Form 1040-SE 2023
The IRS has not announced the revisions to Form 1040-SE 2023 yet. It is still too soon for revisions, and we have shared all the details you need to know in this article.
Form 1040-SE, which is also known as Schedule SE, is one of the IRS tax forms to determine the amount of the due taxes for United States residents. This form can only be used by self-employed residents, and their due taxes depend on their losses or profits for that tax year.
If you are a self-employed United States resident, you need to get your Form 1040-SE, which is also known as the Self-Employment Tax Form. Thus, you can file your taxes easily and have a copy of them in your hand.
Form 1040-SE Will Revise This Year Too
It is worth noting that Form 1040-SE was last revised in 2021. But, it is going to be revised in 2022 as well. This revision is referred to as the Form 1040-SE 2023 revision. However, it is a bit early for the announcement of the revision.
It is because the revision announcements are often made towards the end of October and the beginning of November. There will be a revision for next year since Form 1040-SE is one of the forms on which taxpayers report their taxes.
IRS Form 1040-SE Filled Quarterly
Another important detail you need to know about the IRS Form 1040-SE is that you file it quarterly to make estimated tax payments. The general deadlines for estimated tax payments are valid for filing this form.
Although there may be minor differences between the due dates for each year, in general, the due dates of the first, second, third, and fourth quarters are around April 15, June 15, September 15, and January 15, respectively.
One exception, which does not require you to file this form, is your net income. If your total household income is less than $400, you do not have to file this form. However, this threshold may also be updated for 2023.
Keep in mind that your filing for the fourth quarter will be subject to the revisions made for the previous year. In other words, you will be filing according to the revisions made in 2021 for your tax filings in 2023, although the due date will be around January 15, 2023.
New self-employed taxpayers are also confused about whether they still need to pay their individual income taxes. Unfortunately, yes, they do need to pay their individual taxes in addition to these self-employment taxes.
They need to use the federal Schedule C to list their expenses and income and the federal Schedule SE (i.e., the IRS Form 1040-SE) to list their self-employment taxes.
