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Taxes 2020 Deadline Extended to July 15th

Usually, the official tax deadline to file your federal income tax return each year it’s supposed to be April 15—unless something interferes with that timing, like the date falling on a weekend or a holiday.

Tax deadlines are moved to the next business day when they fall on a Saturday, a Sunday, or a legal holiday. However, due to the well-known problems that the world is suffering with COVID-19, the new deadline is going to be on July 15th.

The last day for Taxes will be Wednesday, July 15th

The U.S. government extended the tax-filing deadline to July 15, which will give taxpayers more time than the standard date on April, to deal with their taxes amid the Coronavirus outbreak. Taxpayers now have an extra three months to both file and pay their taxes.

The announcement was made on March 20, by Treasury Secretary Steven Mnuchin, three days after the IRS said that many Americans could defer paying any taxes owed until July 15 but would still have to file their tax returns by April 15.

The IRS says taking advantage of the extra 90 days will not incur interest or penalties.

Deadlines organized by DATE

In order for it to be easier for you, here I show you the dates in chronological order, like a calendar.

Jan. 15, 2020Deadline to pay the fourth quarter estimated tax payment for tax year 2019
Jan. 31, 2020Deadline for employers to mail out W-2 Forms to their employees and for businesses to furnish 1099 Forms reporting non-employee compensation, bank interest, dividends, and distributions from a retirement plan.
Feb. 18, 2020Deadline for financial institutions to mail out Form 1099-B relating to sales of stock, bonds, or mutual funds through a brokerage account, Form 1099-S relating to real estate transactions; and Form 1099-MISC if the sender is reporting payments in boxes 8 or 146
Feb. 28, 2020Deadline for businesses to mail Forms 1099 and 1096 to the IRS3
March 16, 2020Deadline for corporate tax returns (Forms 1120, 1120-A, and 1120-S) for tax year 2019, or to request automatic six-month extension of time to file (Form 7004) for corporations that use the calendar year as their tax year, and for filing partnership tax returns (Form 1065) or to request an automatic five-month extension of time to file (Form 7004)
April 15, 2020Last day to make a contribution to traditional IRA, Roth IRA, Health Savings Account, SEP-IRA, or solo 401(k) for the 2019 tax year
April 15, 2020Deadline for first quarter estimated tax payments for the 2020 tax year
April 15, 2020Deadline to file a gift tax return
April 15, 2020Deadline to file estate income tax or trust income tax returns (Form 1041) or to request an automatic five-month extension of time to file (Form 7004)
June 1, 2020Deadline for financial institutions to send out Form 5498 to report balances in an individual retirement account (IRA)
June 15, 2020Deadline for second quarter estimated tax payments for the 2020 tax year
June 15, 2020Deadline for U.S. citizens living abroad to file individual tax returns or file Form 4868 for an automatic 4-month extension
July 15, 2020Deadline to file individual tax returns (Form 1040) for the year tax 2019 or to request an automatic extension (Form 4868) for an extra six months to file your return, and for payment any tax due
Sept. 15, 2020Deadline for third quarter estimated tax payments for the 2020 tax year
Sept. 15, 2020Final deadline to file corporate tax returns for the year 2019 if an extension was requested (Forms 1120, 1120-A, 1120-S)
Oct. 1, 2020Deadline for self-employed persons or small employers to establish a SIMPLE-IRA
Oct. 15, 2020Final extended deadline to file individual tax returns for the year 2019 (Form 1040)
Oct. 15, 2020Deadline for taxpayers who earned $69,000 or less in tax year 2019 to use Free File to prepare and file their returns
Oct. 15, 2020Final deadline to fund a SEP-IRA or solo 401(k) for tax year 2019 if you requested an automatic extension of time to file

What happens if you miss a Date?

If you don’t submit your return and any payment due by the deadline, you will probably run into a penalty. Anyway, the IRS should accept your money and your tax return.

Important
The IRS says you should file your return as soon as possible if you miss a deadline. If you owe taxes, pay them as soon as possible as well.

It's a Social Media and digital marketing consultant and owner and founder of LFStudio.com. He is also author and entrepreneur. He helps small businesses to grow, get clients and generate income.

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