2025 and all of its tax deadlines are upon us!

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Below is a quick guide of the most important dates to keep in mind this calendar year.

• January 15th: due date to pay 4th quarter estimated taxes.
• January 31st:
  • Due date to send out 1099s and W-2s to recipients.
  • Due date to file 1099-NECs and W-2s/W-3s with the IRS.
• February 28th: due date to file 1099s/1096s (aside from 1099-NECs) if you are paper filing.
• March 17th:
  • Due date to file S-Corp (1120S) and partnership (1065) returns
  • Due date to elect S-Corp status for existing corporations or LLCs.
• March 31st: due date to file 1099s/1096s (aside from 1099-NECs) if you are filing electronically.
• April 15th:
  • Due date to file individual (1040), trust (1041), and C-Corp (1120) returns.
  • Last day to make HSA contributions and contributions to the majority of retirement plans.
  • Due date to pay 1st quarter estimated payments.
• May 15th: due date to file most nonprofit returns (Form 990).
• June 16th: due date to pay 2nd quarter estimated payments.
• September 15th:
  • Due date for extended S-Corp and partnership tax returns.
  • Due date to pay 3rd quarter estimated payments.
• September 30: due date for extended trust returns.
• October 15th: due date for extended individual tax returns and C-Corp returns.
• November 17th: due date to file extended nonprofit returns.

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A reminder as regards the April 15th deadline: an extension is an extension to file, not an extension to pay.

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If you file an extension and still owe money you will be assessed the failure-to-pay penalty of 0.5% per month on the balance. This is a huge improvement over the 5% per month failure-to-file penalty (capping at 25%) – so by all means file an extension (or get us to file one for you) if you need one.

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In addition, filing an extension for corporate entities (S-Corps, most multi-member LLCs, LLCs electing S-Corp status) is very important. The failure-to-file penalty for those entity returns is $245 per officer per month the return is late (capping at 12 months) – even if there was no activity. Since C-Corporations (Form 1120) pay tax at the entity level, their penalties are based on the percentage of tax owed. The penalty is 5% per month (up to a maximum of 25% of the tax owed) with a minimum penalty of $510 for returns filed more than 60 days late.

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If you are unsure of exactly what to do for any of these deadlines or need any assistance, book a time with me here. There are few things as costly as missed or erroneous tax filings – so let us help you keep things straight and get 2025 started on the right foot!

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