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.[1]
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[2] 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:
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- 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:
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- 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.
Extra Credit
[1]If you want to learn more about tax filing fraud, KerbsOnSecurity has a great article on the topic.
[2]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.