Monday was the day the IRS officially started accepting returns for this year's tax season. There are several reasons to file your taxes early this filing season.
- Faster refunds: Getting your return in before the IRS and your state revenue department get bogged down can result in a faster refund!
- Reduce the risk of tax fraud: Tax fraud is a growing prpoblem, and it seems like every year there is another major data breach. File your return before someone else claims your refund.
File early and avoid the headache of the last minute rush!
- January 27th: First Filing Day!
- January 31st: All 1099 and W2 forms must be issued.
- February 27th: First day the IRS issues EITC/ACTC refunds.
- March 16th: All S-Corp and Multi-Member LLC tax returns must be filed or extended. K-1s must be issued to all partners.
- April 15th:
- Tax Deadline! All returns must be filed or extended by this date. All payments must be made, or additional fees may apply.
- 1st Quarter 2020 estimated tax payments due.
- Last day to make 2019 IRA Contributions.
- June 15th: 2nd Quarter estimated tax payments due.
- September 15th:
- 3rd Quarter 2020 estimated tax payments due.
- All extended S-Corp and Multi-Member LLC tax returns must be filed.
- October 15th: Extended Individual Tax Returns Due.
If you want to learn more about tax filing fraud, KerbsOnSecurity has a great article on the topic.
EITC stands for Earned Income Tax Credit and ACTC is the Additional Child Tax Credit. You can learn more about them and your eligibility from the IRS here.