When is the Last Day to File for Taxes?
If you are expecting a refund, file your 2019 tax return and choose to deposit your refund directly into your bank account to receive it sooner. The IRS can process electronic returns and refunds much faster than it can handle paper returns and checks. So now we will talk about when is the last day to file for taxes.
Important income tax deadlines for 2020
The official tax deadline for filing your federal tax return each year can be a little daunting. Yes, it is expected to be April 15, unless something interferes with that time, such as the date of a weekend or the festive fall. Tax deadlines carry over to the next business day when they fall on a Saturday, Sunday, or legal holiday. Here are other important deadlines that may affect you this year.
However, this will not happen in 2020 when you file your 2019 tax return. April 15 falls on a Wednesday and is not a holiday, so April 15 is actually the filing deadline for your personal tax returns. 2019, 2020.
Due to the recent health concerns the Treasury and IRS are delaying tax payments for individuals that owe under $1 million. There is a 90-day extension to the dead. This is good news for millions of people who need to complete their tax returns. If you need to get a tax refund you can still do that and the average tax refund was a substantial $3,012.
2020 calendar year deadlines for 2019 returns
Return times are almost always in the spring, and extensions are available until fall:
- Individual tax returns: April 15 falls on a Wednesday 2020, when you file your 2019 tax return, and it is not a holiday, so the filing date for the 2019 personal tax return is April 15, 2020 to in fact. The Tax Service began processing these tax returns on January 27, 2020.
- Estimated Tax Payments for Fiscal Year 2019 (IRS Form 1040) – were due in 2019 on April 15, June 15, and September 15. They are mainly paid during the fiscal year for which they apply. An exception is the fourth and last estimated payment for fiscal year 2019. Due on January 15, 2020.
- Partner Returns (IRS Form 1065) – Must be submitted by March 16, 2020. Extended deadline is September 15, 2020.
Related To When is the Last Day to File for Taxes?:
Estate and Trust Tax Returns (IRS Form 1041) –
Must be filed by April 15, 2020. Additional time may be requested by filing Form 7004.
- Gift Tax Returns (IRS Form 709): Must be filed by April 15 of the year after the date the gift is made. If a federal tax return extension is requested, this date also automatically extends until October 15.
- C corporation income tax returns (IRS Form 1120): Must be filed on April 15, 2020 for C corporations operating in a calendar year. The extended deadline is October 15, 2020. The deadline for the return of C corp is the 15th day of the fourth month after the end of the corporation’s fiscal year if the corporation operates in a fiscal year instead of one year. Calendar.
- S Corporation Statements (IRS Form 1120-S): These returns are due on March 16, 2020 to corporations in one calendar year. The extended deadline is September 15, 2020. The deadline for returns for S corp and partners after the end of the fiscal year is the 15th of the third month if they are in a fiscal year other than a calendar year.
- Foreign Bank Account Reports (IRS FinCen Form 114) – These reports are due on April 15, 2020. The extended deadline for Form 1040 is October 15, 2020.
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What happens if you miss it?
You are likely to face a financial penalty if you only incur an additional interest charge, if you do not file your return, and any payments due on the due date. But the IRS must accept your money and tax return and finalize it unless there is another problem.
How to file electronically
You can also file your late return if you have not missed that deadline. Most taxpayers can file an electronic return on IRS Free File, but only if their income is less than $ 69,000. Other rules imposed by individual software providers participating in the Free File Alliance may also apply. The IRS will accept electronic filing statements until November. It will announce the exact date in November sometime in October 2020.
Before you go, I hope this article summing up when is the last day to file for taxes is helpful for you.