UPDATE: The Treasury recently announced tax changes and updates in response to COVID-19, updates include an extension of the first installment of tax year 2020 quarterly estimated taxes to July 15, 2020. Some information in this post however requires additional IRS guidance and may require updating. We will update as soon as we receive additional guidance. Please see the latest information on tax deadlines and updates related to COVID-19 here.
With 2020 right around the corner, two things are certain: it’s time to buy a new calendar, and tax season is almost here! Once you have that new planner (or your phone calendar) handy, make sure to mark these important tax dates and deadlines!
Open Enrollment for Marketplace Insurance: November 1, 2019 – December 15, 2019
If you need Marketplace health insurance for 2020, you have to enroll through the Health Insurance Marketplace by December 15, 2019. Want your coverage to take immediate effect by the New Year on January 1, 2020? Select your plan by December 15, 2019.
Deadline to Maximize Your 401K Contributions: December 31, 2019
Whether you are self-employed or work for an employer, you have until the end of the year to maximize your 401K contributions, saving you money for retirement and on your taxes.
W-2s and 1099-Misc Start to Arrive: January 31, 2020
You should start seeing your W-2s and 1099s arrive in the mail.
Tax Year 2019 Tax Deadline: July 15, 2020
July 15th is the big day! Individual tax returns are due for Tax Year 2019, so be sure to e-file or postmark your individual tax returns by midnight local time.
Last Day to make 2019 IRA Contributions: April 15, 2020
It’s not just Tax Day! If you haven’t maxed out your IRA contribution for 2019, you can make contributions to an IRA by April 15, 2020, to lower your 2019 taxable income and also get a tax deduction, but be sure to tell your plan administrator that your contribution is for 2019.
Self-Employed? Know Your Quarters!
4th Quarter 2019 Estimated Tax Payment Due: January 15, 2020: If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, make sure your payment is postmarked by January 15, 2020.
1st Quarter 2020 Estimated Tax Payment Due: Extended to July 15, 2020 under Coronavirus Relief: If you are self-employed or have other first-quarter income that requires you to pay quarterly estimated taxes, send in your first quarter estimate by July 15, 2020.
2nd Quarter 2020 Estimated Tax Payment Due: June 15, 2020
3rd Quarter 2020 Estimated Tax Payment Due: September 15, 2020
4th Quarter 2020 Estimated Tax Payment Due: January 15, 2021
Don’t worry about knowing tax laws. TurboTax will ask you simple questions about you and give you the tax deductions and credits you’re eligible for based on your answers. If you have questions you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent with an average of 15 years experience to get your tax questions answered. TurboTax Live CPAs and Enrolled Agents are available in English and Spanish and can also review, sign, and file your tax return.