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Important Tax Deadlines in 2020 for the Calendar Year 2019

by | 01-9-2020 | file tax, Tax Relief

Tax season comes every year in April. The official tax deadline for most people, the date we all know so well is April 15; however, did you know there are tons of other important tax deadlines? Well, there are many more dates you need to know about.

tax deadlines

Understand tax deadlines to decrease stress.

If you have your own company, contribute to an IRA, file for a corporation, or anything else unusual, you will have a different due date. Luckily, the tax deadlines listed in this article will help you ensure that you do what you’re supposed to on the right date.

Since the IRS (Internal Revenue Service) has already begun processing 2019 tax returns, it’s best to get started on your taxes and/or payments. Check out these tax deadlines to make sure you are on the up and up with the IRS.

Tax Deadlines in 2020 for the Calendar Year 2019 – Sorted by Name and Form

2020 Tax Year Estimated Tax Payments for the (IRS Form 1040) – (multiple tax deadlines)
• First Quarter (due in 2019) – April 15, 2019
• Second Quarter (due in 2019) – June 15, 2019
• Third Quarter (due in 2019) – September 15, 2019
• Fourth Quarter (due in 2020) – January 15, 2020

Partnership Returns (IRS Form 1065):
• March 16, 2020
• Extended deadline is September 15, 2020

For Estates and also Trusts Income Tax Returns (Form 1041):
• April 15, 2020
• Extended deadline is September 30, 2020

C-Corporation Income Tax Returns (IRS Form 1120): (multiple tax deadlines)
• (Calendar Year C-Corporations) – April 15, 2020
• (Fiscal Year C-Corporations) – 15th day of the 4th month after the end of the Fiscal Year
• Extended deadline is October 15, 2020

S-Corporation Returns (IRS Form 1120-S): (multiple tax deadlines)
• (Calendar Year S-Corporations) – March 15, 2020
• (Fiscal Year S-Corporations) – 15th day of the 3rd month after the end of the Fiscal Year
• Extended deadline is September 15, 2020

Foreign Reports for Bank Account (IRS FinCen Form 114):

• April 15, 2020
• Extended deadline for 2020 tax with Form 1040 is October 15, 2020

Tax Deadlines in 2020 for the Calendar Year 2019 – Sorted by Deadline

January 15, 2020
• First Quarter – Estimated Tax Payments for the 2020 Tax Year (IRS Form 1040)

January 31, 2020
• Deadline for businesses to mail out W-2 Forms to their employees – past and present
• Deadline for these businesses to furnish 1099 Forms reporting things such as bank interest,non-employee compensation, dividends distributions from a retirement plan.

February 18, 2020
• Deadline for financial institutions to mail their Form 1099-B relating to sales of stock, bonds, or mutual funds through a brokerage account, Form 1099-S relating to real estate transactions; and Form 1099-MISC if the sender is reporting payments in boxes 8 or 14

February 28, 2020
• Deadline for businesses to mail Form 1099 and Form 1096 to the IRS

March 15, 2020
• Deadline to file Calendar Year S-Corporations tax returns (IRS Form 1120-S)

March 16, 2020
• Deadline to file Partnership tax returns (IRS Form 1065)
• Deadline to file a five-month extension to file Partnership tax returns (IRS Form 4868)
• Deadline to request an automatic five-month extension for Partnership tax returns (IRS Form 7004)
• Deadline for Corporate tax returns (IRS Forms 1120, 1120-A, and 1120-S) for the year 2018
• Deadline for these Calendar Year Corporations to request an automatic six-month extension of time to file (IRS Form 7004)

April 15, 2020
• Deadline to file Individual tax returns (IRS Form 1040)
• Deadline to request an automatic six-month extension (IRS Form 4868) for Individual tax returns
• Deadline to make contributions to traditional IRA, Roth IRA, Health Savings Account, SEP-IRA, and/or solo 401(k) for the 2019 tax year.
• First Quarter – Estimated Tax Payments for the 2020 Tax Year (IRS Form 1040)
• Deadline to file Foreign Bank Account Reports tax returns (IRS FinCen Form 114)
• Deadline to file Estates and Trusts Income tax returns (IRS Form 1041)
• Deadline to request a five-month extension to file Estates and Trusts Income tax returns (IRS Form 7004)
• Deadline to file Calendar Year C-Corporations tax returns (IRS Form 1120)

June 1, 2020
• Deadline for Financial Institutions to send out Form 5498 to report balances in Individual Retirement Accounts (IRA)

June 15, 2020
• Second Quarter – Estimated Tax Payments for the 2020 Tax Year (IRS Form 1040)
• Deadline for Americans living abroad to file Individual tax returns
• Deadline for Americans living abroad to file a four-month extension (IRS Form 4868)

September 15, 2020
• Extended Deadline for S-Corporations Income tax returns (IRS Form 1120-S)
• Extended Deadline for Partnership tax returns (IRS Form 1065)
• Third Quarter – Estimated Tax Payments for the 2020 Tax Year (IRS Form 1040)
• Deadline to file Corporate tax returns with authorized extension request (IRS Forms 1120, 1120-A, 1120-S)

September 30, 2020
• Extended Deadline for Estates and Trusts Income tax returns (IRS Form 1041)

October 1, 2020
• Deadline for Self-Employed Individuals or Small Business Owners to establish a (SIMPLE-IRA)

October 15, 2020
• Extended Deadline for C-Corporations Income tax returns (IRS Form 1120)
• Extended Deadline for Foreign Bank Account Reports (IRS FinCen Form 114 with Form 1040)
• Final Deadline to fund a SEP-IRA or Solo 401(k) for the tax year 2019 if you requested an automatic extension

November
• Final Extended Deadline to file Individual tax returns for 2019 (IRS Form 1040)

Missed Deadlines

If you miss tax deadlines, it’s not the end of the word. However, the sooner you can file and/or pay, the better. You may get a financial penalty or just charged interest on the taxes you missed paying.

The best answer is to pay what you owe right away, and if you don’t know what that is, pay what you estimate you may owe. It’s better to overestimate than underestimate.

So how do you pay fast? It’s simple. Set up direct pay; pay tax bills directly from your checking or savings account free of charge with IRS Direct Pay. You can also pay your taxes by credit cards and debit cards online, by phone, or by a mobile device.

If none of those options works for you, consider the IRS’s Installment Agreement. It will let you pay the taxes you owe in installments, but you must communicate with the IRS first and let them know what is going on.

Therefore, if you do have a tardy tax return and/or tax payment, the best thing to do is to talk to the IRS. Let them know what is going on. If you cannot pay enough right now, communicate this with them. They have payment plans like the Installment Agreement and other financial programs that can help stretch the amount you owe over a period of time or even put it off for a while.

You may also qualify for that program which will allow you to delay payment if you meet the requirements of the program. You won’t know if you qualify unless you talk to the IRS about it.

Many options are available for taxpayers who cannot pay the full amount upfront. Check with the IRS’s website to learn more about all of their programs.

Still worried a mistake may cause you grief? Check out this article for more helpful information.

Common Mistakes Make When Filing Taxes