2020 Small Business Tax Calendar: Dates You Should Know

Tax season can cause stress months before any paperwork is even due. Our professionals here at Norton Financials can take over your bookkeeping and accounting to help to ease the dreaded deadlines and keep your business on track.

What You Need During Tax Season

Before we get to the dates that every small business owner should keep in mind, read through some of the typical necessities that you may need come tax time.

  • Gross incomes
  • Salaries
  • Invoices
  • Sales
  • Business expense receipts (ex. Office supplies)
  • Vehicle use

Keeping accurate records of your business’s expenses and earnings will prepare you when it comes time to file, pay quarterly taxes, or issue forms to independent contractors.

Important Dates & Forms to Keep Track of

Don’t try to tackle taxes right before the deadline. Knowing due dates for payments and filing can help your business stay organized each year. To make tax season throughout 2020 easier for your small business, consider marking these dates on your calendar.

S-Corp and Partnership Tax Filing Deadline, March 16, 2020

  • This is the deadline for filing your 2019 tax return if you are an S-Corp or Partnership.

Individual Income Tax Filing Deadline, April 15, 2020

  • All individuals must file their tax returns by or on April 15th, which also requires you as a business owner to do so.

Sole Proprietor, LLC, Corporation Tax Filing Deadline, April 15, 2020

  • Sole Proprietors, LLCs, and Corporations must file their tax returns on or before this date.

IRA Contribution Deadline, April 15, 2020

  • For both traditional and Roth IRA accounts this is the deadline for the contributions from those accounts to apply towards your tax return.

Estimated Quarterly Income Tax Payments Due for Q1 2020, April 15

  • If you pay quarterly estimated taxes, April 15 is the date your payment for Quarter one of 2020 is due.

Estimated Quarterly Income Tax Payments Due for Q2 2020, June 15

  • Quarter two makes up income from April, May, and June. June 15th is the deadline for Quarter two’s income tax payments.

Estimated Quarterly Income Tax Payments Due for Q3 2020, September 15

  • Paying quarterly income taxes will most likely be a part of your business’s yearly calendar. This is the deadline for Quarter three’s income tax payments.

Extension Deadline for S-Corps and Partnerships, September 15, 2020

  • If you are an S-Corp or Partnership and you received an extension for your tax return, September 15th is the deadline for your payment.

Extension Deadline for Sole Proprietors, LLCs, and Corporations, October 15, 2020

  • If you received an extension for your tax return as Sole Proprietors, LLCs, or Corporations, this is the date that your payment is due.

401(k) Deadline, December 31, 2020

  • Any contributions for a 401(k) either for yourself or your employees, must be made by the deadline for your account, December 31st.

Estimated Quarterly Income Tax Payments Due for Q4 2020, January 15, 2021 

  • Your income tax payments for quarterly taxpayers is not until 2021 for Quarter four.

Let Our Professionals Help!

Norton Financials is here to take your business’ books off your hands. Avoid any major headaches come tax season and keep thorough records all year long with the help of our professional accountants. We provide accurate and affordable bookkeeping and accounting services in the Union City area, call us today at  (201) 988-6806

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