Whether you’re filing taxes once a year as an individual or married couple, or as a business entity, advance planning and tips from Ten Key will keep your tax season stress-free, so you can focus on your business. Mark your calendars for the correct filing deadlines for filing returns for the 2019 tax year so you’ll have peace of mind—and avoid costly penalties.
Aren’t all taxes due on April 15th, 2020?
Usually yes, though it sometimes varies depending on federal and state holidays. This year, for individuals filing singly or jointly, the deadline for filing 2019 federal and state (Massachusetts) tax returns is midnight on Wednesday, April 15th, 2020. April 15th at midnight is also the deadline for requesting an extension on an individual 2019 tax return. Corporations file a 2019 calendar year income tax return and pay any tax due; corporations also deposit the first installment of estimated income tax for 2020. Citizens have until April 15th, 2020 to contribute to a Roth or traditional IRA for the 2019 tax year.
For business owners
Be sure to remember Quarterly Estimated Tax Payment Dates
Businesses and contractors who file quarterly estimated tax payments have the following schedule of due dates:
- Final estimated tax payment for 2019 is due January 15th, 2020.
- If you owe 2019 taxes and didn’t pay your last installment on January 15th, you can avoid penalties by filing your income tax return and paying any tax due by January 31, 2020.
- The first installment of your 2020 estimated tax payment is due April 15th at midnight.
- The second installment date for 2020 estimated tax is June 15th.
- September 15th is the third installment date for estimated tax in 2020.
Employers must provide employees with their copies of Form W-2 for 2019 by January 31, 2020. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting by January 31. Businesses and employers must also distribute and file Form 1099 with the IRS by January 31.
Other tax deadlines
- January 27: Tax season officially opens at the IRS. Returns are not accepted before this date.
- February 17: All returns claiming the EITC or ACTC have refunds held until this date. The IRS expects the first EITC/ACTC related refunds to be available in taxpayer bank accounts by the first week of March, if they chose direct deposit and there are no other issues with their tax return.
- March 16: Partnerships and S-Corp returns are due (or requests for 6-month extensions)
- April 15: Individual and Corporate returns due (or requests for extensions)
- April 15: Last day to make 2019 IRA contributions
- September 15: Extended partnership and S-Corp returns due.
- October 15: Extended corporate returns due
*If you use a fiscal year (rather than the calendar year) as your tax year, some of the dates in this calendar will need to be adjusted.
This list covers most of the tax deadlines a typical individual or business will need. However, there are any number of variables that may affect your deadlines, including business structure, outstanding taxes, and more. At Ten Key, Inc., we can help you prepare for tax season and work with your CPA to provide the documentation and information you need for filing 2019 taxes. Contact us for a stress-free tax season!
Source: IRS Publication 509 Tax Calendars 2020