Even though we are still at the beginning of the year, tax season is quickly approaching! While it is best to file taxes as soon as you can, you still need to know the specific deadlines for filing your 2020 tax return. Due to the Coronavirus pandemic, the stimulus checks, and the unemployment payments the Internal Revenue Service (IRS) has made a few changes. Continue reading to mark these important tax dates on your calendar!
January 31st - Companies Releasing W-2s
Employers are required to give their previous and current employees their W-2 forms. W-2s can be sent physically through the main or available electronically so be sure to contact the employer if you have not received it by January 31st.
February 12th - First Date the IRS is Accepting Tax Returns
Typically, tax season begins in late January but this year it will begin in mid-February. On February 12th, the IRS will start accepting and processing tax returns. Most individuals and families will fill out a Form 1040. The quicker you file, the quicker you could get a return!
April 15th - Individual Federal Income Tax Electronic Return Deadline
If you plan on sending a paper return, you will have to send it out a few days before April 15th. It is crucial to be on-time with your tax return so be sure to make yourself aware of the deadline!
April 15th - Estate and Trust FIling Due Date
Estate and Trust tax filing have the same deadline as personal federal income tax returns. You will have to fill out a Form 1041 to file.
April 15th, July 15th, September 15th, and January 15th - Tax Payments Due for the 2020 Tax Year
These quarterly dates are the payment deadlines of estimated taxes throughout the year. Federal taxes can be paid on the IRS website and state taxes can typically be paid through the states’ department of revenue website.
October 15th - Last Day to Electronically File Returns with an Extension
If you applied for an extension on your tax return, October 15th is your last day to electronically file. The extension only applies to filing the actual return, not the payment on the taxes you owe to the IRS.
No Deadline - Contacting Your Financial Advisor
Be sure to contact your financial advisor about any tax questions you may have! This will allow you to file your tax return correctly and the best ways possible. Also discuss with your advisor how you can prepare for next year’s tax return.
LifeBridge Financial Group would be happy to assist you with your taxes. Tax season can be stressful, but we are here to help! If you have not already scheduled a meeting with us, visit our website here and give us a call at (713) 527-8998.