Upcoming Tax Deadlines You Need to Know
As we approach the heart of tax season, it's essential to stay ahead of important deadlines to avoid penalties, interest, and unnecessary stress. Whether you're an individual taxpayer or a business owner, being aware of these key dates can help ensure you file everything on time and stay in compliance with tax regulations. Here’s a breakdown of the upcoming deadlines for the 2024 tax season:
Business Tax Returns: March 15, 2025
For businesses operating as S corporations or partnerships, the tax return deadline falls on March 15, 2025. These entities need to file Form 1120S (for S corps) or Form 1065 (for partnerships) by this date. If you’re unable to file by March 15, you can apply for an extension, giving you an additional six months to file.
Individual Tax Return Filing Deadline: April 15, 2025
The most important deadline of the year for most taxpayers is the due date for filing your individual income tax return (Form 1040). If you haven’t filed your taxes by April 15, 2025, you may face penalties and interest on any unpaid taxes. If you anticipate being unable to file on time, you can request an extension (Form 4868), which gives you an additional six months to file, though it doesn't extend the time to pay any taxes owed.
Tip: If you're self-employed or have more complex tax situations (such as investments or side gigs), it’s a good idea to start early to avoid last-minute issues.
Estimated Tax Payments: April 15, 2025
If you're self-employed, a freelancer, or otherwise not subject to withholding taxes, you likely make quarterly estimated tax payments. The first quarter's payment for 2025 taxes is due on April 15, 2025. Failing to make estimated payments can lead to penalties, so make sure you’re staying on track with these deadlines.
Quarterly Estimated Tax Deadlines:
- Q1: April 15, 2025
- Q2: June 15, 2025
- Q3: September 15, 2025
- Q4: January 15, 2026
C Corporation Tax Returns: April 15, 2025
C corporations must file their annual income tax returns using Form 1120 by April 15, 2025. As with other tax returns, if you can’t meet the deadline, you can file for an extension, but remember, an extension only extends the time to file, not the time to pay. Make sure to pay any estimated taxes owed by the original due date to avoid penalties.
Retirement Plan Contributions: April 15, 2025
If you contribute to a traditional IRA, Roth IRA, or other retirement accounts, the deadline to make contributions for the 2024 tax year is April 15, 2025. Contributions made after this date will count toward the following tax year. Keep in mind that Roth IRAs have income limits, so ensure you’re within the eligibility requirements.
Tip: Maxing out your retirement contributions can not only set you up for a comfortable future but may also reduce your taxable income for the 2024 tax year.
What Should You Do Now?
- Gather Documentation: If you haven’t already, start collecting all necessary tax documents, such as W-2s, 1099s, business income statements, receipts for deductible expenses, and retirement contribution forms.
- Review Estimated Payments: If you’re self-employed or making estimated payments, check your records to ensure your quarterly taxes are up to date.
- Consult Your Tax Professional: If you’re uncertain about any tax deadlines, especially if your financial situation is complex, it's a good idea to consult with a tax professional. They can help you plan and avoid costly mistakes.
With tax season right around the corner, it’s critical to stay ahead of upcoming deadlines. Filing late or missing payments can result in unnecessary penalties and interest, so take the time now to plan ahead. If you need assistance with tax preparation or understanding your filing obligations, don’t hesitate to reach out to us for expert guidance tailored to your situation.
📍 Serving Destin, FL | Santa Rosa Beach, FL | Panama City, FL and surround areas
📞 Call us at (404) 667-2604
📧 Email us at mdubato@coastacpa.net
🌐 Visit our website: www.coastalcpa.net