When is tax season?

When is tax season

When is tax season

Tax season is basically all year round depending on the type of filer that you are. You can look at the IRS publication 509 for all the statutory due dates in 2020.

When Does Tax season start

If you are a calendar year filer tax season starts every year on January 1.

What date does tax season start?

The tax season starts January 1st. The IRS began accepting returns on January 27, 2020.

What tax season are we in?

We are in the 2020 tax season but that does not mean you should be filing your 2020 federal income tax return. All that means is that it is the 2020 tax year for paying your estimated taxes.

When is tax return season? If you are filing your tax return, you are most likely filing it for the past year which means we are currently filing the 2019 tax year.

The tax year for 2019 ended on December 31, 2019. This means that we are in the 2019 tax return season.

You can file your return any time after January 1st as long as the IRS is accepting returns. This year the IRS began accepting

2020 IRS Deadlines

2020 tax season

2020 tax due dates

Individuals

1040 for individuals – they say that for individuals tax returns are due on the 15th day of the 4th month after your tax year. What this means is that your personal tax return will be due on April 15, 2020 unless other exceptions apply. You can also extend your tax return, but you must pay your estimated tax by April 15th still. In order to extend your return, you need to file Form 4868.

The individual deadline has been updated to July 15, 2020 due to Covid-19/coronavirus.

If you do extend your individual tax return, the due date for your form 1040 is October 15, 2020.

Partnerships

Partnership returns are due on the 15th day of the 3rd month after the partnership’s tax year. This means that most partnership returns are due on March 15th unless other exceptions apply. Since the 15th is on the weekend this year, the partnership return is due on March 16th this year.

The partnership form is a 1065.

Partners in partnerships receive K-1’s for their investment which has tax information on it. Partnerships must also provide their partners with K-1’s by the 15th day of the 3rd month after the end of their tax year.

This means that K-1’s are also due on March 16, 2020.

S Corporation

S Corporation returns are due on the 15th day of the third month of the S corporations tax year. Since March 15th is on the weekend this year, the S corporation return is due on March 16. The S Corporation form is an 1120-S.

Corporations

For corporations, tax returns are due on the 15th day of the 4th month after the end of their tax year.

This date has been extended to July 15, 2020 due to the coronavirus.

If you choose to extend your return, there is a 6 month extension available. To elect the 6 month extension, you must file form 7004. If you choose to extend your return, you return will be due October 15.

2020 Estimated tax due dates (2020 Tax season)

April 15, 2020 – due date for the first installment of estimated tax for individuals. You are supposed to use Form 1040-ES to calculate your estimated tax. The IRS also recommends using publication 505 for further guidance. This is also the due date for corporations to pay their estimated tax. The IRS says to use form 1120-w to pay estimated tax.

This date has been extended to July 15, 2020 due to the coronavirus.

June 15, 2020 – Your second installment of estimated income tax is due on this date for corporations and individuals. Individuals are told to use 1040-ES to pay their quarterly estimated tax while corporations are told to use 1120-w.

September 15, 2020 – The third installment of estimated income tax is due for corporations and individuals. Individuals are told to use 1040-ES to pay for their quarterly estimated tax while corporations are told to use 1120-w.

December 15,2020 – The fourth installment of estimated tax is due for corporations and individuals.

Make sure to check with your accountant about when your taxes are due.

2020 Tax Season Estimate InstallmentDue Date
1st installmentMarch 16, 2020
2nd installmentJune 15, 2020
3rd installmentSeptember 15, 2020
4th installmentDecember 15, 2020