Tax Day each year can be a stressful time for individuals and business owners alike. While the deadline for filing your return might still seem far off, it’s always a good idea to get a head start on prep work as the year comes to a close.
Though you don’t have control over when the tax deadline is, understanding the key due dates can help you stay on track and avoid any last-minute surprises or panic. As a reminder, depending on the type of legal entity your business is, you may have a few additional dates to remember compared to W-2 employees.
So, when’s the deadline to file taxes in 2025, and what can you do if you won’t be able to meet this due date? We’ll cover the answers to each of these questions and more in the following guide on tax due dates for 2025.
Let’s take a quick look at the major tax deadlines for 2025. If you have any questions or concerns about the specific deadline that applies to your business or how to best prepare for on-time filing, contact Bob’s Bookkeepers’ to inquire about our comprehensive tax accounting services.
The deadline for most individuals to file their income tax returns is April 15, 2025.
The date is typically the same every year: April 15. However, if this date falls on a weekend or holiday, the IRS may set it as the following business day. This applies to all W-2 workers and retirees.
As we’ll discuss below, missing the deadline without filing an extension can result in penalties, fees, and legal consequences.
So, even if individuals need some more time to prepare their return and won’t make the April 15 deadline, it’s important to pay what they owe on time, file an extension, and complete the submission by the extended deadline to avoid interest and penalties.
The tax filing deadline in 2025 for those who are self-employed, freelancers, or gig workers is typically the same as for any other individual: April 15, 2025. This includes individuals who received a 1099 for work completed this year.
If you earned more than $400 in 2024 as a sole proprietor or independent contractor, you’ll fall into this category and be subject to self-employment tax, which will be submitted with your individual return.
In addition, these workers must typically submit quarterly estimated taxes in addition to their yearly tax return filing. Based on how accurate your estimates were throughout the year, you may owe additional taxes or receive a refund upon filing the return.
While most of the deadlines for estimated quarterly payments for 2024 earnings are already behind us, self-employed individuals, independent contractors, and freelancers should pay attention to when these dates are for the coming year to avoid penalties and surprise bills, which we’ll cover in more detail below.
The deadline for partnerships and certain corporations deviates from others. Specifically, multi-member LLCs and S-corporations must typically file their returns one month prior to individual returns, by March 17, 2025.
However, there is a different deadline if the partnership operates on a fiscal year basis rather than a calendar year. In this case, the filing deadline for these entities is typically the 15th day of the fourth month after their fiscal year ends, depending on the business. For example, if the partnership’s fiscal year runs from May 1, 2024, to April 30, 2025, their return deadline would be August 15, 2025.
The exception is for partnerships with a fiscal year that ends on June 30. They must file their return by the 15th day of the third month after the fiscal year closes instead, which would be September 15, 2025.
Importantly, C-corporations are not subject to this deadline and follow the April 15 date like individuals.
Federal income taxes are calculated on what’s called an “as-you-go” basis. This means that those who earn taxable income (both businesses and individuals) must pay the taxes they incur throughout the year.
W-2 employees may not be aware of this system because their taxes are automatically deducted from each paycheck by their employer. However, businesses and individuals who are self-employed must typically make estimated tax payments on a quarterly basis to avoid penalties.
For the 2024 tax year, there is just one estimated tax payment deadline left, which is January 15, 2025.
Looking ahead to the 2025 tax year, the deadlines are as follows:
Sole proprietors, C-corporations, and S-corporation owners must generally make estimated payments if they expect to owe at least $500 in taxes for the year.
Businesses and individuals alike can request a filing extension if they cannot meet the general deadline. The process is relatively straightforward, though there is a separate form for individuals and businesses to complete. Let’s review the tax extension deadline for 2024 taxes and how to submit this request.
Most corporations can file for a federal extension by submitting Form 7004. The form must be submitted by their original filing deadline, which is April 15, 2025, for C-corps or March 15, 2025, for S-corps and partnerships operating on a calendar year. The business tax extension deadline for 2024 taxes will differ for those that follow a fiscal year basis.
Depending on the state where the business is located, it may need to file a separate extension with state tax authorities.
Individuals can file for an automatic extension with Form 4868 by April 15, 2025. They may skip filing this form while making an estimated tax payment and indicating that it’s for an extension.
