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3/9/2020

Important business tax deadlines for 2020

UPDATE: The IRS has extended the federal income tax return filing deadline to July 15, 2020 for individual tax returns and several types of business tax returns. We have updated this article to include the most recent information. Visit the IRS website for the latest tax news.

As a business owner, you have a full plate. Your calendar is filled with all the time-sensitive tasks and decisions you make on a daily, weekly and monthly basis. Whether you have to schedule business meetings, renew permits or gear up for your next trade show, there are many dates to keep track of. Some of the most essential ones at this time of year specifically relate to taxes.

Want to stay organized? Our list of 2020 business tax deadlines can help you plan for the months ahead.

Business tax return due dates

Income tax return deadlines and the IRS forms required differ based on your business classification. The following are the deadlines for filing your 2019 business tax returns:

  • Partnerships and multi-member LLCs - March 16, 2020 (IRS Form 1065 and Schedule K-1)
  • S-corporations - March 16, 2020 (IRS Form 1120S and Schedule K-1)
  • Sole proprietorships and LLCs taxed as a disregarded entity - July 15, 2020 - (Schedule C along with your personal tax return)
  • C-corporations - July 15, 2020 - (IRS Form 1120 and Schedule K-1)

Filing an extension

Need more time to file your taxes? You can request an extension up until the day your taxes are due. An easy and fast way to request an extension is through an authorized e-file provider.1 If the IRS approves your request, you can file later without paying any penalties. But remember, the extension granted is for filing and does not affect your payment responsibilities. You will typically have to pay any taxes you owe by the original deadline.

To file an extension, sole proprietors and owners of single-member LLCs taxed as a disregarded entity should use Form 4868. Corporations, LLCs and partnerships should use Form 7004.

If you do request an extension, your new deadline will be:

  • Partnerships and S-corporations: Sept. 15, 2020
  • Sole proprietorships, C-corporations, and LLCs taxed as a disregarded entity: Oct. 15, 2020

Estimated quarterly tax payment due dates

Self-employed? If you’re a sole proprietor, partner, LLC member or independent contractor and pay estimated taxes, quarterly tax payments are due by the following dates:

  • First-quarter estimated tax payments: July 15, 2020
  • Second-quarter estimated tax payments: July 15, 2020
  • Third-quarter estimated tax payments: Sept. 15, 2020 
  • Fourth-quarter estimated tax payments: Jan. 15, 2021
  • Estimated tax for a C-corporation in Q4 would be Dec. 15, 2020

Visit IRS.gov for more information about quarterly estimated tax payments.2

Due dates for reporting quarterly payroll taxes

Do you have employees? The IRS requires you file Form 9413 to report the amounts of federal income taxes and other payroll taxes you have been withholding from your employees during the past quarter. Submit your quarterly forms in by:

  • First-quarter: April 30, 2020
  • Second-quarter: July 31, 2020
  • Third-quarter: Nov. 2, 2020
  • Fourth-quarter: Feb. 1, 2021

Managing taxes is a year-round priority for small businesses. The IRS has an online calendar4 featuring a complete listing of tax-related due dates for businesses and self-employed individuals. Create calendar reminders for your applicable deadlines to help you stay on track.

And if you’d like to pay your taxes while maintaining your cash flow, consider a working capital loan. Our financing options are designed to help you move your business forward – even during tax season.

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