sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2022. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.
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Certain Small Employers – Deposit any undeposited tax if your tax liability is $2,500 or more for 2023 but less than $2,500 for the second quarter.
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Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2023. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until August 10 to file the return.
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 August 2023
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August 10 Employees – who work for tips. If you received $20 or more in tips during July, report them to your employer. You can use Form 4070.
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Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2023. This due date only applies if you deposited the tax for the quarter timely, properly, and in full.
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August 15 Employer – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in July.
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Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in July.
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 September 2023
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September 11 Employees – who work for tips. If you received $20 or more in tips during August, report them to your employer. You can use Form 4070.
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September 15 Individuals – Make a payment of your 2023 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2023.
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Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in August.
{nav_title} | {company_name}
Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in August.
{nav_title} | {company_name}
S Corporations – File a 2022 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.
{nav_title} | {company_name}
Partnerships – File a 2022 calendar year return (Form 1065). This due date applies only if you were given an additional 6-month extension. Provide each partner with a copy of Schedule K1 (Form 1065) or a substitute Schedule K1.
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Corporations – Deposit the third installment of estimated income tax for 2023. A worksheet, Form 1120-W, is available to help you make an estimate of your tax for the year.
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 October 2023
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October 10 Employees – who work for tips. If you received $20 or more in tips during September, report them to your employer. You can use Form 4070.
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October 16 Individuals – If you have an automatic 6-month extension to file your income tax return for 2022, file Form 1040 or Form 1040-SR and pay any tax, interest, and penalties due.
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Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in September.
{nav_title} | {company_name}
Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in September.
{nav_title} | {company_name}
Corporations – File a 2022 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension.
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October 31 Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2023. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until November 13 to file the return.
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Certain Small Employers – Deposit any undeposited tax if your tax liability is $2,500 or more for 2023 but less than $2,500 for the third quarter.
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Employers – Federal Unemployment Tax. Deposit the tax owed through September if more than $500.
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 November 2023
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During November Employers – Income tax withholding. Encourage employees to fill out a new Form W-4 for 2024 if they experienced any personal or financial changes. The 2023 revision of Form W-4 will be available on the IRS website by mid-December.
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November 13 Employees – who work for tips. If you received $20 or more in tips during October, report them to your employer. You can use Form 4070.
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Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2023. This due date only applies if you deposited the tax for the quarter timely, properly, and in full.
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November 15 Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in October.
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Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in October.
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 December 2023
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December 11 Employees – who work for tips. If you received $20 or more in tips during November, report them to your employer. You can use Form 4070.
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December 15 Corporations – Deposit the fourth installment of estimated income tax for 2023. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
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Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in November.
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Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in November.

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