While April 15 has been the due date for federal income tax for individuals for decades, it’s not only the due date for individuals but the quarterly estimated tax payment for businesses as well. The tax due date for S Corporations, on the other hand is March 15, 2020.
Keep in mind that those who will pay taxes for their S Corporations are still subjected to federal income tax for their personal earnings which the due date is a month later, April 15.
Due dates for all filers
Although the due date for filing taxes is March 15 for S Corporations, those who are single-member LLC or a sole-proprietor must file their taxes before April 15.
The U.S. has a pay-as-you-go income tax system, that’s why each worker must complete a W-4, Employee’s Withholding Allowance Certificate. While taxes are withheld from worker’s paychecks, those who own their business must pay their taxes on a quarterly basis.
Since there is nobody that can withhold taxes for you, both the IRS and your state’s department of revenue will require you to pay your taxes for each quarter. The biggest thing that you don’t want to miss out on is underpaying or missing the deadline. Both can make you being subjected to penalties.
Here are the quarterly due dates for 2020.
QET Due Dates 2020
- April 15, 2020
- for income earned in January, February, and March 2020
- June 17, 2020
- for income earned in April and May 2020
- September 16, 2020
- for income earned in June, July, August 2020
- January 15, 2021
- for income earned in September, October, November, and December 2020
Tax Extension Due Dates 2020
The due date for filing a tax extension is usually the due date for filing for that given year. So for individuals who wish to file a tax extension, the due date is April 15 which extends the duration of filing taxes till October 15.
However, S Corporations must file for an extension before March 15, 2020. This will give them time till September 16, 2020, to file their taxes.
Even if you file for an extension, you still have to pay your taxes. You can use a tax estimator to calculate how much you’re going to pay in taxes. Not paying will result in penalties and those penalties will inevitably increase if you keep not paying. If you can’t pay or struggling to pay, we strongly recommend keeping in touch with the IRS and ask if you can be put on a payment plan.