Tax Day 2020 is Fast Approaching … Are You Up to Speed?

For many, the coronavirus pandemic has established what is being referred to as the “new normal”. In the United States, with this “new normal” came a new tax day! Earlier this year, the Treasury Department provided relief for American taxpayers by extending the April 15th federal income tax return deadline to July 15th. With this deadline fast approaching, we’ve compiled together a list of helpful reminders to keep in mind as you prepare for the upcoming tax day.

2020 taxes

Reminders for Individuals

  • The deadline to file 2019 Individual Income Tax Returns and pay taxes owed to the IRS is Wednesday, July 15th, 2020.
  • The deadline for estimated tax payments for the first and second quarters of 2020 is also July 15th.
  • The July v deadline applies to Federal taxes only. State tax deadlines vary. (Please note: Texas’ filing deadline follows Federal guidelines and is also on July 15th).
  • Not confident you can get everything together in time? Instead of rushing to file your taxes, you may request an extension using IRS Form 4868, which will provide an additional reprieve and push back the Federal due date to file taxes to October 15th.
  • However, even if you are granted an extension and are not required to file until October 15th, Federal income taxes owed must still be paid by July 15th.
  • If you do not pay your tax bill in full by July 15th, you will be subject to penalties and interest.
  • If you are due a refund, your best bet is to file early and electronically in order to receive the refund as quickly as possible. The status of a refund can be checked via the IRS website beginning 24 hours after the tax return was filed.
  • July 15th is also the new deadline to contribute to savings accounts, such as IRAs or HSAs, while still having the contribution count for 2019.
  • A full list of tax deadlines that are due next month on July 15th can be found here.

Reminders for Small Businesses

  • Business tax filing deadlines depend on the type of business entity.
  • C Corporations, Sole Proprietorships and Single-Member LLCS
    • The deadline to file 2019 income tax returns is Wednesday, July 15th, 2020.
    • The deadline for 2019 income tax liability payments is July 15th.
    • The deadline for estimated tax payments for the first and second quarters of 2020 is also July 15th.
    • Corporate taxpayers may request a deadline extension, which will push back the due date to file 2019 income tax returns to October 15th (payment of any income tax liability will still remain due on July 15th).
  • S Corporations and Partnerships
    • The deadline to file 2019 income tax returns to the IRS was March 16th, 2020.
    • If a deadline extension was requested by March 16th and granted, the due date to file taxes is September 15th.
  • The deadline to file claims for credit or refund of employment tax is July 15th.
  • The deadline to make interest-free adjustments to correct employment tax reporting errors is July 15th.
  • The deadline to file excise tax returns is July 15th.

With less than a month to go until Tax Day 2020, we understand that successfully navigating  this year’s numerous tax changes may prove challenging. We hope these reminders have helped clarify any uncertainties you may have had. Whether you are an individual taxpayer or a small business owner (or both!), please feel free to reach out to the Maddox Thomson team if you require further assistance. We are always happy to help.

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