Now that 2020 is in full swing, it’s time to think about taxes. Wondering when various forms and returns are due for the 2019 tax year? You’ve come to the place. Below, we’ve created a handy chart that outlines critical tax deadlines for both individuals and businesses. If you familiarize yourself with the deadlines that apply to you early on, you’ll find tax season to be far less stressful.
Due Dates for Estimated Tax Payments
Do you own a business, work for yourself, or earn money in a side hustle? If so, you may be on the hook for estimated tax payments every quarter. Essentially, if you don’t have taxes taken out of your paycheck, you’re responsible for these tax payments four times a year. Here’s an overview of when they’re due.
What Happens If You Miss a Deadline
If you miss a deadline, you may be hit with a failure-to-pay penalty. This penalty may cost you up to 25% of your unpaid tax. The IRS will charge you a minimum of $210 or 100% of the tax you owe (whichever is less) if your return is more than 60 days past its due date.
The good news, however, is that the IRS will accept your tax return and money even if you submit it late. In the event life happens and you haven’t taken care of your taxes on time, visit IRS Direct Pay and have any payments you owe withdrawn from your account. This way the IRS won’t have to wait until your money comes via snail mail and can receive it as soon as possible.
Why File Early
While it may be tempting to procrastinate on your taxes, there are a number of benefits to filing early. If the IRS owes you a refund, you can receive your money faster by filing electronically before the deadline. You may have to wait much longer if you send in a paper return the day it’s due. In addition, you can significantly reduce your risk of being a victim of tax return identity theft and give yourself extra time to gather your financial information and figure out your deductions.
Need assistance with your 2019 taxes? Or, want to ensure you don’t miss a deadline? Contact us today!