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When Are Taxes Due? 2020 Deadlines For The 2019 Tax Year

5-minute read

As we enter tax season, it’s important to be aware of big deadlines. The most important question is “When are taxes due?” Luckily, for most, the answer is always April 15. 

For 2019 income, your taxes are due on April 15, 2020. Last year, Tax Day 2019 was April 15, 2019 for 2018 income. Although the standard answer is April 15, there are some other important tax deadlines that you need to be aware of. Don’t worry, we’ll cover everything important below. 

When Is Tax Day?

The IRS has decided that your taxes are typically due on April 15. Of course, there are a few exceptions to this filing deadline. Let’s take a closer look at these exceptions:

  • April 15 is a Saturday or Sunday. If the tax deadline falls on a Saturday or Sunday, then you’ll have until the next day that is not a Saturday or Sunday to file your taxes. 
  • Tax Day coincides with Emancipation Day. If the tax deadline falls on the District of Columbia’s Emancipation Day, then you’ll have until the next day to file your taxes. 
  • Tax Day coincides with Patriots’ Day (in Maine and Massachusetts). You’ll have an extra day to file your federal and state taxes if you live in Maine or Massachusetts and Patriots’ Day falls on April 15. 
  • You live outside of the United States or Puerto Rico. If you live abroad, then you get a 2-month extension to file your taxes. That pushes your deadline out to June 15. 

If you’re wondering “What is the deadline to file taxes for 2019?” the answer is April 15, 2020. In 2020, the traditional deadline falls on a holiday-free Wednesday. That means there is nothing to push back the deadline for a day or two. With that, April 15 is the last day to file taxes unless you request an extension or live out of the United States. 

Tax Day 2020: For 2020 income, the deadline to file your taxes is April 15, 2021. 

Tax Day 2019: For 2019 income, the deadline to file your taxes is April 15, 2020. 

Tax Day 2018: For 2018 income, the deadline to file your taxes was April 17, 2019. 

What Is A Tax Extension (And How Much Time Does It Buy You)?

If you can’t make the April 15 deadline, you can file for an extension. You can request a tax extension for any reason, even if you’ve just completely forgotten about the deadline until now. With the extension, you’ll have an extra 6 months to file your taxes. 

However, filing for an extension doesn’t mean you don’t have to pay your taxes by April 15. You’ll still need to pay your estimated taxes when you file for an extension. If you think that you will owe federal tax, you should pay that amount when you file for an extension. If you think you will receive a tax refund, you don’t need to worry about that requirement. 

If you need to file for a tax extension, do so through the Free File link on the IRS site. You’ll be able to make your request in a few minutes. 

Other Important Tax Deadlines And Dates

The April 15 deadline is likely the most important one you need to worry about. However, there are a few other important tax deadlines to be aware of. Let’s take a closer look. 

  • Quarterly estimated payments deadlines. If you are self-employed or earn income outside of your W2 job, you should pay taxes on a quarterly basis. You’ll need to submit your taxes by April 15, June 15, September 15, and January 15 for each of the quarters based on your income for the quarter. 
  • Employer deadlines. If you work for a corporation, they will likely ask you to fill out various forms that relate to your taxes. The human resources department usually sets their own deadlines for this. Make sure to contact your HR department to find out more. 
  • Extension deadline. If you filed for an extension on your taxes, then you’ll have until October 15 to file your taxes. 

4 Things To Do Before Tax Day

As you start to think about filing your taxes, there are a few things you should be aware of. Use these tips to make your tax-filing process as smooth as possible. 

1. Max Out Your 401(k) By December 31 

If you have the option to contribute to your 401(k), then try to max it out by December 31. You’ll be able to significantly reduce your taxable income by contributing to your 401(k) because this done pretax. 

That means that if you contribute the full $19,000, you can subtract that amount from your taxable income. You can lower your tax liability through this option. Plus, you’ll stay on track for a solid retirement account. 

2. Max Out Your IRA By April 15

If you have the ability, make it a priority to max out your IRA by Tax Day. You’ll have the choice between a Roth IRA and a traditional IRA. The maximum amount that you can contribute to either is $6,000 for the year. Either is a great way to build your retirement savings in a tax-efficient way. Take a closer look at both options and consider your long-term goals before choosing to max out one or the other. 

3. File A Tax Extension 

If you cannot finish your taxes by April 15, file for an extension. This will give you some breathing room to collect your documents and correctly fill out your tax return

Of course, you’ll still need to make an estimated tax payment. 

4. Consider An HSA

A Health Savings Account is an underutilized account that could significantly impact your financial future. The funds in your HSA are contributed from your pretax income. You can invest the funds and allow them to continue growing tax-free. When you need the funds to cover a qualifying medical expense, then you can take out the money without any penalties. 

Currently, you can contribute $3,500 as an individual or $7,000 as a family. Check out your HSA options to see if it is a good fit for your situation.

Summary

Unfortunately, tax due dates can bring on some unexpected stress. Luckily, the deadlines are fairly straightforward. You’ll have plenty of time to get your taxes in order before April 15. If you can’t make that deadline, then you always have the option to file for a 6-month extension. 

The key is to be proactive and tackle your taxes as soon as possible. That way you don’t have to worry about anything while everyone else is scrambling on April 14.

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