Important Tax Dates – Know Your Options
March 16, 2020 – This is the deadline to file your S Corp (Form 1120S) and/or Partnership (Form 1065) tax return for calendar year taxpayers. This is also the deadline to request an automatic 6-month extension (using form 7004) if you are not prepared to file your 1120S and/or 1065 return. No late filing penalty applies.
April 15, 2020 (NOW July 15, 2020 due to COVID-19) – This is the deadline to file your Individual tax return (Form 1040). This is also the deadline to request an automatic 6-month extension (using form 4868) if you are not prepared to file your 1040 return.
April 15, 2020 – This is the deadline to file your C Corporation tax return (Form 1120) for calendar year taxpayers. This is also the deadline to request an automatic 6-month extension (using form 7004) if you are not prepared to file your 1120 return.
May 15, 2020 – This is the deadline to file your Tax-exempt Corporation tax return (Form 990) for calendar year taxpayers. This is also the deadline to request an automatic 6-month extension (using form 8868) if you are not prepared to file your 990 return.
September 15, 2020 – You may still be able to timely file your S Corp (Form 1120S) and/or Partnership (Form 1065) tax return if you file by this date. This due date applies only if you timely requested an automatic 6-month extension to file the appropriate business tax return. If you did not timely request an automatic 6-month extension you can still file the tax return but it will be considered a late filing.
October 15, 2020 – You may still be able to timely file your Individual (Form 1040) tax return if you file by this date. This due date applies only if you timely requested an automatic 6-month extension to file your individual 1040 tax return. If you did not timely request an automatic 6-month extension you can still file your tax return but it will be considered a late filing. Any tax, interest, and penalties are due for payment at this time.
October 15, 2020 – You may still be able to timely file your C Corporation (Form 1120) tax return if you file by this date. This due date applies only if you timely requested an automatic 6-month extension to file the appropriate business tax return. If you did not timely request an automatic 6-month extension you can still file the tax return but it will be considered a late filing. Any tax, interest, and penalties are due for payment at this time.
November 16, 2020 – You may still be able to timely file a Tax-exempt Corporation (Form 990) tax return if you file by this date. This due date applies only if you timely requested an automatic 6-month extension to file a tax-exempt corporation tax return. If you did not timely request an automatic 6-month extension you can still file the tax return but it will be considered a late filing.
Now, having said that, here’s what you need to know:
• A failure to file penalty can be very expensive but the good news is that it is completely avoidable
• A failure to pay penalty is not avoidable but the good news is that it does not have to be expensive
Know your options; know your tax situation. Call Sanz Virtual Enterprise at 404-200-1110 or email us at info@sve-accountingandtaxes.com for a free consultation and schedule an appointment to get your taxes done today!
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