New Year, New Tax Dates? Important Dates for 2020.
Celebrations have finished. The new year is here. Now it is time to get back to business. One important consideration when transitioning back to work after the holiday season: tax dates. Due dates will vary depending on the tax form in question. This piece will focus on two of the more common forms, the individual tax return and estimated tax payments for small businesses.
Important due dates for individuals
Individual income tax returns are due on Wednesday, April 15, 2020. Taxpayers can reduce the stress that often accompanies this due date by getting their paperwork in order.
In many cases, particularly for those who have complicated assets like business interests or foreign accounts, it is helpful to seek professional assistance when filing tax returns. A failure to properly file can result in hefty penalties. Taxpayers can reduce this risk by engaging a professional’s services.
Those who find themselves facing an unmanageable tax bill have options. Depending on the details of the situation, an installment agreement or offer in compromise could result in a more manageable payment plan.
Important due dates for small businesses
Taxpayers who run their own businesses, like a sole proprietor or partnership, should take proactive measures to make sure their tax obligations are met. Simply waiting and dealing with tax obligations at the end of the year is not wise. This approach is likely to result in a hefty penalty. Instead, businesses should plan on making tax payments to the IRS on the following dates:
- Wednesday, April 15, 2020
- Monday, June 15, 2020
- Tuesday, September 15, 2020
- Friday, January 15, 2021
The IRS will generally consider the payment on time as long as the business gets the estimated tax payment postmarked by the due date.
If you have questions or concerns regarding tax due dates, contact Frost Law at 410-497-5947.
