We all know the drill: new year, new you… and then, “Oh no, it’s tax time again!” But here’s the secret: if you get a jump start on tax season 2025 now, you can avoid that last-minute scramble. So, while making your resolutions (or ignoring them), let’s get your tax prep on track early so tax season doesn’t surprise you in the new year.
Key Tax Deadlines for 2025
The deadline for April 15, 2025, is one you can’t miss. That’s when your individual tax returns (Form 1040) are due. If you file late, you could face penalties and interest on unpaid taxes. However, don’t panic yet—if you need more time to prepare, you can file for an extension. But remember, filing for an extension means you get more time to file, not to pay, so you must pay any tax you owe.
Another important date is January 31, 2025. That’s the deadline for employers to send out your W-2 forms if you’re employed. It is also the deadline for independent contractors to receive their 1099 forms. Keep an eye on your mailbox (or email) around that time so you can start preparing your tax return.
For business owners or partners in a partnership, the deadline is earlier: March 15, 2025. That’s when S-Corp and partnership returns (Form 1120-S and 1065) are due.
Quarterly Estimated Tax Deadlines
If you’re self-employed or running your own business, you’ll need to make quarterly estimated tax payments throughout the year. These payments are required because your income isn’t automatically taxed like a regular paycheck.
Here are the quarterly deadlines for 2025:
- 1st Quarter: April 15, 2025
- 2nd Quarter: June 16, 2025
- 3rd Quarter: September 15, 2025
- 4th Quarter: January 15, 2026 (for 2025 taxes)
Missing these deadlines can attract penalties, so mark them down and set a reminder!
Filing for an Extension
Life happens. Sometimes, you need more time to file your taxes, and that’s okay. If you can’t get everything together by April 15, you can use the Form 4868 to file for an extension. This will give you six extra months to file—until October 15, 2025. But remember, the extension doesn’t extend the time you have to pay taxes. If you owe, that payment is still due by April 15.
Extensions can be a lifesaver if you juggle multiple jobs, businesses, or complex tax situations, but don’t wait until the last minute. Plan ahead to avoid unnecessary stress.
Final Tips: Don’t Miss Out!
Staying on top of deadlines isn’t just about avoiding penalties—it’s about being proactive with your financial planning. If you miss a deadline or fail to make estimated payments, the IRS can impose penalties and interest that add up fast. Trust me, you don’t want that kind of surprise!
Here are a few simple tips to keep yourself on track:
- Create a tax calendar: This can help you stay organized and prepared.
- Set up reminders: Set alarms or calendar notifications for upcoming deadlines.
- Get professional help: If you’re feeling overwhelmed, it’s a great idea to consult with a tax strategist who can guide you through tax planning for the year ahead.
Get Ready for 2025—Book Your FREE Consultation Today!
Tax season doesn’t have to be stressful, and you don’t have to do it alone. At Tax Goddess, we specialize in advanced tax strategies to legally reduce your taxes and maximize savings. So far, we have helped our clients claim over $1.68 BILLION in tax savings. Let us help you start planning now so you can confidently approach the 2025 tax season.
Start your tax-saving journey today with a FREE consultation HERE!
