If you are running a business then it is a usual thing to feel overburdened at times. This happens a lot during the tax season. If you are responsible for taking care of the tax return filing of your business then you have a lot to do without any doubt. And always keeping a check on the income tax deadlines is one of the most important things you need to do. For your convenience, we have listed all the important dates month-wise that you might need to know to be a business owner.
January 2020:
- Wednesday, 1/15/2020:
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- Farmers and fishermen: Pay your estimated tax for 2019. Use Form 1040-ES.
- Pay the final installment of your 2019 estimated tax – use Form 1040-ES.
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- Friday, 1/31/2020:
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- Furnish Forms 1098, 1099 & W-2G to recipients for certain payments during 2019. Employers: Furnish Form W-2 to employees who worked for you in 2019 & File Form W-3, Transmittal of Wage & Tax Statements, with Copy A of Forms W-2 you issued for 2019.
- File Forms 940, 941, 943, 944 and/or 945 if you did not deposit all taxes when due.
- Applicable Large Employers provide Forms 1095-C to full-time employees; For all other providers of Minimum Essential Coverage, provide Forms 1095-B to responsible individuals.
February 2020:
- Monday, 2/10/2020:
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- File Forms 940, 941, 943, 944 and/or 945 if you timely deposited all required payments.
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- Tuesday, 2/18/2020:
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- File a new Form W-4 if you claimed exemption from income tax withholding in 2019.
- Furnish Forms 1099-B, 1099-S and certain Forms 1099-MISC to recipients.
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- Wednesday, 2/19/2020:
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- Begin withholding on employees who claimed exemption from withholding in 2019 but did not file a W-4 to continue withholding exemption in 2020.
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- Friday, 2/28/2020:
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- File paper Forms 1094-C and 1095-C with IRS if you are an Applicable Large Employer; For all other providers file paper Forms 1094-B and 1095-B with the IRS
- File Form 1096 with information returns, including Forms 1098, 1099 and W-2G for payments made during 2019.
March 2020:
- Monday, 3/2/2020:
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- Farmers and fishermen: File Form 1040 and pay any tax due. However, you have until Apr 15 to file if you paid your 2019 estimated tax payments by Jan 15, 2020.
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- Monday, 3/16/2020:
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- Foreign Trusts with a U.S. Owner: File calendar year Form 3520-A. For automatic 6-month extension, file Form 7004.
- Withholding Agent: File Form 1042 for calendar year. Request an automatic 6-month extension of time to file Form 1042 by filing Form 7004.
- Withholding Agent: File Forms 1042-S & furnish copy to income recipient. Request automatic 30-day extension by filing Form 8809. A separate request required for 30-day extension to provide Forms 1042-S to recipients.
- Partnerships: File Form 1065 and furnish a copy of Sch. K-1 to each partner. For automatic 6-month extension, file Form 7004.
- S Corp: File Form 1120S for calendar year & pay any tax due. Furnish copy Sch. K-1 to each shareholder. For automatic 6-month extension, file Form 7004 & deposit estimated tax. File Form 2553 to elect S Corp status beginning with calendar year 2020.
- Partnerships: File Form 8804 and Forms 8805 for a calendar year entity. For automatic 6-month extension, file Form 7004.
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- Tuesday, 3/31/2020:
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- Electronically file Forms W-2G, 1097, 1098, 1094-C, 1094-B, 1095-B, 1099, 3921, 3922 and 8027.
April 2020:
- Wednesday,4/15/2020:
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- Withholding Agent: File Forms 1042-S if you timely requested a 30-day extension. Furnish Forms 1042-S to recipients if you timey requested a 30-day extension.
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- Thursday,4/30/2020:
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- Employers: File Form 941 for the first quarter.
- Deposit FUTA tax owed through Mar if more than $500.
May 2020:
- Monday,5/11/2020:
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- File Form 941 for the first quarter if you timely deposited all required payments.
July 2020:
- Wednesday,7/15/2020:
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- Partnerships: File Form 8813 installment payment vouchers and pay any tax due.
- Form 1120-F filers: Due dates can vary for Form 1120-F filers, depending on if the foreign corporation has a U.S. place of business and on the year-end of the foreign corporation. Please see instructions.
- Corporations: File Form 1120 for calendar year and pay any tax due. For automatic 3-month extension, file Form 7004 and deposit first and second installments of estimated tax.
- Partnerships: File Form 8804 and Forms 8805 for a calendar year partnership that keeps its records and books of account outside the United States and Puerto Rico.
- Estates and Trusts: File Form 1041 for calendar year entities and pay any tax due.
- Friday,7/31/2020:
- Deposit FUTA owed through June if more than $500.
- File Form 941 for the second quarter.
August 2020:
- Monday,8/10/2020:
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- File Form 941 for the second quarter if you timely deposited all required payments.
September 2020:
- Tuesday,9/15/2020:
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- Corporations: File calendar year Form 1120S if you timely requested a 6-month extension.
- Partnerships: File calendar year Form 8804 and Forms 8805 if you timely requested a 6-month extension.
- Partnerships: File calendar year Form 1065 if you timely requested a 6-month extension.
- Corporations: Deposit the third installment of your 2020 estimated tax.
- Partnerships: File Form 1065 if you timely requested a 6-month extension.
- Partnerships: File Form 8813 quarterly payment voucher and pay any tax due.
October 2020:
- Thursday,10/15/2020:
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- File calendar year Form 1120 if you timely requested an extension.
November 2020:
- Monday,11/2/2020:
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- Deposit FUTA owed through Sep if more than $500.
- File Form 941 for the third quarter.
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- Tuesday,11/10/2020:
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- File Form 941 for the third quarter if you timely deposited all required payments.
December 2020:
- Tuesday,12/15/2020:
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- Corporations: Deposit the fourth installment of your 2020 estimated tax.
- Partnerships: File Form 8813 quarterly payment voucher and pay any tax due.