Last Day to File Business Taxes 2020
When running a business, filing taxes is not as easy as it is for employed people. There are several tax deadlines that you should be aware of. Failure to meet your company’s tax deadlines may cost you additional money later. Let’s look at some of the most important dates to consider business taxes. So now we will talk about the last day to file business taxes 2020.
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Business tax deadlines
When you have a business, there are three main deadlines to know. The following dates apply to the year 2020.
- January 31. You must submit all your W-2 and 1099 forms by the last day of January. Form W-2 is sent to employees and 1090 to independent contractors. Copies of W-2 must also be submitted to the IRS.
- February 29. The last day of February, which is February 28 when there is no leap year, is the deadline for companies to submit 1099 league forms. This type of form includes 1099-DIV, 1099 MISC, and 1099 INT. If you file your 1099 electronically, you have extra time. Businesses must submit Form 1096 before this deadline.
- April 1 if you file your 1099 electronically, the deadline is April 1.
Tips for Filing Your Taxes Properly and Timely
Here are some points to keep in mind when preparing to file your business taxes:
- Most companies and freelancers are required to submit estimated quarterly taxes. These deadlines are April 15, June 15, September 15 and January 15.
- Make sure you understand the difference between employees and independent contractors to submit the correct forms.
- Keep good records of deductible expenses, including transportation and home office deductions.
- If you are a sole proprietor, be aware that the self-employment tax, including Social Security and Medicare, may be considerable.
- Use reliable accounting software to make it easy to track your taxes and expenses.
- If you are unsure about something, consult a qualified CPA or tax attorney. Making mistakes on your taxes may cost you more in the long run.
Federal special tax requirements for small businesses
Federal indirect taxes apply to several different products and industries. Presentation requirements vary depending on the nature of your business.
• Form 720, Quarterly Federal Tax Return, applies to retailers, manufacturers, communications companies, and travel services. It is presented quarterly, with expiration dates this year falling on April 30, July 31, October 30, and January 29, 2021.
• Companies that accept bets must file Form 11-C, the Labor Tax and the Registration Statement for bets, before accepting any bets, and Form 730 for each month thereafter.
• Companies operating large highway vehicles must file Form 2290 before the last day of the vehicle’s first month of service. For subsequent filings, the excise period begins on July 1 and ends on June 30.
Income tax returns for companies
If your business is classified as a partnership or an S corporation, you must file your tax return on March 16 or the 15th day of the third month after the end of your organization’s fiscal year. Partnerships must complete Form 1065, which is used to generate an income statement from Schedule K-1 for each partner. For S corporations, Form 1120S is required to prepare Schedule K-1. S Partnerships and corporations can request a six-month extension by filing a Form 7004 along with a deposit equal to the estimated tax amount due. In this case, the annual tax return with interest and penalties will expire on September 15.
Corporate tax returns
Businesses have until April 15, 2020 to file corporate tax returns on income received in 2019. Businesses can use Form 1120 or request a six-month extension by filing Form 7004 and submit a deposit on the amount of estimated tax due. The first estimated quarterly tax payment of the year is also due on this date. If your business requests an extension, you have until October 15 to file your tax return using Form 1120. You will have to pay fines, interest, and any remaining taxes at that time.
Before you go, I hope this article with tips on the last day to file business taxes 2020 is helpful for you.