Lions, Tigers, and Taxes! Oh my!

Tax year 2024 is in full swing!

Dates that are important, as important as pay day.

Due Dates!

Individual Filers - Including retirees, self-employed individuals, independent contractors, and gig workers

• February 18, 2025 - Reclaim your exemption from withholding. If you chose to claim an exemption from your employer withholding taxes from your paycheck last year by filing a Form W-4, you’ll need to re-file the form by this date. This date typically falls on February 15 each year. You would file this exemption request if you anticipate having no tax liability this year and had none in the previous year.

• April 1, 2025 - Required minimum distribution due if you turned 73 in 2024. If you turned 73 in 2024, you have until April 1, 2025, to take your 2024 required minimum distribution (your first required distribution) from your retirement accounts.

• April 15, 2025 - Tax day. The tax deadline typically falls on April 15 each year, but it can be delayed if it falls on a weekend or holiday. Missing the tax deadline can have consequences like penalties and interest.

• April 15, 2025 - Deadline to File Form 4868 and request an extension. The tax day deadline is also the last day to file Form 4868 to request an extension to file your individual income tax return. If you won’t be ready to file your tax return by tax day, make sure you complete an extension request, which grants you the ability to delay filing a completed return until October 15, 2025. But remember, even if you choose to file an extension, you are still required to pay any taxes you may owe by the April deadline.

• April 15, 2025 - Deadline to make IRA and HSA contributions for 2024 tax year. For individual income tax return filers, this also marks the final day to make contributions to your IRA or HSA for the 2024 tax year. After this date, you generally can’t make contributions for the previous tax year.

• April 15, 2025 - First quarter 2025 estimated tax payment due. Making estimated tax payments means that you need to estimate how much income you’re likely to make for the year and determine how much you will owe to the IRS for income taxes. You can use IRS Form 1040-ES to calculate how much tax liability you'll have for the year. IRS Publication 505 contains all the rules and details you might need to know about how to calculate this amount. If you overestimated how much tax liability you’d owe for a year and are due a refund, you can choose to receive that money now or apply the overage to the following year’s quarterly tax payments.

• June 16, 2025 - Second quarter 2025 estimated tax payment due. Despite the IRS referring to these payments as quarterly estimated taxes, the due dates don’t necessarily fall within “quarters” nor do they each represent three months of tax payments. They represent an equal quarterly share of your estimated income tax liability paid at uneven intervals. The first payment occurs three and a half months into the year. The second payment is five and a half months (typically June 15); the third payment is eight and a half months (typically September 25), and the fourth payment is due 12 and a half months after the year starts (typically January 15 of the following year).

• September 15, 2025 - Third quarter 2025 estimated tax payment due.

• October 15, 2025 - Deadline to file your extended 2024 tax return. If you chose to file an extension request on your tax return, this is the due date for filing your tax return.

• December 31, 2025 - Required minimum distributions have to be taken for individuals age 73 or older by the end of 2025. After taking your first RMD (for 2024) by April 1, 2025, if you turned 73 in 2024, you also need to take your 2025 RMD by the end of the year. This is also the deadline if you are otherwise required to take an RMD for 2025.

• January 15, 2026 - Fourth quarter 2025 estimated tax payment due. This represents the final quarterly estimated tax payment due for 2025. If you choose the option to pay 100% of your previous year’s tax liability, any unpaid taxes will be due when you file your 2025 individual tax return by the April 2026 deadline.

Partnerships and Corporations!

• March 17, 2025 - Tax returns are due for some business types (partnerships and S corporations). Businesses taxed as partnerships (including multi-member LLCs) and S corporations need to file Form 1065 or Form 1120-S, respectively, by March 17, 2025, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 to March 31 tax year, your business tax return would be due June 16, 2025 instead of March 17, 2025.

• April 15, 2025 - Taxes for C corporations are due. Businesses organized as a C corporation need to file Form 1120 by April 15, 2025, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the fourth month following the close of your tax year. For example, if your business uses an April 1 to March 31 tax year, your business tax return would be due July 15 instead of in April.

• September 15, 2025 - Deadline for extended partnership and S corporation returns

• October 15, 2025 - Deadline for extended C corporation returns

Now all of this is stuff we can help you with and if you need reminders, just let us know and we will make sure we get you on the schedule to do so!