As a responsible citizen, it is important to remember the tax dead lines and due dates to avoid a penalty. Whether you are self-employed or a business owner, you need to adhere to tax deadlines to avoid penalties. The official tax deadline is usually April 15 but this year, due to the impact of coronavirus, the date has been shifted to July 15, 2020. But there are other important deadlines that you need to be aware of.
January 10, 2020
This tax dead line is for those who work for tips. Those who have received $20 or more in tips in December need to report it to the employer in Form 4070. The tips should be reported on the 10th of each month throughout the year.
January 15, 2020
Those who have their tax automatically deducted by the employer do not need to worry about the deadline. But those who did not pay the income tax for 2019 through withholding need to use Form 1040ES. Hence, if you are a landlord or are self-employed, you should pay the final installment by 2019. If you file your 2019 return Form 1040 or 1040-SR and pay the tax, you will not have to make this payment. Deadline to pay fourth-quarter tax payment for 2019.
January 31, 2020
If you did not pay the last installment of your tax by 15th January, you can choose to file the income tax return by January 31. It will prevent any late fees or penalties on the last installment.
The due date for employers to send W-1 forms to employees. Businesses have to provide 1099 Forms declaring bank interest, non-employee compensation, distribution from retirement plans, and dividends.
February 18, 2020
Individuals who claimed an exemption from income tax withholding last year on Form W4 need to file a new form W4 to continue the exemption for the year.
Businesses need to give annual statements for specific payments made in 2019. Form 1099 can be used with the permission of the recipient. The deadline is applicable for payments reported on Form 1099-B, 1099-S, and substitute payments reported in box 8. It is also applicable to gross proceeds paid to an attorney reported in box 14 of Form 1099-MISC.
February 28, 2020
It is a deadline for businesses to submit Form 1096 and 1099 if filing on paper. The documents are related to business transactions not covered under W2. For those filing electronically, the deadline is March 31 2020.
March 16, 2020
The due date for corporate tax returns for 2019. Also the due date for an automatic six-month extension for corporations.
March 31, 2020
Due date for electronic Filing of forms 1097, 1098, 1099, W-2GS, 3921, and 3922. It only applies to those who file the forms electronically.
April 15, 2020
Deadline to contribute to traditional IRA, Health Savings Account, Roth IRA, solo 401(k), and SEP-IRA for 2019.
Also the deadline to file a gift tax return and estate income tax or trust return.
May 15, 2020
Due date for non-profit organizations to submit details to IRS or ask for an extension. Organizations need to submit Form 990 or an information return so IRS can evaluate and insure if they are exempt from tax.
June 1, 2020
Due date for financial institutions to send across Form 5498 to report balances in the individual retirement account.
June 15, 2020
Due date for second-quarter estimated payments and tax returns and payments from U.S. citizens living abroad.
July 15, 2020
Deadline to file an original or revised tax return. If you have an extension, it is October 15, 2020.
The due date to file the 2019 income tax return and pay the amount due. It applies to U.S. citizens living abroad as well. July 15 is also the deadline to file for an automatic extension of 4 months.
September 15, 2020
Deadline for third-quarter estimated tax payment for 2020. Final deadline for corporate tax returns for 2019, in case extension was requested.
October 1, 2020
Self-employed individuals and small business owners have the last chance to set up a SIMPLE IRA for 2020. They are Individual Retirement Accounts for small companies and their employees.
October 15, 2020
Final deadline to file individual tax returns for 2019.
Deadline to file an AEP-IRS for 2019 if you requested an automatic extension of time.
December 31, 2020
Not a tax dead line but an important date to memorize. It is the last day to make any tax moves for the year. Planning in advance will help reach your personal financial goals.
If you miss a date, you will end up paying a penalty for the same. The IRS recommends that you pay the taxes at the earliest in order to avoid any penalty.