Last minute tax planning for 2022 and dates to remember in 2023

The end of the year is almost here, it is important to make any last minute tax moves now that will affect your income for 2022.

If your income is up, you may want to look into purchasing new business assets or new to you equipment. Pay out bonuses to worthy employees, or contribute to your 401k/IRA. If itemizing deductions on your personal return, make a charitable donation.

If your income is down, you may want to consider delaying expenses until next year. It could be a good time to take a withdrawal from a retirement account, or convert traditional IRAs to a Roth IRA.

Upcoming due dates to be aware of:

-12/30/2022 last chance for 2022 deductions, and income

-12/31/2022 write down odometer on all business vehicles

-1/15/2023 4th Quarter estimated tax payments are due

-1/31/2023 W-2s and 1099’s are due to recipients

-3/15/2023 business return deadline or file an extension

-3/15/2023 Corporate/LLC taxes for 2022 are due

-3/15/2023 LLC & S-Corp Pass Thru Elective (PTE) tax for 2022 is due, a prepayment on 6/15/2022 must have been made to be eligible for this.

-4/15/2023 Corporate CA taxes ($800 annual fee) for 2023 is due

-4/15/2023 personal return/sole proprietor deadline or file an extension

-4/15/2023 personal contributions to Traditional or Roth IRA’s are due

-4/15/2023 2022 tax is due, or extension payments due, and 1st Quarter 2023 estimated tax payment is due.

-6/15/2023 3rd Quarter estimated tax payments are due

-6/15/2023 PTE Elective Estimated Tax Payment must be made to elect into credit for 2023 for LLC and S-corps (a great idea if you expect taxable net income in 2023)