December 2023 Individual Due Dates

December 1 – Time for Year-End Tax Planning
December is the month to take final actions that can affect your tax result for 2023. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2023 should call for a tax planning consultation appointment.

December 11 – Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during November, you are required to report them to your employer on IRS Form 4070 no later than December 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

December 31 – Last Day to Make Mandatory IRA Withdrawals
Last day to withdraw funds from a Traditional IRA Account and avoid a penalty if you were born before January 1, 1952. You may delay your first distribution to April 1, 2024 if your birth date is during the period January 1, 1951 through December 31, 1951. If you are required to take a distribution in 2023, and the institution holding your IRA will not be open on December 31, you will need to arrange for withdrawal before that date.

December 31 – Last Day to Pay Deductible Expenses for 2023
Last day to pay deductible expenses for the 2023 return (doesn’t apply to IRA, SEP or Keogh contributions, all of which can be made after December 31, 2023).

December 31 –  Caution! Last Day of the Year
If the actions you wish to take cannot be completed on the 31st or in a single day, you should consider taking action earlier than December 31st, which is a Sunday and many financial institutions may be closed on Friday the 29th, as well as Saturday the 30th.

Weekends & Holidays:

If a due date falls on a Saturday, Sunday or legal holiday, the due date is automatically extended until the next business day that is not itself a legal holiday. 

Disaster Area Extensions:
Please note that when a geographical area is designated as a disaster area, due dates will be extended. For more information whether an area has been designated a disaster area and the filing extension dates visit the following websites:

FEMA: https://www.fema.gov/disaster/declarations
IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations