As the final quarter of the year approaches, it’s time to turn our attention to those critical Q4 tax deadlines. Knowing these key dates is crucial whether you’re a small business owner or the person responsible for staying on top of an organization’s financial responsibilities. From tax filings to year-end planning, here’s the essential information you need to be ready for fourth quarter!
Important Tax Dates and Deadlines for Q4 2023:
October 16, 2023 – Deadline for extended returns. This is the due date for sole proprietors, single-member LLCs, S corporation owners, partnerships, and C-corporations that requested a tax extension on their 2022 tax return.
October 31, 2023 – Deadline to file Form 941 for the third quarter of 2023. Even if you have no taxes to report (except for seasonal employers and those filing their final returns), you must file Form 941.
December 1, 2023 – End of year strategic tax planning date. While this date is not a deadline, it’s always a great idea to set a date to explore new options and consider making year-end tax moves to optimize your tax outcome.
January 15, 2024 – Fourth quarter 2023 estimated tax payment due date. If you pay quarterly taxes, Q4 payment for 2023 is due this day.
In addition to these tax deadlines, several key financial tasks should be on your Q4 checklist:
Income and expense records: Ensure your financial records, including even the most minor transactions, are complete and current.
Financial statements: Review your formal financial statements, such as the balance sheet, profit and loss account, and cash flow statement, with your accountant, who can show you how to maximize your business’s performance.
Bank reconciliation: Regularly compare your bank statements to your accounting records, including an annual year-end reconciliation.
Inventory: If your business handles physical inventory and supplies, conduct a thorough inventory check to match your actual inventory with your records.
Accounts receivable and payable: Address overdue invoices promptly and consider reviewing your payment terms and procedures to improve your cash flow.
Need assistance meeting applicable deadlines, filing requirements, and tax planning? Boris Benic and Associates can provide personalized tax services tailored to your business’s needs. Anyone can commit; we will deliver! Schedule an exploratory call with us today.