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2025 Tax Deadlines You Need to Know
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What happens to my tax deadlines if I live in an area impacted by a natural disaster?
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Tax Planning Strategies to Reduce Self-Employment Tax
If you became self-employed during the year, this could be your first payment. Those who don’t expect to earn more than $1,000 in the 2023 calendar year, however, may not need to pay quarterly taxes. The April 15 federal tax-filing deadline is famous, but there are other key tax deadlines and important dates to know throughout the year. Filing taxes for the first time is a significant financial milestone. By staying informed about key deadlines for 2025, including the April 15 filing deadline and the October 15 extension deadline, you can approach the process with confidence.
- The IRS starts charging penalties and interest on the day the return is due, no matter when you file.
- If you are a W-2 employee, your 2024 taxes are due today unless you’ve filed for an extension.
- “You may file an application for an automatic six-month extension to file,” Steffen says.
- However, you must file for an extension before April 18.
- It’s essential to note that the above dates and deadlines may change if they fall on a Saturday, Sunday, or Federal holiday.
Business Succession Planning: Minimize Tax Burdens Effectively
- The April 15 federal tax-filing deadline is well-known, but there are other key tax deadlines and important dates to know throughout the year.
- While the deadline would normally be April 1, that date falls on a Saturday in 2023, so it’s now Monday, April 3.
- If you miss an estimated tax payment, make your payment as soon as you can.
- This form grants you an additional six months to file your tax return.
- Tax Planning Strategies to Reduce Your Business’s Tax Burden Managing your business’s taxes is a…
- Local accountants can provide tailored advice and support to ensure your financial matters are managed efficiently and in compliance with local and national tax laws.
If you turned 72 during the previous year (or 73 if you reach age 72 after Dec. 31), then you must take your required minimum distributions (RMDs) by April 1st. If you turn 72 in the current year, then you have until next April 1st to take your RMDs. Taxpayers, including civilians working with the Department of How to Invoice as a Freelancer Defense, must notify the IRS directly of their status for qualifying combat zone relief. For more information, see Notifying the IRS by email about Combat Zone Service. If you submit your taxes through the mail or have to amend your return, your refund should take about four weeks to arrive.
The Main Tax Filing Deadline: April 15, 2025
Keep all relevant tax documents, such as W-2s, 1099s, and receipts, in one place. This will make it easier to complete your tax return accurately and efficiently. — 100% of the tax shown on the prior year’s return (110% if your adjusted gross income was more than $150,000; or more than $75,000 if married filing separately). Or you can contribute to a Roth IRA if your modified adjusted gross income was less than https://firststepcorp.com/what-is-an-invoice-sending-and-receiving-invoices/ $161,000 in 2024 if you’re single, or less than $240,000 if married filing jointly. You won’t get a current tax break by contributing to the Roth, but you can withdraw the earnings tax-free after age 59 1/2, as long as you’ve had the Roth IRA for at least five years.
Check out tax season some of these tips for keeping receipts for your taxes to make sure you have everything you need when it’s time to file your return. Remember, individuals who earn less than $1,000 in the calendar year working for themselves typically don’t need to worry about making quarterly payments. “If taxpayers need more time to pay, they can apply for long and short-term payment plans provided by the IRS,” says Brittany Benson, lead tax research analyst at the Tax Institute at H&R Block. For more information, see the IRS’s Apply Online for a Payment Plan.