Tax

Tax Deadlines 2020 and Tax Strategies

It is quite challenging for all taxpayers to keep track of all the critical dates that taxes are due. However, it is essential since being late with your payments will force the Internal Revenue Service (IRS) to hit you with moderate to high financial penalties. To help you remember, here is a list of all dates that you need to take note of for the tax deadlines of 2020. You may also go to the IRS site for the forms and publications that you need.

Tax Deadlines 2020 and Extended Return Due Dates For Various IRS Forms

Specific Deadlines

January 31, 2020 – Form W-2, W-3, 1096 (Box 7) and 1099 (Box 7)

March 16, 2020 – Form 1065 (Partnership) and Form 11205 (S- Corporations)

April 15, 2020 – Form 1040 (Individuals), Fin CEN 114 – FBAR, Form 1120 (C-Corporations), and Form 1041 (Trusts and Estates)

May 15, 2020 – Form 990 Series (Tax-Exempt Organizations)

July 31, 2020 – Form 550 Series (Employee Benefit Plans)

Specific Due Dates for Extended Return

September 15, 2020 – Form 1065 (Partnership) and Form 11205 (S-Corporations)

October 1, 2020 – Form 1041 (Trusts and Estates)

October 15, 2020 – Form Fin CEN 114, Form 1040 (Individuals), and Form 1120 (C-Corporations)

November 15, 2020 – Form 990 Series (Tax-Exempt Organizations) and Form 550 Series (Employee Benefits Plan)

Important Dates to Remember by Month

January

January 10, 2020 – Employees who received at least $20 in tips in December 2019 need to report the exact amount to their employer by this date.

January 15, 2020 – If you are one of those who are self-employed or have received income in the fourth quarter of 2019 that requires you to make your quarterly estimated tax payments, you must do so on or before this day (IRS Form 1040 – ES). Also, farmers and fishermen have the option to make one payment for the 2019 estimated taxes on this date.

form 1040 tax deadline 2020

January 31, 2020 – This day will be the last time you can file your 2019 tax return and make your payment for the remaining balance due with the return.

February

February 10, 2020 – Employees must report their tips for January to their employers on this day. (IRS Form 4070).

Employees report of tips to employer

February 18, 2020 – If you are one of those who are exempt from income tax withholding for the tax year 2019, you may also reclaim exemption for the current year by filling out a W-4 form and handing it to your employer.

March

March 2, 2020 – For all farmers and fishermen that were not able to file their 2019 tax return by January 15, they must do it before this date to avoid any penalties.

March 10, 2020 – Tips for February must be reported to their respective employers.

April

This month is the most critical month of the tax calendar since there are several due dates to take note of.

April 10, 2020 – Tips for March must be reported to their respective employers.

April 15, 2020:

  • People who have foreign bank accounts or have investment holdings containing $10,000 or more will have to file a Report of Foreign Bank and Financial Accounts on this day.
  • This day is considered Tax Day 2020. That means that it is the last day for you to file an extension if you expect that you can’t pay your taxes on time (Form 4868). Although you will be given an extension of six months to file a return, you will need to pay your federal income tax by this day to avoid getting more penalties and higher interest.
Form 4868
  • This is the due date for any last IRA contributions that you want to make in an effort to reduce your 2019 income taxes. However, you must take note of the limitations.
IRA Contribution limits
  • It is also the deadline for self-employed individuals to file both their returns and pay the first-quarter 2020 estimated taxes.
  • Those who are eligible to contribute to a specific health savings account can do so until this day.

May

May 11, 2020 – Tips for April must be reported to their respective employers.

June

June 10, 2020 – Tips for May must be reported to their respective employers.

June 15, 2020:

  • This day is the filing deadline for Americans, including military personnel who live abroad. If you want to file a four-month extension, you must submit an application by this date.
  • You must also make your estimated tax payments for the second quarter of the calendar year.

July

July 10, 2020 – Tips for June must be reported to their respective employers.

August

August 10, 2020 – Tips for July must be reported to their respective employers.

September

September 10, 2020 – Tips for August must be reported to their respective employers.

September 15, 2020 – You must pay the third estimated tax payments.

October

October 13, 2020 – Tips for September must be reported to their respective employers.

October 15, 2020:

  • Those who were able to file an extension for their 2019 tax return must submit that return to the IRS on this day.
  • It is the last day for self-employed individuals to contribute to a Simplified Employee Pension (SEP) for 2019 or a Solo 401(k) plan.
5305 SEP Simplified Employee Pension
  • It is also the last time that you can withdraw the excess IRA contributions that you made in the past year.

November

November 10, 2020 – Tips for October must be reported to their respective employers.

December

This month is the time for people to make their last-minute actions to try and lower their tax bill for the entire year.

December 10, 2020 – Tips for November must be reported to their respective employers.

December 31, 2020:

  • It would be best if you made your contributions to employer-sponsored retirement plans by this date.
  • It is also the deadline for you to take a required minimum distribution for the year 2020.

How to File Your Taxes

Filing of taxes can indeed be very complicated and mistakes, no matter how intentional, can be costly. Let CPA Solvers do it for you, not only for accuracy but also to apply tax strategies to maximize your savings and reduce taxes as applicable.

Consequences of Missing a Date

You must remember all the dates mentioned above because if you miss any of these days, you will receive a financial penalty. To avoid going through such a situation, you must file your return immediately and apply for a payment plan, which will permit you to pay your tax in installments within an extended timeframe if you are unable to pay what you owe right away.

If you want to make a payment, you can have it debited directly from your bank account at IRS Direct Pay. Doing so will avoid any delay as compared with snail mail. You may e-file at IRS Free File for increased convenience.

IRS Free File

Knowing Your Tax Deadlines 2020: Tax Calendars and Its Importance

A tax calendar refers to the division of a 12-month calendar into quarters. It allows taxpayers to keep track of the important dates. It is an excellent way for you to avoid any late payment penalties.

There are three types of calendars, namely:

  • General Tax Calendar – all taxpayers, including businesses and individuals
  • Employer’s Tax Calendar – all companies that have employed other individuals
  • Excise Tax Calendar – specific people who need to pay excise taxes

To learn more about these tax calendars, you can visit https://www.irs.gov/taxcalendar, which you can access online. It is also available in Spanish for those that cannot speak or understand English very well.

IRS Tax Calendar tax deadline 2020

As a taxpayer, you are required to follow these due dates and file your taxes promptly. When you believe that it would be difficult on your part to make the payments, you should quickly file a tax extension on or before the date specified.

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