As a small business owner, there’s a lot to keep track of: from utility payments and business loans to invoices and tax filings…it’s no wonder you might panic.

We’re here to tell you the important dates you need to know for 2020. Work with your tax professional or accountant (if you have one) to make sure you don’t miss anything.

Here are the big dates to put on your calendar:

January

January 31, 2020

January 31st is a big one for employee and contractor paperwork.

Employee W-2s must be sent to employees by this date as well as to the IRS
Businesses that pay independent contractors must send 1099-MISC to their contractors. And you must send them to the IRS by February 28 (if filing on paper) or March 31 (if electronic)
Form 940, the Federal Employer Unemployment Tax Return is due for the previous year. FUTA is paid quarterly if your liability exceeds $500, otherwise it’s carried over into the next quarter.

March

March 15, 2020

S Corporation and partnership 2019 IRS tax returns are due (unless extension is required).

April

April 15, 2020

It’s everyone’s favorite day – Tax Day! Many important things happen on April 15:

C Corps and sole-proprietors must submit taxes by April 15th unless filing an extension
Personal taxes must be filed unless filing an extension
Businesses must pay estimated quarterly taxes for January 1 – March 31, 2020
Even if filing an extension, you must make an estimated payment by April 15th, even if you aren’t sure what you will owe overall
The last day to contribute to an IRA or HSA

April 30, 2020

The first installment of Employer’s Quarterly Tax Return Form 941 is due for payroll taxes for the period of January 1 – March 31. If you’ve made all required payments, you have 10 extra days to submit the form.

June

June 15, 2020

The quarterly estimated business tax strikes again! For the period April 1 – May 31st, 2020.

July

July 31, 2020

The second installment of Employer’s Quarterly Tax Return Form 941 is due for payroll taxes for the period of April 1 – June 30. If you’ve made all required payments, you have 10 extra days to submit the form.
This is also the standard due date for filing Form 5500s, the annual report on 401(k) plans. (Applies to calendar-year plans. If otherwise, it’s the last day of the seventh month after year end.)

September

September 15, 2020

Quarterly estimated business taxes for the period June 1 – August 31st, 2020.
Partnerships and S corps that received extensions must file completed return by this date.

October

October 15, 2020

Taxpayers that filed an extension on April 15th taxes must complete filing by this date.

November

November 2, 2020

The third installment of Employer’s Quarterly Tax Return Form 941 is due for payroll taxes for the period of July 1 – September 30. If you’ve made all required payments, you have 10 extra days to submit the form.

Get these dates on the calendar and you’ll stay ahead of the game in 2020!

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