It’s important to mention that the extended deadline only applies to filing the tax return. The individual or business must still estimate and pay the taxes they expect to owe upon filing by their original due date.
There is an exception for certain U.S. taxpayers who file a calendar year return and reside outside of the country at the time of the regular deadline. Those who qualify automatically receive a two-month extension for filing and paying, moving their deadline to June 16, 2025. They may request a further extension of four months for filing the return only, which can be done by submitting Form 7004 or Form 4868 for business and individual returns, respectively.
After requesting an extension, when are taxes due? Corporations and individuals have an extra six months to file their returns. For those operating on a calendar year, this means their new deadline for taxes in 2024 is October 15, 2025.
Those operating on a fiscal year will have an extended deadline that’s six months after their original filing due date.
S-corporations and partnerships with fiscal years ending June 30, 2025, have an extra seven months to file their tax returns with the extension. Their new deadline is April 15, 2026, instead of September 15, 2025.
Those who live in a place that has been a federally declared disaster area may qualify for a special extension. For instance, this may apply if you’ve experienced a significant natural disaster like a hurricane, tornado, flood, or wildfire in the current year.
Affected taxpayers will not need to file an extension request in such circumstances; it will be automatically applied. The extended due date typically applies to both federal tax payments and return filing.
Taxpayers can refer to the list of localities and taxpayers eligible for 2024 disaster tax relief by the IRS here.
If you don’t file for an extension and miss paying or filing your return by the appropriate deadline, you will likely incur penalties.
Even if you submit an extension request to file your return at a later date, be advised that you’re likely still responsible for paying an accurate estimate of your owed taxes by the deadline, or you may face interest and late payment fees.
If you file your return on time, but don’t pay the full amount of taxes you owe, you’ll likely incur the failure-to-pay penalty.
This penalty is 0.5% of what is still owed, for each month you owe it, until you pay in full. There is a maximum penalty of 25% of the remaining tax liability after the filing deadline has passed.
You will also accrue interest on the amount of unpaid taxes, which will accumulate from the return’s due date, until you eventually make the full payment of what you owe. The interest compounds daily, and is determined by the federal short-term rate plus three percent.
There is also a failure to file penalty if you owe taxes and did not pay or file your return on time. The amount of the penalty is typically 5% of the tax that’s owed for each month that your return is late, up to a maximum of 25% of what you owe.
If you are more than 60 days late filing the return, there will be a minimum penalty imposed of at least $485 for taxes due from the 2024 calendar year.
Tax deadlines aren’t always as straightforward for businesses as they are for individuals. Especially if your company reports on a fiscal year basis rather than a calendar year, you’ll have additional considerations to keep in mind when it comes to what you owe and when you owe it.
If you want to make sure you hit the tax filing and payment deadlines for 2024, check out the following tips and tricks to steer you in the right direction:
One helpful task that will make it easier for you to meet the filing deadline is to gather and organize tax-related documents early.
While a business’s finances may not be finalized until after the first of the year, try getting a head start as soon as these documents are prepared. This will give you plenty of time to hunt down any missing information, and avoid rushing the return preparation process, which could lead to delays and preventable mistakes.
It’s not always easy to prepare a business tax return by hand and feel confident that you’re doing it correctly. In the digital age, a growing number of copanies choose to use tax software that guides them through the tax-filing process, which eliminates some of the guesswork.
Even still, businesses that have more complicated financial matters may like expert input. Working with a team of professionals, like Bob’s Bookkeepers, gives you the peace of mind that your tax return is prepared accurately and filed on time.
Again, many self-employed individuals, S-corp owners, and businesses must make estimated tax payments throughout the year. This requires you to remember a few additional dates to avoid underpayment penalties.
You can avoid accidentally skipping an estimated payment by scheduling them in advance for the entire year. This is simple to do in just a few clicks from the IRS website.
Whether you’re curious about when you need to file your personal taxes, or how to file a business tax deadline extension request, the team at Bob’s Bookkeepers can help. We’re here to demystify the tax-filing process, ensuring you not only file on time, but that you’re using a tailored tax strategy to minimize what you owe.
Contact us today to get a head start on your 2024 taxes.
