Are tax filing deadlines looming over you? They do every year, and if you’ve ever faced a fine that could have been avoided, you know the frustration that comes with it. But fear not! By reading this blog and saving the important filing dates to your calendar, you can leave the IRS behind and stay on top of your tax obligations.
Key Tax Deadlines for 2025
January 15, 2025
This date marks the due date for the final quarterly estimated tax payment for the 2024 tax year. While April 15, 2025, is widely recognized as Tax Day, various business entity types have different tax deadlines throughout the year.
You can apply for a filing extension up to April 15, 2025. However, it’s essential to remember that you still need to pay any taxes owed by this date to avoid penalties.
Understanding Tax Penalties
If you’re unable to pay the full amount owed by the deadline, it’s crucial to file your taxes on time. The penalty for late filing is significantly higher—5% of what you owe per month—compared to just 0.5% for late payment. Therefore, filing on time can help reduce penalties even if you cannot pay the entire amount owed.
More About Tax Day
April 15 is designated as Tax Day and falls within the tax season, which runs from January to April. If April 15 happens to be a holiday or weekend, the deadline will shift to the next business day. On this day, C corporations, sole proprietors, and individual taxpayers must file their taxes.
Note: If your business operates on a fiscal year rather than a calendar year, your tax filing deadline may differ based on your entity type and when your fiscal year ends.
Deadline for Paying Your Taxes
Payment deadlines remain unchanged even if you apply for an extension. As mentioned earlier, it’s crucial to file on time to avoid incurring a late filing penalty of 5%. If you’re mailing your tax return, it’s considered “on time” if it is correctly addressed, has sufficient postage, and is mailed by the end of business on the filing deadline. Alternatively, e-filing must be completed before midnight on the deadline day.
If you’re self-employed, you typically need to make estimated tax payments four times a year instead of paying all at once. These payments cover both income and self-employment taxes (like Medicare and Social Security). The due dates for these payments in 2025 are April 15, June 16, September 15, and January 15, 2026.
When Are 2025 Tax Extensions Due?
You have until April 15 (Tax Day) to file for an extension. Individuals and C corporations can file for an extension on April 15, 2025; however, S corporations and partnerships must file their extensions by March 17.
Important Dates to Remember
●January 15, 2025: Fourth Quarterly Estimated Tax Payment
The fourth and final estimated quarterly tax payment for the previous year is due. You can skip this payment if you file your tax return by January 31, 2025, and settle any owed balance with it.
●January 31, 2025: Form W-2 Filing Deadline
If your business has employees, you must complete two copies of IRS Form W-2 for each employee. One copy goes to the IRS while another is sent to the employee; both are due by January 31.
●January 31, 2025: Form 1099-NEC Filing Deadline
Businesses working with independent contractors must file Form 1099-NEC (Nonemployee Compensation) by January 31. Copy A goes to the IRS while Copy B is provided to the contractor.
●February 28, 2025: Form 1099-MISC Paper Filing Deadline
For those using paper forms for certain types of payments (e.g., rent or legal settlements), Copy A of Form 1099-MISC must be submitted by February 28. If filed electronically, this deadline extends to March 31.
●March 17, 2025: S Corporation and Partnership Tax Returns Due
Partnerships and S corporations have an earlier deadline; they must file their returns (Form 1120-S for S corporations and Form 1065 for partnerships) by March 17.
●March 31, 2025: Form 1099-MISC Copy A Filing Deadline
For electronic filers of Form 1099-MISC Copy A (including payments of $600 or more), this form is due March 31.
●April 15, 2025: First Quarterly Estimated Tax Payment
The first estimated tax payment for businesses paying quarterly taxes is due on this date.
Individual Tax Returns Due
April 15 is also significant as it marks the deadline for individual tax return filings (Form 1040). Individuals with an income below $66,000 can e-file for free using IRS Free File services. Sole proprietors filing Schedule C along with their personal returns must adhere to this same deadline. It’s also when individuals need to file for an extension if necessary.
C Corporation Tax Returns Due
C corporation tax returns (Form 1120) are also due on April 15. This date applies whether you’re filing normally or requesting an extension.
State Tax Returns
Keep in mind that state tax return deadlines may vary from federal deadlines. Check with your state’s tax authority for specific dates relevant to your location.
Upcoming Estimated Tax Payments
●June 16, 2025: Second Quarterly Estimated Tax Payment
This marks the due date for the second estimated tax payment of the year.
●September 15, 2025: Third Quarterly Estimated Tax Payment
The third estimated payment is due on this date.
Extended Filing Deadline
For partnerships and S corporations that filed for extensions, they must submit their returns by September 15 if they initially filed by March.
Conclusion
Staying informed about upcoming business tax deadlines in 2025 is essential for maintaining compliance with IRS regulations and avoiding penalties. By marking these important dates in your calendar and preparing ahead of time—whether through accounting software or professional assistance—you can navigate tax season smoothly. Remember that timely filing not only helps you avoid fines but also sets you up for potential refunds!