2020 Tax Filing Deadlines & Important Dates

2020 Tax Filing Deadlines & Important Dates

Tax season is here and deadlines are approaching. To avoid filling issues or penalties, it’s important for businesses to keep up with important tax fixing dates.

Below are the tax filing dates and other important dates for 2020:

  • Individual (1040/Schedule C)
    • Filing Deadline: April 15, 2020
    • Extension Deadline: October 15, 2020
  • Passthrough Entity (1120S/1065):
    • Filing Deadline: March 16, 2020
    • Extension Deadline: September 15, 2020
  • C Corporations
    • Filing Deadline: April 15, 2020
    • Extension Deadline: October 15, 2020
  • Trusts (1041)
    • Filing Deadline: April 15, 2020
    • Extension Deadline: September 30, 2020
  • Exempt Organizations (990):
    • Filing Deadline: May 15, 2020
    • Extension Deadline: November 15, 2020
  • Foreign Holdings Reporting
    • Filing Deadline: April 15, 2020
    • Extension Deadline: October 15, 2020

Helpful Tips For Saving Money During Tax Season

During this time, it’s beneficial to be proactive. Taking advantage of the following tips will present you with more opportunities to lower your tax liabilities.

1. Deliver Tax Documents Early

Even if you are missing the K-1 (which typically arrives late), it is important to deliver your tax documents early. This allows your CPA more time to present tax saving opportunities and answer any questions they may have about your documents.

2. Schedule a Meeting With Your CPA

Submit your documents in advance and schedule a 20-minute meeting with your CPA to review your completed 2020 tax return. This allows you to focus on the results and opportunities for the year, and therefore, you can get the most out of your consultation.

3. Complete Business and Rental Worksheets

In order to decrease turnaround time and save your CPA time, it is important to complete rental and business worksheets. The less time your CPA needs to work on your documents, the more money you will save.

Consult With Fisher P.A. Today

Have questions about your tax documents or the 2020 tax filing deadlines? Contact us at Fisher P.A. Our CPAs have experience in all areas of business accounting as well as business organizational tax structuring, managerial accounting and tax compliance on both federal and state levels. Our CPAs will answer any questions you may have and can offer you guidance that is customized to meet the requirements of your business, industry, and financial plans.

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