Tax season doesn’t have to be a source of stress. With proper preparation and professional guidance, you can navigate it smoothly while making the most of available opportunities. Here’s your comprehensive guide to staying on track this year.
Key Tax Dates to Remember for individual filers
Staying informed about important deadlines is crucial for a hassle-free tax season. Here are the key dates to mark on your calendar:
- January 2, 2025: IRS Tax Season Officially Begins The IRS opens its systems for processing tax returns. Filing early can help you avoid delays. Learn more on IRS.gov.
- January 16, 2025: Fourth quarter estimated tax payments due for 2024 for self-employed individuals or those with other income without tax withholding.
- January 27, 2025: Peak Filing Season Kicks Off Many taxpayers begin filing around this time as essential forms like W-2s and 1099s become available.
- January 31, 2025:
- Employers Must Provide W-2 Forms: Employers must distribute W-2 forms to employees. Ensure you have this form for accurate filing.
- Deadline to send certain 1099 tax documents: This deadline also applies to submitting specific 1099 forms, including Form 1099-NEC for reporting self-employment income from freelance work or side gigs. Additionally, you might receive a Form 1099-MISC if you earned income from sources such as interest, dividends, rents, royalties, or prize winnings.
- February 18, 2025: Deadline to File Form W-4 for Tax Withholding Exemption This applies if you claim an exemption from your employer withholding taxes from your paycheck on your Form W-4.
- April 15, 2025:
- Federal Income Tax Filing Deadline The standard deadline for individuals to file their federal tax returns or request an extension. File for an extension here.
- Deadline for most state tax returns, though there are some exceptions for certain states.
- Deadline to request a tax extension by filing Form 4868 and to pay any taxes due from tax year 2024 (even if you are requesting an extension).
- Deadline to make HSA and IRA contributions for tax year 2024 by April 15, 2025.
- Estimated tax payments due for the first quarter of 2025.
- June 16, 2025 – Second quarter estimated tax payments due for 2025.
- Sept. 15, 2025 – Third quarter estimated tax payments due for 2025.
- October 15, 2025: Extended Filing Deadline The final date to submit a tax return if you received an extension.
- Dec. 31, 2025 – Due date to take the 2025 required minimum distribution from your retirement plan for people 73 and older.
- Jan. 15, 2026 – Fourth quarter estimated tax payments due for 2025.
Key Tax Dates to Remember for Business Owners
- January 31, 2025:
- Deadline to send Form W-2 to your employees.
- Deadline to send certain 1099 forms such as Form 1099-NEC or Form 1099-K.
- March 15, 2025:
- Deadline for S-Corporation (Form 1120-S) and Partnership (Form 1065) tax returns. This due date applies to businesses following a calendar year. If your business operates on a fiscal year, your tax return is due on the 15th day of the third month after the end of your fiscal year. For example, if your fiscal year runs from June 1 to May 31, your tax return would be due on August 15—three months and 15 days after May 31.
- Deadline to file for a 6-month extension (Form 7004) for partnerships, S corps, and LLCs taxed as partnerships.
- April 15, 2025:
- Deadline for C-Corporation (Form 1120) tax returns and sole proprietorships filing through personal tax returns.
- Deadline to request a tax extension for C corps, sole proprietors, single-member LLCs, and LLCs taxed as corporations.
- June 16, 2025 – Deadline for estimated tax payment due for Q2 2025.
- September 16, 2025
- Deadline to file extended S-Corporation and Partnership tax returns.
- Deadline for estimated tax payment due for Q3 2025.
- October 15, 2025
- Deadline to file extended C-Corporation tax returns.
- Deadline for estimated tax payment due for Q3 2025.
- January 15, 2026 – Deadline for estimated tax payment due for Q4 2025.
Steps to Simplify Tax Filing
Simplifying the tax process starts with early preparation. Here are actionable steps to ensure you’re ready:
- Organize Your Documents Gather all necessary forms, such as W-2s, 1099s, and receipts for deductions. Keeping these organized saves time and reduces errors.
- Review Retirement Contributions Maximize your savings by leveraging the updated 2025 contribution limits for 401(k)s, IRAs, or SIMPLE plans. These adjustments could lower your taxable income.
- Verify Estimated Tax Payments Ensure all payments are up-to-date to avoid penalties. Use the IRS’s payment portal for easy tracking.
- Leverage IRS Tools Access resources like IRS Free File for no-cost filing options tailored to your income level.
- Consult a Professional For complex returns, a tax advisor can uncover potential savings, ensure compliance, and minimize stress.
How Fairvoy Private Wealth Can Help You Prepare for Tax Season 2025
Our financial advisors can play a pivotal role in making tax season more manageable and strategic. Here’s how we can assist:
- Maximizing Retirement Contributions: We can guide you in optimizing your 2025 contributions to 401(k)s, IRAs, or other plans, helping reduce your taxable income while growing your savings.
- Implementing Tax-Efficient Strategies: Our advisors recommend approaches like tax-loss harvesting, charitable giving, or Roth conversions to minimize your tax burden.
- Streamlining Document Preparation: We can help ensure all income, deductions, and credits are accounted for, simplifying your filing process.
- Long-Term Tax Planning: Tax season isn’t just about the present; Our advisors work with you to create a strategy that aligns with your future financial goals.
- Collaborating with Tax Professionals: Our advisors can coordinate with your accountant or tax preparer to ensure a seamless integration of your financial and tax strategies.
Ready to Simplify Tax Season?
Tax season is an opportunity to refine your financial strategy. By staying informed and leveraging expert advice, you can make this process smoother and more beneficial.
If you need personalized guidance, The Fairvoy team is here to help. Contact us today to explore strategies tailored to your financial goals. Reach out here.
Source:
Disclaimer:
The information and opinions provided herein are provided as general market commentary only and are subject to change at any time without notice. This commentary may contain forward-looking statements that are subject to various risks and uncertainties. None of the events or outcomes mentioned here may come to pass, and actual results may differ materially from those expressed or implied in these statements. No mention of a particular security, index, or other instrument in this report constitutes a recommendation to buy, sell, or hold that or any other security, nor does it constitute an opinion on the suitability of any security or index. The report is strictly an informational publication and has been prepared without regard to the investments and circumstances of the recipient.
Past performance does not guarantee or indicate future results. Any index performance mentioned is for illustrative purposes only and does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Index performance does not represent the actual performance that would be achieved by investing in a fund.