Filing your taxes can seem like a maze of dates and forms. Get one wrong, and you’ve wasted a lot of time and may have incurred late fees.
We’ve put a simple guide together to help you navigate the forms and their related due dates. The following dates are based on the tax year 2019, coming due in 2020.
The main tax deadline for personal taxes is updated to Wednesday, July 15, 2020.
Update: Trump announced that the IRS is going to move the tax deadline in 2020 to July 15, 2020. This is a change from the previous announcement where only payments were delayed,
We also included the estimated tax deadlines for 2020, since making estimated tax payments can always be annoying.
Annual Tax Filing
Individuals and Families - Annual personal income tax filings (Form 1040) are due on Wednesday, July 15, 2020. The majority of people file a 1040.
Note: For 2020, President Trump delayed the tax refund filing and payment deadline to July 15, 2020. No interest will accrue on late payments until July 16, 2020. See the IRS rules here.
Corporations (including S and C Corps) - C corporations (Form 1120) also file on July 15. S corporations (Form 1120S) and partnerships (Form 1065) file on March 15.
Estimated Tax Deadlines For 2020
Note: There is pending legislation that may move all of these deadlines to October... it's an evolving situation so stay tuned.
Payments for estimated taxes are due on four different quarterly dates throughout the year:
- 1Q — April 15 (this has been delayed until July 15, 2020 as well)
- 2Q — June 15 (this has also been delayed un July 15, 2020)
- 3Q — September 15
- 4Q — January 15 of the next year
Federal estimated taxes can be paid at https://www.irs.gov/payments. Estimated state taxes can be paid through most state department of revenue websites. If not, you may need to mail in your payment.
Estates and Trusts
Estates and trusts file Form 1041. This is also due on July 15, 2020.
Extended returns have different filing dates depending on the type of tax form being filed:
- Form 1065 extended return — September 15
- Form 1120S extended return — September 15
- Form 1041 extended return — September 30
- Form 1120 extended return — October 15
- Form 1040 extended return — October 15
Filing Your Taxes
Where and how should you file your taxes? Most tax software will handle annual income tax filings and extensions. Check here for the best tax software.
Note that some of the free tax filing software may not offer as much customer service as paid versions. If you want specific questions answered or need guidance from a real person, be sure to check that those services are offered with the software.
If your taxes are fairly simple, filing online or through tax software is not difficult and will save your money. If your taxes are on the more complex side or you just don’t want to deal with filing, you’ll need to hire a tax professional, which will be more costly.
Tax professionals can be found locally, or you can visit any of the large tax brands such as H&R Block. Both have physical locations that allow you to speak to someone in person and have your questions answered.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.