Make sure you’re marking your 2020 calendar with important tax dates so you don’t miss any deadlines and end up with penalties. You also don’t want to lose out on opportunities to save some time. Here are some key dates and details to remember:
Income Tax Returns:
Different types of businesses have different filing deadlines. If you’re part of a calendar-year partnership or a limited liability company with two or more members, you need to submit your Form 1065 for 2019 by March 15, 2020. S corporations also need to submit Form 1120-S by March 15, 2020. If you’re a calendar-year C corporation, your Form 1120 for 2019 is due on April 15, 2020.
Personal income tax returns (Form 1040 or 1040-SR), including Schedule C for sole proprietorship or Schedule F for a farming business, need to be submitted by April 15, 2020. If you can’t make these deadlines, don’t worry. There’s an automatic 6-month extension available, but you have to apply for it by the return’s due date.
Employment Tax Returns:
For employers, Form 941, a quarterly federal return for withholding, Social Security and Medicare (FICA) taxes, needs to be filed for the final quarter of 2019 by January 31, 2020. For 2020, the due dates for Form 941 are the end of the month following the end of the quarter.
If your business has been using Form 944 annually and you need to switch to Form 941 for 2020 because you’re expecting payments for the year to exceed $2,500, you can’t just make the switch on your own. You’ll need to get approval from the IRS by April.
For federal unemployment tax, you need to do an annual filing. The due date for filing Form 940 for 2019 is January 31, 2020. If you’ve deposited all your FUTA tax when it was due, you can file Form 940 by February 10, 2020.
Estimated Taxes:
If you’re self-employed (a sole proprietor, independent contractor, partner, or LLC member) and you pay estimated taxes, the final installment of estimated tax for 2019 is due by January 15, 2020. For 2020, payment due dates are April 18, June 15, September 15, and January 15, 2021.
If you’re a farmer or a fisherman and receive at least two-thirds of your gross income from farming or fishing, you only need to make one estimated tax payment for the year. For example, your 2020 estimated tax payment is due by January 15, 2021.
Information Returns:
You need to provide employees with W-2s and independent contractors with 1099-MISCs for 2019 services by January 31, 2020.
Employee Benefit Notices:
If you plan to offer employee benefit programs like a 401(k) plan or an Individual Coverage Health Reimbursement Arrangement (ICHRA), you need to provide certain notices to employees about their eligibility to participate and other matters.
There’s a lot more to keep in mind, including quarterly details and specific rules for different types of businesses. Make sure you’re staying on top of your tax obligations to avoid any issues. Check out an online calendar from the IRS and subscribe to receive calendar alerts to stay updated. Remember to also include any dates for state tax obligations.
