Individual tax return – Form 1040

• Deadline to file individual tax returns is April 18, 2023 for the year 2022.
• You can request an automatic extension by April 18, 2023.
• Extended deadline October 16, 2023.

C-corporation income tax returns – Form 1120

• The deadline is April 18, 2023 for C corporations that operate on a calendar year.
• Extended deadline is October 16, 2023.
• The deadline for C-corp returns is the 15th day of the fourth month following the end of the corporation’s fiscal year if the corporation is on a fiscal rather than a calendar year.

S-corporation returns – Form 1120-S

• Deadline is March 15, 2023 for corporations on a calendar year.
• Extended deadline is September 15, 2023.
• The deadline for S corp and partnership returns is the 15th day of the third month following the end of the fiscal year if they are on a fiscal year rather than a calendar year.

Partnership returns – Form 1065

• Deadline is March 15, 2023.
• Extended deadline is September 15, 2023.

Non-Profit organization returns – Form 990, 990EZ or 990-PF

• Deadline is May 15, 2023 for Non-profit organizations on a calendar year.
• The deadline is 15th day of the fifth month following the end of the organization’s fiscal year if the organization is on a fiscal rather than a calendar year.
• Extended deadline is November 15, 2023.

Trust and estate income tax returns – Form 1041

• Deadline is July 17, 2023.
• Extended deadline is September 30, 2023

Foreign bank account reports – FinCen Form 114

• April 17, 2023
• Extended deadline is October 16, 2023.

“I missed the deadline – What should I do?”

If you happen to miss the deadline, the IRS says you should file your return and pay your taxes as soon as possible to avoid penalties and extra interest charges. We here at Westmusa are always ready to help you with any questions you might have.

If taxable income is:	The tax due is:
Not over $11,000	10% of taxable income
Over $11,000 but not over $44,725	$1,100 plus 12% of the excess over $11,000
Over $44,725 but not over $95,375	$5,147 plus 22% of the excess over $44,725
Over $95,375 but not over $182,100	$16,290 plus 24% of the excess over $95,375
Over $182,100 but not over $231,250	$37,104 plus 32% of the excess over $182,100
Over $231,250 but not over $578,125	$52,832 plus 35% of the excess over $231,250
Over $578,125	$174,238.25 plus 37% of the excess over $578,125

If taxable income is:	The tax due is:
Not over $11,000	10% of taxable income
Over $11,000 but not over $44,725	$1,100 plus 12% of the excess over $11,000
Over $44,725 but not over $95,375	$5,147 plus 22% of the excess over $44,725
Over $95,375 but not over $182,100	$16,290 plus 24% of the excess over $95,375
Over $182,100 but not over $231,250	$37,104 plus 32% of the excess over $182,100
Over $231,250 but not over $346,875	$52,832 plus 35% of the excess over $231,250
Over $346,875	$93,300.75 plus 37% of the excess over $346,875

If taxable income is:	The tax due is:
Not over $15,700	10% of taxable income
Over $15,700 but not over $59,850	$1,570 plus 12% of the excess over $15,700
Over $59,850 but not over $95,350	$6,868 plus 22% of the excess over $59,850
Over $95,350 but not over $182,100	$14,678 plus 24% of the excess over $95,350
Over $182,100 but not over $231,250	$35,498 plus 32% of the excess over $182,100
Over $231,250 but not over $578,100	$51,226 plus 35% of the excess over $231,250
Over $578,100	$172,623.50 plus 37% of the excess over $578,100

If taxable income is:	The tax due is:
Not over $22,000	10% of taxable income
Over $22,000 but not over $89,450	$2,200 plus 12% of the excess over $22,000
Over $89,450 but not over $190,750	$10,294 plus 22% of the excess over $89,450
Over $190,750 but not over $364,200	$32,580 plus 24% of the excess over $190,750
Over $364,200 but not over $462,500	$74,208 plus 32% of the excess over $364,200
Over $462,500 but not over $693,750	$105,664 plus 35% of the excess over $462,500
Over $693,750	$186,601.50 plus 37% of the excess over $693,750

The 2023 tax year will have the same seven federal tax bracket as 2022. They are 10%, 12%, 22%, 24%, 32%, 35% and 37%.

Your filing status and taxable income will determine the bracket you’re in.

America’s progressive tax system is implemented by tax brackets, which help determine how much you must pay the IRS each year.

Your tax liability is determined by your taxable income. If your income increases, your tax liability increases.

You can calculate your taxes by dividing your income into the portions that will be taxed in each applicable bracket. Every bracket has its own tax rate. The bracket you’re in depends on your filing status: if you’re a single filer, married filing jointly, married filing separately or head of household.

The tax bracket your top dollar falls into is your marginal tax bracket. This bracket is your highest tax rate–which applies to the top portion of your income.

Example: If you are a single filer with a taxable income of $100,000 the calculation is:

• The first $11,000 is taxed at 10%
• The next $33,725 ($11,000 – $44,725) is taxed at 12%
• The next $50,650 ($44,725 – $95,375) is taxeed at 22%
• And the remaining $4,625 is taxed at 24%

Depending on your tax filing status and taxable income, you can calculate your tax liability using our example above.

If you have any questions or concerns. Do not hesitate to contact us at Westmusa, Inc.