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When are taxes due? Updated for 2020 extensions
Most taxpayers have until July 15, but this could vary depending on your situation.
Tax deadlines vary depending on the type of tax return you file. Here’s a quick rundown of when you can expect to pay taxes this year — and tips on what to do if you miss the deadline.
Tax filing and payment deadline extended due to COVID-19
The Internal Revenue Service (IRS) has extended the deadline for federal tax returns — filings and payments are now due on July 15, 2020. Tax payments are interest- and penalty-free if you pay by July 15. The same deadline applies to filing a federal tax extension. If approved, the extension pushes your filing due date back to October 15.
State tax filing extensions and penalty waivers
Typically, state tax returns and payments are due April 15 — though some states, have longer deadlines.
Some states are extending tax filing deadlines and waiving penalties waivers to residents, according to US News and the American Institute of Certified Public Accountants, and more states are expected to follow.
As of March 30, 2020, the following states are offering tax extensions or penalty waivers to residents affected by the coronavirus pandemic:
Tax deadlines due for 2019 returns
Generally, federal taxes are due in the spring and extensions are due in the fall. But the specific dates depend on the type of tax return you file.
|Type of tax return||Filing deadline||Extension deadline|
|Individual income tax returns||July 15, 2020||October 15, 2020|
|Partnership returns||March 16, 2020||September 15, 2020|
|Estates and trusts income tax return||July 15, 2020||October 15, 2020|
|Gift tax returns||July 15, 2020||October 15, 2020|
|C-corporation tax returns||July 15, 2020||October 15, 2020|
|S-corporation tax returns||March 16, 2020||September 15, 2020|
|Foreign bank account returns||July 15, 2020||October 15, 2020|
An extension to file doesn’t extend the due date for taxes you owe. If you’re granted an extension until September 15 or October 15, any federal taxes you owe are still due on March 16 or July 15.
When are quarterly estimated taxes due?
If you’re self-employed or work as an independent contractor, you’ll need to make quarterly estimated payments. This is because payroll taxes aren’t withheld from your paycheck as they are in a W-2 job.
If you’re expected to owe at least $1,000 in federal taxes and you fail to make quarterly estimated payments, you’ll incur penalties and interest charges. Here’s a breakdown of when those payments are due:
|If you earned income during these months…||…taxes are due on|
|January, February, March||July 15, 2020|
|April, May, June||June 15, 2020|
|July, August, September||September 15, 2020|
|October, November, December||January 15, 2021|
What happens if I miss my tax deadline?
The type of penalty you’ll pay depends on your circumstances. The chart below breaks down two common penalty types and how much you could owe:
|Penalty type||What it means||Penalty amount|
|Failure to file||You didn’t file your tax return by the original or extended due date||If filed within 60 days of deadline:
If filed after 60 days of deadline:
|Failure to pay||You didn’t pay your taxes in full by the original due date||0.5% each month the tax goes unpaid, up to 25% of the total owed|
The key to reducing your penalties and interest is to file and pay your federal taxes as soon as you can. If you wait to pay and file past the deadline, you could pay a penalty equal to 47.5% of the tax due — a 22.5% late filing and a 25% late payment penalty.
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How do I find out how much I owe in taxes?
Taxpayers who file their returns before the July 15 deadline will know how much they owe as soon as they complete their form. Those who request an extension need to estimate their payments beforehand.
There are two main ways to estimate your tax payment. You can use an online calculator from a tax software company’s website, such as TurboTax or H&R Block. Or, you can use last year’s return to estimate your payment if your tax situation hasn’t changed.
Are there ways to reduce my penalties and interest?
The IRS offers several payment and relief options for those who can’t pay back all or part of their taxes.
If you’re behind on paying your federal taxes, the IRS offers two types of installment plans. You can set up these plans either online, by phone, mail or in person.
|Payment plan||Eligibility||Payment term||Fees|
|Short-term payment||Individual filer and owe up to $100,000 in combined tax, penalties and interest||Within 120 days||
|Long-term payment||Individual filer and owe $50,000 or less in combined tax, penalties and interest.||More than 120 days||
Here’s a breakdown of two relief options offered by the IRS, along with eligibility requirements.
- Reasonable cause. If you’ve experienced some type of hardship — such as a death in the family, natural disaster or medical trauma — you can fill out IRS Form 843 and apply for a penalty refund for taxes paid in the past one to three years. You’ll need to provide thorough documentation to support your claim. If the IRS denies your request, you can make an appeal.
- First-time penalty abatement. The IRS may waive penalties if you meet these three requirements: you filed your tax return on time, you’re current on your tax bill or have a payment plan in place and you haven’t had any penalties in the past three years.
Your tax deadline depends on your return type and whether you filed for an extension. If you owed taxes and missed your deadline, explore your payment and relief options. Then, make a plan to pay them off as soon as possible.
Trying to decide whether you should file your taxes through an online software or professional? Explore our guide on how to file your taxes.
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