Let’s face it—taxes may not be the most thrilling topic, but they are as inevitable as your morning coffee addiction. Whether you’re an individual taxpayer or a business owner, staying on top of key dates can save you from unnecessary headaches, penalties, and last-minute scrambling (and let's be honest, no one enjoys explaining tax penalties over Thanksgiving dinner).
Before we dive in, here’s a friendly reminder: Some deadlines may shift based on weekends, holidays, or specific entity elections. Translation? Always double-check the details with a tax professional (like us) or the IRS before assuming you’re in the clear! Also, setting multiple reminders on your phone wouldn't hurt—because, let's be honest, we've all forgotten something important before.
For Individual Taxpayers
January 15 – If you’re making estimated payments, your Q4 2024 payment is due. Missing this? The IRS isn’t exactly known for its leniency (or sense of humor).
January 31 – If you didn’t make that Q4 estimated tax payment, this is your last chance to file your 2024 return to avoid penalties. Consider this your tax-season warm-up. Stretch accordingly.
February 15 – If you claimed an exemption from income tax withholding in 2024 and want to keep it, now’s the time to submit a new W-4. Don’t let this slip; your paycheck might surprise you in ways you won’t like.
April 15 – The Big One! Your 2024 income tax return (Form 1040) is due, along with your Q1 2025 estimated tax payment. Forgot to contribute to your IRA or HSA for 2024? This is your deadline. Extensions (Form 4868) are available, but that only buys you time to file, not to pay. In other words, Uncle Sam still wants his money on time.
June 15 – Q2 estimated payment deadline. Fun fact: This is also the deadline for U.S. citizens living abroad to file their tax returns. So, if you’re sipping margaritas on a beach somewhere, set a reminder.
September 15 – Another estimated payment due date. Sensing a pattern here? (Hint: The IRS sure hopes you are.)
October 15 – If you extended your return back in April, time’s up. The IRS is expecting your Form 1040. Don’t ghost them—they will find you.
December 31 – Wrap up your Required Minimum Distributions (RMDs) and any last-minute charitable contributions. It’s also the last day to make tax-efficient gifts for 2025. Procrastinators, this is your final call!
For Business Owners
January 31 – Time to issue W-2s and 1099s to employees and contractors. Nothing says “Happy New Year” like scrambling to meet IRS reporting deadlines.
March 15 – If you run an S-corporation or partnership, your business tax return (Forms 1120S or 1065) is due today. Thinking about an extension? File Form 7004. Just don’t let “extension” turn into “whoops, I forgot.”
April 15 – C-Corporations, it’s your turn. File Form 1120, or get an extension with Form 7004. Sole proprietors and single-member LLCs also have their tax returns due today. Time to channel your inner responsible business owner!
June 15 & September 15 – Keep those quarterly estimated tax payments rolling. The IRS loves its steady cash flow—kind of like how you love getting paid on time.
October 15 – If you got an extension for your corporate tax return, the clock runs out today. If you like living on the edge, maybe this is your moment.
December 31 – The tax year officially closes. Get those last-minute deductions in before the ball drops! Champagne first, tax planning second.
Final Thoughts
Remember, these dates are a general guide, but exceptions exist based on your individual circumstances and entity elections. Plus, if a deadline falls on a weekend or holiday, expect it to shift to the next business day. (So maybe don’t celebrate too hard if you think you have an extra day.) The moral of the story? Mark your calendar, set some reminders, and don’t procrastinate. Your future (stress-free) self will thank you.
WHWM is here to guide you in identifying your priorities, developing a plan, and making adjustments along the way. By choosing WHWM, you're partnering with our Founder and President, Stephen Bodwell. As a CPA and CFP® professional, Stephen is committed to helping you achieve your financial goals and aspirations. Don't hesitate to take the next step toward realizing your dreams. Schedule your complimentary, no-obligation 30-minute consultation with Stephen.
Walnut Hill Wealth Management, LLC (“WHWM”) is a registered investment advisor offering advisory services in the State of Texas and in other jurisdictions where exempt. The information provided is as of the date indicated and is subject to change.
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