Knowing the Tax Deadlines for Better Tax Planning
One of the most crucial deadlines for individual tax filers is the tax extension deadline. The tax extension deadline ends the filing for the prior calendar year but highlights the coming end of the current calendar year. Knowing these deadlines and what they mean can help the filer start the tax planning process.
What is a Federal Tax Deadline?
The federal tax deadlines are dates set by the Internal Revenue Service, IRS, for businesses and individuals that contribute work or any means to the United States of America. However, the dates provided by the IRS can change. When a change occurs, it’s announced publicly for tax filers.
What Are the General Federal Tax Deadline Dates?
The IRS sets these dates every year with the certification of Publication 509. This publication gets updated towards the end of the year in case of changes that may help taxpayers not feel the burden if situations come about. As of the date of this blog posting, the IRS has a drafted Publication 509, 2025, dated September 18, 2024. Please note the following dates are for filings starting 1/1/2024 and are subject to change; note these dates are for many tax filers in the U.S:
General Filing Tax Deadlines:
- March 17, 2025 – Partnerships and S Corporations
- April 15, 2025 – Individuals and Corporations
What are Federal Tax Deadlines If You Know You Need a Tax Extension?
The IRS allows business and individual filers to extend the filing of their tax returns. These dates are set 6 months after the original filing date. Please see the listing below.
- Tax Extension Deadlines (6 months after original deadlines above):
- September 15, 2025 – Partnerships and S Corporations
- October 15, 2025 – Individuals and Corporations
However, filers must understand that if you have an amount due on the day of general filing, you must pay that amount with the extension, or penalties and interest will be added based on the number of days that balance was not paid fully.
Are there dates that can help with potential balances due for the next tax filing?
The answer is YES! You, as a tax filer, can have the option to file Federal estimates; these forms are 1040-ES. The IRS set out four quarterly dates, listed below, that can help with tax filers to eliminate the potential penalties and interest and lessen the burden once the next filing comes around.
- The Four Quarterly Tax Estimate Deadlines:
- April 15, 20XX for the First Quarter Estimate
- June 15, 20XX for the Second Quarter Estimate
- September 15, 20XX for the Third Quarter Estimate
- January 15, 20XX for the Fourth Quarter Estimate
These dates are provided by the IRS for individual filers and business filers that have calendar year-ends, December 31st. Additionally, the dates set for other filers that don’t follow the calendar year-end, can go about the same way, beginning with the first estimated payment at the time of general filing, with each quarter payment made three months after each other.
Tax Deadlines Can Be Stressful to Remember— Is There a Better Option?
The options are up to you and what you can financially handle. Plan on what make sense to what you are doing financially. The IRS allows you, the tax filer, to make estimates at your convenience through their online website. If you like making estimates weekly, bi-weekly, monthly, semi-monthly, etc., you can select the option to pay for the upcoming tax year filing.
What Are Your Next Steps in Planning For the Next Filing Year?
As we approach the last quarter of the year, start seeing what you have earned so far and how much you put away for taxes. Make a projection; project what you think you will be earning and project how much taxes will either be already paid or will soon need to be paid to feel less worried that you may have to owe more once the tax deadline rolls around.
Contact Leone, McDonnell & Roberts Today
Not sure on where to start for the upcoming 2025 tax season? Contact Leone, McDonnell & Roberts today to help you start your tax planning process to better understand what method works to estimate your tax requirements.
