With the start of the new year, the next tax season is coming closer. Below are the key 2020 tax deadlines you need to know for your 2019 tax filings. If you are looking for help with this, check out these tips to find the best expat tax accountant for your situation.
Tax deadlines for Individuals
- Initial Apr 15 – Due date for individual returns. This is also the date interest starts accruing for any tax you owe, even if you file an extension. You should make an estimated payment by April 15 to avoid interest if you can’t file yet by that date.
- Expats Jun 15 – Expats living abroad get an automatic 2 months extension to file. Interest still starts accruing on April 15.
- Extended Oct 15 – The final deadline to file for those individuals who requested an extension.
If you paid independent contractors over a certain threshold, you must provide them with a Form 1099. As freelancer, you should receive Form 1099 from your clients.
- Jan 31 – Deadline to send Form 1099 to contractors
Tax due dates for Sole Proprietor and Single-member LLC
Sole proprietors and single-member LLCs pass income through to the person running it and therefore have the same due dates as for individuals.
The business income is reported on Schedule C, as part of the individual tax return.
Likewise, if you are a foreign business owner and you use Form 5472 to file your taxes, your deadlines are the same as for individuals.
Tax due dates for Multi-member LLC
Multi-member LLCs are taxed as partnerships. See below for partnership tax due dates.
Tax due dates for Partnership & S Corporation
Partnership on a calendar year and S Corporation:
- Initial Mar 16 – Due date for Form 1065 with Schedule K-1 for partnerships and Form 1120S with Schedule K-1 for S corporations.
- Extended Sep 15 – The final deadline for partnerships and S corps that filed for an extension.
For partnerships with a different tax year, tax returns must be filed by the 15th day of the third month after the tax year end date.
S Corp election date
- Mar 16 – Last day to file Form 2553 to elect to be treated as an S corporation for the 2019 calendar year. (Learn here if a LLC or S corp is more beneficial.) Alternately, you can also elect to be treated as an S corporation within 75 days of incorporating your business.
Tax due dates for C Corporations
Deadlines for filing corporate tax returns (Form 1120):
- Initial Apr 15 – If the corporation’s fiscal year ends on December 31. If the fiscal year end is different from Dec 31, tax due date is the 15th day of the 4th month after year end.
- Extended Oct 15 – Final deadline if you requested a 6-month extension with Form 7004.
Tax deadlines for Quarterly Estimated Payments
When tax payments are not automatically withheld each month, e.g. for the self-employed, estimated tax payments must be made quarterly to avoid penalties.
- Jan 15, 2019 – Last estimated tax installment for 2019 tax year
- Apr 15, 2019 – 1st payment for 2020
- Jun 15, 2019 – 2nd payment
- Sep 15, 2019 – 3rd payment
- Jan 15, 2020 – 4th payment
Tax due dates for FBAR (FinCen Form 114)
Foreign bank accounts must be reported if they meet certain requirements.
- Initial Apr 15 – FBAR is filed separately from the tax return but has the same due date as individual tax returns.
- Extended Oct 15 – If you fail to file by April 15th, the FinCen will grant an automatic extension to Oct 15.
State tax deadlines
Depending on your former home state, you may have to file a state tax return. Please check any state you have to file in. Not all state tax calendars align with the federal 2020 tax deadlines.
Don’t wait until the last minute
Get ready early for the next tax season to avoid penalties, interest and stress. Many good expat tax accountants get incredibly busy in the weeks leading up to the deadlines. If you need help filing your expat tax return or business return, schedule a free consultation with us.