Below are the upcoming tax deadlines that individuals and businesses need to be aware of:
January 17
– Due date for fourth installment of 2022 individual estimated tax. Consult with your CPA if any payments should be made before 12/31.
January 31
– Due date for employers to provide W-2 statements to employees and file Forms W-2 with the SSA.
– Due date for payers to provide Form 1099-NEC to recipients and to the IRS.
– Employers must file 2022 federal unemployment tax returns and pay any tax due.
February 28
– Payers must file most 1099 Forms (-MISC, -DIV, -K, etc.), 1095-B, and 1095-C with the IRS (March 31 if filing electronically).
March 1
– Farmers and fishermen who did not make 2022 estimated tax payments must file 2022 tax returns and pay taxes in full to avoid a penalty.
March 2
– Due date for employers to furnish Form 1095-B and 1095-C to employees.
March 15
– Deadline to file partnership and calendar year S-corp returns.
The amount that individuals can contribute in 2023 to a 401(k) or similar workplace retirement plan has been adjusted to $22,500, up from $20,500 in 2021. If you’re 50 or older, the 401(k) catch-up contribution limit has also increased to $7,500, up from $6,500. Traditional IRA annual contribution limits increased to $6,500, up from $6,000. The income ranges for determining eligibility to make deductible contributions to traditional IRAs, Roth IRAs, and to claim the Saver’s Credit all increased for 2023.
Beginning on January 1, 2023, New Jersey’s minimum wage increases to $14.13/hour. However, for small businesses with less than 6 employees and for seasonal employees (May 1 to September 30), the minimum is $12.93/hour.
This program provides property tax relief to many New Jersey residents. If you owned your principal residence on October 1, 2019, you can receive up to $1,500 in relief depending on your income. Renters with incomes up to $150,000 can receive $450. With applications originally due by the end of this year, the deadline has been extended to January 31, 2023.
Federal investigators are uncovering billions of dollars in fraud tied to the programs like PPP. Taxpayers whose PPP loans were forgiven based on misrepresentations or omissions need to include the proceeds forgiven based upon false or missing information in their income.
The above information is part of our quarterly newsletter. The information included herein is to provide a summary or informative news and information. For details and guidance in applying these tax rules to your individual circumstances, please contact us.
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