If you worked in any of these countries, you could be due a Tax Refund

Key Dates for the US Tax Year

Here are the most important dates and deadlines for the tax year in the US and what they could mean for you!

UPDATED: 27/02/2020

January 1 2020

Start of the 2020 tax year. 

The tax year in the US in most cases is the same as the calendar year. The difference is:

  • Calendar year - 12 consecutive months beginning January 1 and ending December 31.
  • Fiscal year - 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month

 

January 10 2020

For employees who work for tips. If you received $20 or more in tips in December, you must report it to your employer using Form 4070.

You should report your tips on the 10th of every month throughout the year, excluding months where the 10th falls on a weekend or bank holiday.

 

January 15 2020

If tax is automatically deducted by your employer, you probably don’t need to worry about this deadline.

However, if you didn't pay your income tax for the year 2019 through withholding (or didn't pay in enough tax that way), you must use Form 1040­ES.

For example, if you’re self-employed or a landlord, you need to pay your final installment for the year 2019. You don't have to make this payment if you file your 2019 return Form 1040 or 1040-SR and pay any tax due by January 31, 2020. 

 

January 31 2020

If you didn't pay your last installment of estimated tax by January 15, you may choose (but aren't required) to file your income tax return (Form 1040 or Form 1040-SR) for 2019 by January 31. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of the last installmen

All businesses. Give annual information statements to recipients of certain payments you made during 2019. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient

 

February 10 2020

If you worked for tips. If you received $20 or more in tips during the month of January you should report them to your employer on IRS Form 4070 (Employee’s Report of Tips to Employer).

 

February 18 2020

Deadline for Individuals

If you claimed an exemption from income tax withholding last year on Form W­4, Employee's Withholding Allowance Certificate, you must file a new Form W­4 by this date to continue your exemption for another year.

Deadline for businesses

To give annual statements to recipients of specific payments made in 2019. Business can use the appropriate version of Form 1099. Form 1099 can be issued electronically with the consent of the recipient.

This due date applies only to the following types of payments.

• All payments reported on Form 1099-B.

• All payments reported on Form 1099-S.

• Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 14 of Form 1099-MISC

 

February 28 2020

Deadline for businesses to submit forms 1099 and 1096, if filing on paper. These documents relate to business transactions that aren’t covered by W2 (anything that falls outside of tips and wages – hiring an independent contractor, etc.). If filing electronically, the deadline is March 31.

 

March 2 2020

This is the deadline for farmers and fishermen to file 2019 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2019 estimated tax by January 17, 2020.

 

March 10 2020

Employees Who Work for Tips. If you received $20 or more in tips during the month of February, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

 

March 16 2020

Deadline for corporate tax returns. Corporations who use the calendar year as their tax year (i.e. their deadlines don’t straddle 2019 and 2020) are eligible for a 6 month extension but must apply for it by this date. Corporate Tax Services.

 

March 31 2020

Deadline for electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, and W-2GS. This date applies only if you file these forms electronically. 

 

April 10 2020

Employees Who Work for Tips: If you got $20 or more in tips during the month of March, you should report them to your employer using IRS Form 4070.

 

April 15 2020

Last day to file an original or amended tax return from 2016 and claim a rebate  unless you have an extension, then this is October 15, 2020.


April 15 2020

File a 2019 income tax return (Form 1040-SR) and pay any tax due.

Last day to contribute to an Individual Retirement or Health Savings Account (IRA/HSA) and have it considered retroactive to 2018. Finally, it’s the deadline for the first quarterly estimated tax payment of 2018.

 

The average US tax back we get for J1 students is $800 Get Started

 

 

May 11 2020

Employees Who Work for Tips. If you received $20 or more in tips during the month of April, you should report them to your employer using IRS Form 4070.

 

May 15 2020

Deadline for non-profit organizations to submit details to the IRS or request an extension. These organizations are required to submit a Form 990 or information return so IRS can evaluate their operations and insure they’re exempt from federal tax.

 

June 10 2020

Employees Who Work for Tips. If you received $20 or more in tips during May, you should report them to your employer using IRS Form 4070.

 

June 15 2020

Second quarter estimated payments are due on this date as well as tax returns and payments from U.S. citizens living abroad.

 

July 10 2020

Employees Who Work for Tips. If you received $20 or more in tips during June, you should report them to your employer using IRS Form 4070.

 

August 10 2020

Employees Who Work for Tips. If you received $20 or more in tips during July, you should report them to your employer using IRS Form 4070.

 

September 15 2020

Third quarter estimated tax payments are due. If an extension was requested on corporatetrust income or partnership tax returns for the year 2019, this is the final deadline for filing.

 

October 1 2020

If you’re self-employed or a small business owner, this is your last chance to set up a SIMPLE IRA for the year 2020. SIMPLE IRAs (Savings Incentive Match Plan for Employees Individual Retirement Account) are Individual Retirement Accounts for small companies and their employees and are designed to be cheaper and easier to maintain than their more corporate counterparts.

 

October 16 2020

Last day to file a Federal income tax return and FBAR (if applicable) for tax extension filers. 

 

December 31 2020

Last day to make any tax moves for the year.

Planning your income and expenses year by year is a really useful method of managing your income tax effectively. By incurring expenses a year early (‘accelerating’ expenses) or delaying them until the following year, you can make significant changes to your tax values!

Don’t delay in preparing your US tax return and get started with Taxback.com today. 

 

US Tax Tips

 

1. Don’t miss the tax filing deadline

When you work in the US, you’ll be taxed on your income and if you earn over a certain amount, you must file a tax return.  In 2019 for example, if you are under 65 and single, you must file a tax return if you earn $10,350 or more. The deadline for filing your 2019 tax return is April 15, 2020. You must prepare it and post it to the IRS.

 

Read: The Ultimate Guide to Your J1

 

2. Keep your W2 form

You’ll need your W2 form or final cumulative payslip to file a tax return. This will state your total earnings and can help you get a refund of any overpaid tax. It's also important that you tell us your Social Security Number (SSN) of Individual Identification Number (ITIN). You cannot work in the US without one of these. 

If you need an ITIN, you can apply for one here. 

3. Reminders

Forms 1040A and 1040-EZ are no longer available. Forms 1040A and 1040-EZ will no longer be available beginning with tax year 2018. For tax year 2018, individuals will file Form 1040. For tax years after 2018, individuals will file Form 1040 or Form 1040-SR. If you need to file a prior year tax return, use the form and instructions revision for that tax year

About The Author

Ciara Kennedy - Digital Content Writer @ Taxback.com

Ciara is our Digital Content Writer at Taxback.com. Since graduating in Journalism and Visual media, Ciara has worked in online marketing in Ireland and Australia and loves writing in all its forms.

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