2020 Tax Filing Deadlines for Individuals

2020 Tax Deadlines for Individuals
2020 Tax Deadlines for Individuals

When Are Taxes Due in 2020?

Although it is possibly the subject of some confusion, to make everything clear, taxes are calculated and paid based upon the salary and expenses of the previous year. Following the Internal Revenue Service (IRS) guidelines the 2019 tax due date lands on April 15th, 2020. While this is true and helpful for most taxpayers in certain states, such as Massachusetts or Maine, have alternate dates to pay these taxes so it is best to check with the state government in which you reside to find the tax due dates that apply to you.

2020 Tax Brackets and Rates

In order to file your taxes in the appropriate way, the first thing that should be done is to understand whether or not you need to file taxes at all. The main factors that decide the need to file are an individual's age, yearly income, and marital status. 

Marital Status

Age (as of December 31st, 2019)

Must file an income tax return if 2019 income was

Single

Under 65

over $12,400

65 or over

over $14,000

Married and filing jointly

Both spouses under 65

over $24,800

Both spouses 65 or over

over $28,000

One spouse under 65

over $26,400

Head of a household

Under 65

over $18,650

65 or over

over $20,000

Widow or widower

Under 65

over $24,400

65 or over

over $25,700

If you’re not able to pay your taxes at the time they are due the IRS allows individuals to file Form 9465, Installment Agreement Request or Form 9465 (SP) (its Spanish version). This installment payment request gives individuals the option to have 120 days to collect the necessary funds to pay their tax bill.

Depending on how much an individual owes, they may be required to have an interview with an IRS representative to better understand the nature of the requirements and how the installment payments will be made. Any individuals who owe the IRS $50,000 or less may apply online for an installment agreement. 

First Quarter Tax Payments - January, February, and March

January 10th, 2020

Form 4070, Employee's Report of Tips to Employer is used to summarize and report any tips earned during the month of December. This form is due on the 10th of every month and summarizes income from tips for the previous month. If your tips were less than $20 for the month then no report is needed.

Form 4070A, Employee's Daily Record of Tips may be used to track the total number of tips earned.

January 15th, 2020

This is the due date for Form 1040-ES, Estimated Tax for Individuals. An individual may make a payment on their estimated tax for 2019 if they did not make a payment on their income tax for the year through withholding. However, this payment does not need to be made if you file your 2019 return (Form 1040 or Form 1040-SR) and pay any taxes due by January 31st, 2020.

Farmers and fisherman may also pay their estimated tax for 2019 by using Form 1040-ES. They have until April 15th to file their 2019 income tax return (Form 1040 or Form 1040-SR). If they do not pay their estimated tax by January 15th, they must file their 2019 return and pay any tax due by March 2nd, 2020, so that their estimated tax penalty is avoided.

January 31st, 2020

Individuals who didn't pay their last installment of estimated tax by January 15th may choose to file their income tax return (Form 1040 or Form 1040-SR) for 2019 by January 31st. If an individual files their return by this date this will prevent them from having any penalty on their last installment payment.

If you are not able to file your taxes by this date, you also have the opportunity to file by April 15th, 2020.

February 18th, 2020

Individuals that claimed an exemption from their income tax withholding last year on a W-4 Form they gave their employer must file a new W-4 by this date to continue your exemption for another year:

March 2nd, 2020 Farmers and fishermen need to file their 2019 income tax return using Form 1040 or Form 1040-SR and pay any necessary tax that is due. However, if needed you have until April 15th to file if you have paid your 2019 estimated tax by January 15th, 2020.

Second Quarter Tax Payments - April, May, and June

April 15th,  2020                                                                                                                                                

For individual tax returns, this is the 2019 tax day. File Form 1040 or Form 1040-SR and pay any necessary taxes due to the IRS.

If you had a household employee in 2019 and paid cash wages of $1,000 or more, Schedule H (Form 1040) needs to be filed.

Individuals, fishermen, and farmers must file Form 1040-ES and make an estimated tax payment.

If you would like to delay your payments past this date you may be able to get an automatic six-month extension to file your return, shifting the new due date to October 15, 2020. Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, must be filed and submitted by the regular date of the return in order to qualify for the extension.

June 15th, 2020

If you’re a citizen of the U.S. or resident alien working and living outside of the U.S. and Puerto Rico you may use Form 1040 or Form 1040-SR to pay any tax, interest, and penalties due.

Individuals may also use Form 1040-ES to make an estimated tax payment for 2019 if they’re not paying their income tax for the year through withholding.

This date is also the final date for U.S. citizens living abroad to file Form 4868 for an automatic 4-month extension

Third Quarter Tax Payments - July, August, and September

September 15th, 2020                                                  

At the third installment date for paying your estimated taxes in 2020, you may use Form 1040-ES to make an estimated payment if you’re not paying your income tax for the year through withholding.

Fourth Quarter Tax Payments - October, November, and December

October 15th, 2020                                                                 

This is the final date to file individual tax returns for 2019:

This is also the last day that the IRS will accept tax returns that are electronically filed for 2019. If you choose to file after this date, in order to have your return processed, you will have to have your return sent in my mail. 

 


2020 Business Tax Deadlines

Do you own a business? If yes, there are many dates and forms to keep your eye on. Use our 2020 tax calendar to keep up to date on all of the important business and corporate tax due dates so you don’t miss a thing.

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