Tax Time written on paper note with tax form, and cup of coffee. concept: when to file taxes
Guillermo Jimenez
By: gjimenez
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When to File Taxes 2020: Tax Deadlines

Tax season is upon us.  So wait no more and start getting your taxes ready.

But what if you don’t know when you have to file your taxes or far IRS Forms you need to fill?

Don’t worry, we’ve got you covered!

Even if this is your first time filing taxes as a business owner, here you will find all the info you need to file your taxes when the time comes.

New Tax Rates

Every year, tax rates change, and before you start doing your taxes, you should make sure you knew all the changes.

What are the new tax rates? A quick glance at 2020

 

IMPORTANT NOTE:

Due to the economic hardships caused by COVID-19, the IRS decided to postpone tax deadlines. You will find the updated dates here.

When to File Taxes for Individual Income

You need IRS Form 1040

  • Due on Wednesday, April 15, 2020. COVID-19 Extended Deadline, July 15, 2020
  • Extended deadline: Thursday, October 15, 2020

You have until April 15, 2020, to file your extension with Form 4868.

When to File Taxes for Quarterly Taxes or Estimated Tax Payments

You need IRS Form 1040

  1. First-quarter due on Wednesday, April 15, 2020. COVID-19 Extended Deadline, July 15, 2020
  2. Second-quarter due on Monday, June 15, 2020. COVID-19 Extended Deadline, July 15, 2020
  3. Third-quarter due on Tuesday, September 15, 2020
  4. Fourth-quarter due on Friday, January 15, 2021 

Learn how to file your small business quarterly taxes and to pay them.

Don’t get confused, learn if you have to pay quarterly taxes or annual taxes.

When to File Taxes for Partnerships

You need IRS Form 1065

If the Partnership operates on a calendar year:

  • Due on Monday, March 16, 2020. COVID-19 Extended Deadline, July 15, 2020
  • Extended deadline: Tuesday, September 15, 2021

You have until March 15, 2020, to file your extension with Form 7004.

If the Partnership operates on a fiscal year:

  • The 15th day of the third month following the end of the fiscal year. COVID-19 Extended Deadline, July 15, 2020, for returns due on or after April 1, 2020, but before July 15, 2020

When to File Taxes for Sole Proprietorships

You need IRS Form 1065

  • Due on Wednesday, April 15, 2020. COVID-19 Extended Deadline, July 15, 2020
  • Extended deadline: Thursday, October 15, 2020

You have until April 15, 2020, to file your extension with Form 7004.

 Learn how to file taxes as a sole proprietorship.

When to File Taxes for C-Corporations

    You need IRS Form 1120

    If the C Corp operates on a calendar year:

    • Due on Wednesday, April 15, 2020. COVID-19 Extended Deadline, July 15, 2020
    • Extended deadline: Thursday, October 15, 2020.

    You have until April 15, 2020, to file your extension with Form 7004.

    If the C Corp  operates on a fiscal year:

    • The 15th day of the fourth month following the end of the corporation’s fiscal year. COVID-19 Extended Deadline, July 15, 2020, for returns due on or after April 1, 2020, but before July 15, 2020

    Learn how to file taxes as a corporation.

    Did you know that C-Corporations need to file a Schedule K 1?

    When to File Taxes for S-Corporations

    You need IRS Form 1120-S

    If the C Corp operates on a calendar year:

    • Due on Monday, March 16, 2020. COVID-19 Extended Deadline, July 15, 2020
    • Extended deadline: Tuesday, September 15, 2020

    You have until March 16, 2020, to file your extension with Form 7004.

    If the C Corp operates on a fiscal year:

    • The 15th day of the third month following the end of the fiscal year. COVID-19 Extended Deadline, July 15, 2020 for returns due on or after April 1, 2020 but before July 15, 2020

     Did you know that S-Corporations need to file a Schedule K 1?

    When to File Taxes for LLCs

    The dates depend on how you elect to file taxes, either as a partnership, as an S corporation or  C corporation.

     Learn how to file taxes as an LLC.

    When to File Taxes for Estates and Trusts

    You need IRS Form 1041

    • Due on Wednesday, April 15, 2020. COVID-19 Extended Deadline, July 15, 2020

    You have until April 15, 2020, to file your extension with Form 7004.

    When to File Taxes: 2020

    2020 tax deadlines, coronavirus, infographic. Camino Financial

    #DidYouKnow
    January 27, 2021, is when the IRS starts processing 2020 tax returns.

    It’s Time to Do Your Taxes

    Now that you have all the tools you need, tax season will be a piece of cake!

    Don’t forget to file your taxes on time or request an extension if you need it!

    We invite you to keep reading:

    US Income tax return 1040 close up filing status and exemptions. concept: What happens if you file taxes late?

    What happens if you file taxes late?

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