When Are Taxes Due? 2020 Filing & Extension Deadlines

On By velisabookkeepingIn Bookkeeping, IRS issues, Self-Employed, Small Business Taxes

Filing deadlines can creep up on you, and there’s nothing more frustrating than having to pay a fine that could have been avoided.

Take a few minutes to save each relevant filing date to your calendar, and stay ahead of the IRS.

If you’re sending your return in via snail mail, the IRS considers your return “on time” if it’s addressed correctly, has enough postage, and is in the mail before the end of business on your filing deadline day.

Otherwise, you can e-file your return before midnight on your tax day.

And if you’d rather have someone else handle your bookkeeping and federal income tax filing, check out Bench. We’ll take both headaches off your hands, for good.

When is “tax day”?

The big “tax day” is April 15, 2020. That’s when personal federal tax returns and corporate tax returns are due (before midnight). It’s also when your first estimated tax payment is due, and most state tax returns (see the April 15 deadline below for more details).

What’s the deadline to pay your taxes?

If you’re self-employed, your business probably pays taxes in four sums throughout the year, rather than on one day. These are called estimated tax payments. The due date for these payments is April 15, June 17, September 16, and January 15 (2020).

What’s the penalty for late payment? Past your tax due date, you’ll have to pay an additional 0.5% of unpaid taxes every month until you pay your original tax bill (up to a maximum 25% of your total tax bill).

Further reading: How to Calculate Your Tax Liability

When are 2020 tax extensions due?

You have right up until tax day to file for an extension. For individuals, that means you can still file for a tax extension right on April 15. The same goes for businesses: S corps and partnerships can still get an extension on March 15, and the last day for C corps to file for an extension is April 15.

Read on for a detailed list of every tax deadline in 2020.

January 15, 2020

Estimated quarterly payments

Say a final goodbye to 2019. The fourth (and final) estimated quarterly tax payment for the previous tax year is due today.

Note: Individuals, you do not have to file this payment due on January 15, 2020—so long as you file your 2019 tax return by January 31, 2020 and pay the remaining balance owed with your return (see Form 1040-ES for details).

Forms:

January 31, 2020

Form W-2 filing deadline

If you have employees, you’ll need to fill out two copies of Form W-2 for each one.

One W-2 must be submitted to the IRS. The other must be sent to the employee. The deadline for both is January 31, 2020.

Forms:

Form 1099-MISC Copy A filing deadline

If you work with independent contractors, the new January 31 filing deadline also applies to certain types of 1099s.

The IRS explains. But, in short: If you are filing a Form 1099-MISC and reporting amounts in Box 7, this deadline applies to you.

Copy A must be filed with the IRS by this date. Copy B must be furnished to the contractor no later than February 15, 2020.

If you don’t have amounts in Box 7 on your Form 1099, February 28 is the deadline for paper filing, or April 1 for electronic filing.

Forms:

February 17, 2020

Form 1099-MISC Copy B filing deadline

If you are filing a 1099-MISC, regardless of whether Box 7 is filled, you must get Copy B to the contractor in question no later than February 17, 2020.

February 28, 2020

Form 1099-MISC Copy A filing deadline

If you work with independent contractors, this filing deadline applies to certain types of 1099s.

The IRS offers a thorough explanation. But, in short: If you are filing Form 1099-MISC and don’t have amounts in Box 7, February 28 is the deadline for paper filing. April 1 is the deadline for electronic filing.

You must deliver one copy to the IRS, and one copy to your contractor.

If you are filing a Form 1099-MISC and reporting amounts in Box 7, this deadline doesn’t apply to you. You need to file earlier, on January 31, 2020.

Forms:

March 16, 2020

S corporation and partnership tax returns due

Today is the deadline to file your S corporation tax return (Form 1120-S) or Partnership return (Form 1065).

Note that S corporations and Partnerships do not pay taxes on their income. That tax is paid on the individual incomes of the shareholders or partners, respectively.

March 15 is also the deadline to file for an extension for S corp and partnership tax returns.

Forms:

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April 15, 2020

Estimated quarterly payments

So it begins. If your business pays taxes on a quarterly basis, the first 2020 estimated quarterly tax payment is due today.

Forms:

Individual tax returns due

Today is the deadline to file Individual tax returns (Form 1040, 1040A, or 1040EZ). If you income is below $66,000 for the tax year, you can e-file for free using IRS Free File. If your income was above that, you can use the IRS’ free, fillable forms.

If you’re a sole proprietor filing Schedule C on your personal tax returns, the April 15, 2019 deadline applies to you too.

April 15 is also the deadline to file for an extension to file your individual tax return.

Corporation tax returns due

Today is the deadline to file Corporation tax returns (Form 1120).

April 15 is also the deadline to file for an extension to file your corporate tax return.

Forms:

State tax returns

Most state tax returns are also due on April 15.

Exceptions to the rule:

  • Alaska (no state income tax)
  • Delaware (April 30)
  • Florida (no state income tax)
  • Hawaii (April 22)
  • Iowa (April 30)
  • Maine (April 17)
  • Massachusetts (April 17)
  • Nevada (no state income tax)
  • Oklahoma (April 20)
  • South Carolina (May 1)
  • Texas (no state income tax)
  • Virginia (May 1)
  • Wyoming (no state income statement)

June 15, 2020

Estimated quarterly payments

The second 2020 estimated quarterly tax payment is due today.

Forms:

September 15, 2020

Estimated quarterly payments

The third 2020 estimated quarterly tax payment is due today.

Forms:

November 1, 2020

Start making tax moves

End of year tax moves can help grow your business and reduce your taxable income for the year. If you haven’t done so already, now’s the time to plan and take action.

December 31, 2020

Tax moves deadline

Today is the final day to make any tax moves for the 2020 tax year.

Set up a solo 401 (k)

If you are self-employed, today is the deadline to set up a solo 401 (k).

When can I start filing taxes for 2021?

You can start filing next year’s tax return on January 1, 2021.

When will I get my tax refund?

In 2018, 9 out of 10 e-filers received their refund less than 21 calendar days after their return was received by the IRS.

That’s not an IRS promise or anything. But in general, you can expect to get your tax refund 3-4 weeks after filing your return.

Author: Cameron McCool