2025 and all of its tax deadlines are upon us! 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.
A reminder as regards the April 15th deadline: an extension is an extension to file, not an extension to pay. 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.
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.
If you are unsure of exactly what to do for any of these deadlines or need any assistance, give us a call. 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!
Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.
