As tax season approaches, it’s crucial to begin your preparations now. Prompt filing can lead to quicker refunds or provide additional time to gather funds for any outstanding balances. The IRS will commence the acceptance of tax returns this month, and while the primary deadline for the majority of taxpayers falls on April 15, there are other significant dates to remember in 2025.

January 15: Estimated Tax Payment for Q4 of 2024

The first deadline of 2025 actually pertains to the last estimated tax payment for the previous year. Individuals who are self-employed—such as freelancers or contractors—should ensure they submit payments for any income earned in the fourth quarter of the last year, which spans from September 1 to December 31. Not submitting estimated payments or underpaying may result in penalties. However, if the tax return is filed and paid by January 31, the January 15 payment can be bypassed.

January 27: Tax Filing Commences

The IRS has announced that it will begin processing 2024 tax returns on January 27. Numerous taxpayers are eligible for free filing through IRS Free File—which can be prepared ahead of time and submitted once the filing period opens—or IRS Direct File, which was introduced last year and is currently accessible in 25 states, including Alaska, Arizona, and California, among others.

Though tax returns can be filed starting on January 27, businesses have until January 31 to finalize and distribute 1099 forms. Ensure all your documents are ready prior to submission.

March 17: Deadline for Business Filings

For businesses classified as partnerships or S corporations, March 17 marks the deadline for filing. This date also serves as the deadline for opting to be considered an S corporation for the year 2025.

April 15: Tax Filing and Retirement Contribution Deadline

April 15 is often regarded as the most significant date of the year concerning taxes. Several essential deadlines coincide on this day:

• Submission of Individual and Corporate Returns. Unless an extension is filed, all tax returns and payments are due to avoid penalties and interest. Should funds not be available to settle the tax bill by the deadline, it’s advisable to explore IRS payment plan options.
• Extension Requests. If an extension is necessary (which extends the timeline until October 15 to file), it must be requested by the April deadline. Keep in mind that extensions do not apply to any tax owed, which must be settled by April 15.
• First Estimated Tax Payment for Q1. The first estimated tax payment for the year 2025 is also due on this date, covering income generated during January, February, and March.
• IRA and HSA Contributions. The tax filing deadline allows for contributions to IRAs and HSAs to be counted toward the previous tax year. If contribution limits have not yet been reached for 2024 and additional funds are available, consider investing in these tax-advantaged accounts.

Exceptions exist for this filing deadline. Individuals in federally declared disaster areas may receive extended deadlines, which can vary by location. The IRS has already extended the deadline to May 1 for residents of specific states like Alabama, Florida, and South Carolina, among others. For California residents dealing with fire-related disruptions, it’s advisable to consult the IRS website for the latest updates.

June 16: Estimated Tax Payment for Q2

The second estimated tax payment for 2025 is due on June 16, covering income earned between April 1 and May 30.

September 15: Estimated Tax Payment for Q3

September 15 marks the due date for the third estimated tax payment for 2025, encompassing income earned from June 1 to August 31.

October 15: Deadline for Extended Tax Filing

For those who have requested an extension, the final return is due on October 15.

January 15, 2026: Estimated Tax Payment for Q4

The concluding estimated tax payment for the 2025 tax year will be due on January 15, 2026, covering income accrued from September 1 to December 31.