Be aware of IRS Deadlines! While many Americans are fully aware of the April 15th deadline for tax returns each year, there are a number of other important dates to be aware of as a taxpayer. As the calendar flips from 2019 to 2020 we look ahead to the due dates for filing Tax Year 2019 tax returns.
For calendar year tax returns reporting 2019 information, the following due dates in 2020 will apply. Please note that this is NOT an exhaustive list of all tax form due dates.
Form 1065 (Partnerships): March 16th
Form 1120-S (S Corporations): March 16th
Form 1040 (Individuals): April 15th
Form 1120 (C Corporations): April 15th
Extensions may be filed for each of these tax forms prior to the due dates listed above. This extension does provide an additional six months of TIME to prepare the tax return, however AN EXTENSION DOES NOT PROVIDE ANY ADDITIONAL TIME FOR AMOUNTS OWED to the Federal Government and/or State Government. If you have an amount due when you file a tax return, even with an extension, you will be charged interest beginning the day following the tax filing deadline date. It is important that you pay the tax you owe by the due date listed above to avoid any interest or penalties being assessed. For calendar year tax returns reporting 2019 information, the following EXTENSION due dates in 2020 will apply.
Form 1065 (Partnerships): September 15th
Form 1120-S (S Corporations): September 15th
Form 1040 (Individuals): October 15th
Form 1120 (C Corporations): October 15th
In addition to the statutory due dates listed above, some taxpayers may have estimated tax payments to make over the course of the year. These estimated payments are due over the course of the calendar year. Since our tax system is a 'pay as you go' system, some taxpayers may have to mail estimated tax payments to the Federal Government and / or State Government to cover tax on certain sources of income. In many cases where a taxpayer works for wages and is issued a W-2, if there is adequate withholding by the employer there may be no need to pay estimated taxes. However some taxpayers may be self-employed, they may have sources of passive income, unexpected income from an inheritance, a sale of a large capital asset like stock or a property 'up north', or some other financial event. In these cases estimated taxes may have to be paid. The due dates in 2020 for paying estimated tax payments are as follows:
1st Quarterly Payment: April 15th
2nd Quarterly Payment: June 15th
3rd Quarterly Payment: September 15th
4th Quarterly Payment: January 15th, 2021
Please note that while the fourth quarterly payment has a deadline in 2021, it will be applied as a 2020 tax payment.
If you have any questions regarding estimated tax payments, you are always welcome to discuss this option with your tax preparer at the time the tax return is prepared. If you have an unexpected financial change during the year, our office is open year round and one of our full year tax preparer staff members can discuss how this will impact your tax return. Remember that taxes are an all year issue, not just a once a year issue.
Feel free to contact one of our qualified tax professionals with any questions you may have.