2020 Tax Deadline: When Are Tax Returns Due This Year?
The April 15 deadline for filing your 2019 federal income tax return (and paying taxes) has been moved back...but the new due date is approaching fast!
Attention all procrastinators: The deadline for filing your 2019 federal income tax return, and paying any tax owed, is approaching fast! The due date is now July 15, 2020, which is right around the corner.
The deadline was pushed back from April 15 to help taxpayers, and tax preparers, impacted by the coronavirus pandemic. Penalties and interest won't apply if you file and pay any tax due before the extended deadline. (For other government changes and programs in response to the pandemic, see 11 Ways the CARES Act and Other Government Measures Could Help You in 2020.)
Have Your Tax Refund Directly Deposited into Your Bank Account
If you're expecting a refund, e-file your 2019 tax return and opt to have your refund deposited directly into your bank account to get it sooner. The IRS can process electronic returns and refunds much faster than it can handle paper returns and checks.
Other Tax Deadlines Extended
The IRS pushed back a whole host of other tax deadlines, too. So, you also have until July 15 to file returns and pay taxes for:
- Estimated taxes covering the first and second quarters of 2020;
- Self-employment taxes owed by sole owed and others; and
- Estate, gift and generation-skipping transfer taxes.
You now have until July 15 to make IRA contributions for 2019, too. However, be sure that you tell your IRA custodian to apply the contribution to the 2019 year.