A 2023 checklist for tax filing

It’s somehow already March, and we are well into the tax season. As the 2023 tax deadline looms closer, it’s a good idea to start thinking about filing those tax returns. Whether you are a regular 9-5 employee, a self-employed individual, or you happen to be both, missing a deadline means paying tax penalties.

If you still have any outstanding penalties from 2022, use a tax penalty calculator to calculate how much you owe the IRS.

So, when is tax day? April 18. This is because April 17 is Emancipation Day, and the usual deadline, April 15, falls on a weekend.  

[H2] When is the last day to file taxes in 2023? [H2/]

While the tax filing deadline is on April 18, The IRS lets you apply for a tax filing extension, where you can get six more months before you need to file your return. You still have to pay  the tax you owe by April 18, but you can send in your return by October 16.

Tax season officially began on January 23, and you can file your taxes any day before the 2023 tax deadline. If you’re self-employed, you should have received 1099 forms from all the entities you worked for by January 31. You can use these to know how much tax you have to pay.

Self-employed individuals have to pay self-employment tax, which is 15.3% of your net income. Use our self-employment tax calculator to get a detailed breakdown of your tax liability. If you think you will owe the IRS $1,000 or more in taxes by the end of the year, you will need to pay ¼ of this amount every quarter.

A handy quarterly tax calculator can make this easier for you. It is important to note that independent contractors, freelancers and gig workers all have to pay the self-employment tax if they earn $400 or more in the calendar year.

When you’re calculating your net income for the year, you can write-off business expenses as tax deductions. If this sounds tedious, that’s because it usually is. You have to keep a pretty close eye on all your expenses throughout the year to correctly calculate how much you can deduct.

Luckily, FlyFin makes this process a lot faster. By just linking your expenses, our A.I. tax engine will find every business expense that can be deducted from your income and lower your tax bill. You can also reach out to the team of CPAs specializing in 1099 taxes, who are available 24/7 in the app for any  questions you have, and are on standby to prepare and file your tax returns for you.

Are you ready for the 2023 tax day?

To file your returns, you’ll need a few things. All your income statements (from all employers and/or entities), receipts with relevant expenses that you’re planning to deduct, personal security information (account numbers, tax ID, dependents), and any other related documents.

Form 1040 will be the main form you need to fill out. If you’re reporting any self-employed income, you’ll also attach Schedule C. If you’re claiming any business deductions, you can use our 1099 tax calculator.

Tax season is stressful, but it doesn’t always have to be. If you manage to file your returns on time this year, do your future self a favor and take some time to get organized for next year. You can do this by having a separate folder just for tax documents, creating a filing system just for your expenses or even just setting some time aside every month to go over your tax information.