When Does the 2023 US Tax Season Start and What Should Expats Know?

The 2023 tax-filing season began on January 23, 2023, which marks the first day that the Internal Revenue Service (IRS) began accepting individual income tax returns for the 2022 tax year. This means that taxpayers started submitting their tax returns electronically or through the mail to the IRS on or after this date. So, whether you are a US citizen or an expat, you need to be aware of the important dates and guidelines for filing income tax returns. Let’s dive into the details.

When is the US Tax Deadline for 2023?

April 18, 2023, marks the deadline for filing your federal income tax return, as well as the cutoff for requesting a six-month extension by submitting Form 4868. If you're wondering when taxes are due in your state, note that most taxpayers are subject to state income taxes, which typically share the same due date as the federal tax deadline. Nonetheless, for US citizens residing outside of the country, the deadline automatically extends for two months until June 15, 2023.
Financial tip: In case you require extra time to file your expat tax return, you have the option to ask for an additional filing extension until October 16. In rare cases, you can even request an extension until December 15.

 When are Estimated Taxes Due?

If you need to make an estimated tax payments deadline, you should note:

• First payment: April 18, 2023
• Second payment: June 15, 2023
• Third payment: September 15, 2023
• Fourth payment: January 16, 2024

When is the US Tax Deadline for Business Taxes?

The filing deadline for a business tax return is determined by the business's structure, with the following deadlines applying to each structure:

• S corporation: March 15, 2023
• Partnership: March 15, 2023
• Multi-member LLC: March 15, 2023
• Sole proprietorship: April 18, 2023
• Single-member LLC: April 18, 2023
• C corporation: April 18, 2023

If your business follows a fiscal year instead of the calendar year, the standard filing deadline is the 15th day of the third or fourth month following the end of your fiscal year. However, if this deadline falls on a Saturday, Sunday, or legal holiday, it is shifted to the next business day.

When is the Deadline for FBAR?

The deadline for FBAR (Foreign Bank Account Report) is April 18, 2023. This deadline applies to US taxpayers who have foreign financial accounts that exceed certain thresholds during the year. It's crucial to keep in mind that FBAR filings are distinct from tax returns, and neglecting to file may lead to substantial penalties.

When is the Deadline for a FATCA Report?

If you had a financial interest in or signature authority over financial accounts during the previous calendar year, the deadline for filing your FBAR is April 18, 2023. To submit your FBAR, you'll need to file it electronically using the BSA E-filing System provided by the Financial Crimes Enforcement Network. Similar to an individual tax return, expats are granted an automatic two-month extension until June 15, 2023, and may ask for a further extension until October 16, 2023.

What If I Can’t File by the Tax Deadline?

For the majority of US tax forms, you have the option to file for an extension if required. Additionally, as a US citizen residing abroad, you likely have specific automatic extensions without needing to request them, including the automatic extension until June 15 for personal tax returns.

What if I Miss the US Tax Filing Deadline for 2023?

Failing to file or pay taxes on time may lead to penalties. However, if you missed the deadline, there is no need to panic. Your options depend on your situation. If entitled to a refund, file promptly to comply with the IRS within three years of the original deadline. Owing taxes may result in interest or penalties, but expats may qualify for penalty waivers through the IRS Streamlined Filing Compliance Procedures. For those unable to pay, filing promptly is still recommended, as the IRS may reduce the debt or permit regular payments, albeit with interest. Therefore, the window to claim a 2022 refund, due in 2023, will close in 2026.

Mark Your Calendars: Essential Dates for Taxpayers

Estimated payments for the tax year 2022 will be due on:

April 18, 2023  
June 15, 2023
September 15, 2023 
January 15, 2024

Need Information About Tax Deadlines? We've Got You Covered!

We hope this summary has provided you with a clearer understanding of the US expat tax deadlines for 2023. If you have any remaining questions related to financial planning, saving, or Payday Loans Online, we are here to provide answers and assistance in meeting your US tax obligations. 

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