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2020 Tax Dates

Confused about when taxes are due? Here’s the scoop. 

In response to the COVID-19 pandemic, the IRS has extended the 2019 tax deadline to July 15 in 2020. Knowing when and what you have to file can save a lot of headaches at tax time, so we wanted to be sure you were aware of these updated dates as the time approaches.

2019 Federal Tax Due Dates - The federal tax deadline to file is July 15, 2020. The federal extension is automatic for all taxpayers, regardless of the amount owed, including individuals, trusts and estates and those who pay self-employment tax.

2019 State Tax Due Dates - While most states have followed suit in delaying their deadlines, not all state tax deadlines have been extended to July 15, 2020 and some give additional time. Check here for a list of the state-by-state deadlines.

Filing for 2019 Extension on Taxes - All taxpayers can take advantage of the July 15 file date, for those that apply for an extension past that date, your tax return will be due October 15, 2020. Please note that your payments are still due in full on July 15, 2020.

Tax Deadlines for Quarterly Estimated Payments - For those taxpayers whose income isn’t subject to payroll withholding taxes, such as anyone that is self-employed, an independent contractor or someone with investment earnings, the IRS requires you to make quarterly estimated payments. 

Since the federal tax extension pertains to any taxpayer with a federal tax filing due on or after April 1, 2020, but before July 15, 2020, there are two quarterly estimated tax payments that are affected:

  • If you earned income during the time period January 1 through March 31, 2020, your estimated tax payment deadline of April 15 is now delayed until July 15, 2020.
  • If you earned income during the time period April 1 through May 31, 2020, your estimated tax payment deadline of June 15 is also now delayed until July 15, 2020.

All other quarterly estimated payment due dates remain unchanged: January 15, 2020, September 15, 2020, and January 15, 2021.

2019 IRA and HSA Contributions - With the above 2019 federal tax filing deadline extension came the same July 15, 2020, deadline extension for making 2019 contributions to your IRAs and HSAs. If you haven’t yet reached the $6,000 contribution limit (plus an additional $1,000 for those 50 or older) for IRAs for 2019, you have until July 15, 2020. If you haven’t yet reached the $3,500 individual or $7,000 family contribution limit (plus an additional $1,000 for those 55 or older) for HSAs for 2019, you have until July 15, 2020.

If you anticipate getting a refund, don’t delay. If you have any questions pertaining to the information above, please don’t hesitate to reach out to us.

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Strategic Wealth Advisors

Terrace Gardens Office Park

600 Sunland Park, Building One, Ste 100

El Paso, Texas 79912

(915) 532-8885 Office

(915) 842-9532 Fax

www.sw-advisors.com

Securities offered through Triad Advisors, LLC Member FINRA/SIPC.
Advisory Services offered through Triad Hybrid Solutions LLC, a registered investment advisor. 
Strategic Wealth Advisors and Triad Advisors, LLC are not affiliated.

Strategic Wealth Advisors is independently owned and operated.