If you were granted an extension for your 2020 tax returns, time is running out to meet the deadlines. Here is a quick refresher for all the crucial deadlines this fall, and why you should do everything in your power to meet them on time.
2020 Tax Filing Extension Deadlines
- If you requested an extension for estate planning, the deadline is September 30.
- If your business requested an extension, the deadline for your Form 1120 tax return is October 15.
Why is it Crucial to Meet the Early Autumn Deadlines?
If you have yet to wrap up your estate filing or business filing, we highly recommend doing so as soon as possible. Here are a few issues that could arise if you miss your September 30 or October 15 deadline:
- Increased interest. A crucial thing to remember is that these deadlines are not just for filing the return, but for paying any owed taxes as well. You’ll want to give yourself adequate time to do both by being proactive.
- Late filing penalties. Each month your tax return remains late and unsubmitted, you could be subject to an IRS fee of 5% of the amount due, up to 25%.
- Large late fees. The standard IRS fee for late payment is 0.5% each month the tax remains unpaid, up to 25%.
Pinpointe Accounting Services Can Take the Stress Out of Meeting the 2020 Extended Filing Deadlines
Pinpointe Accounting Services offers a complete range of small business accounting, payroll and tax preparation services designed to meet your needs. If you are in the midst of trying to meet your extended 2020 filing deadlines, we can help you maximize your return and eliminate the stress of tax planning. We are proud to provide businesses and individuals in the greater Tucson, AZ area with quality services backed by great customer service. To learn more about our services and how we can help you, give us a call at (520) 795-7505.
