As 2025 approaches, it’s time to mark your calendar with critical tax deadlines. Whether you’re filing your federal income taxes or making quarterly estimated payments, staying informed is essential to avoid penalties and ensure smooth financial planning. Remember, these deadlines primarily relate to income earned in 2024, referred to as the tax year, even though we file these taxes in 2025, known as the filing year.
When Is Tax Day in 2025?
In 2025, Tax Day falls on the traditional date: April 15. Unlike prior years affected by the COVID-19 pandemic or weekends that pushed deadlines forward, this year follows the standard schedule.
What Happens If You Miss the Deadline?
Missing the filing deadline comes with significant consequences:
- Late Filing Penalty: 5% of the unpaid taxes for each month your return is late, up to a maximum of 25%.
- Interest Charges: Accrues daily at a rate of 3%, compounding regularly.
To avoid these penalties, consider filing for an automatic extension using IRS Form 4868, which extends your deadline to October 15, 2025. However, keep in mind that an extension to file is not an extension to pay—any unpaid taxes are still due by April 15.
Special Extensions for Disaster Victims
The IRS grants extended deadlines for taxpayers impacted by natural disasters. For instance, individuals in parts of Virginia affected by Hurricane Helene starting on September 25, 2024, have until May 1, 2025, to file their federal tax returns.
Key 2025 IRS Tax Dates
Here’s a breakdown of crucial dates to keep in mind:
- January 15, 2025: Final estimated tax payment for the 2024 tax year is due.
- Late January 2025: IRS begins processing 2024 tax returns (exact date to be announced).
- February 1, 2025: Most AARP Tax-Aide locations open to assist taxpayers.
- April 15, 2025:
- Deadline to file 2024 federal tax returns.
- First estimated tax payment for the 2025 tax year due.
- June 16, 2025: Second estimated tax payment for the 2025 tax year due.
- September 15, 2025: Third estimated tax payment for the 2025 tax year due.
- October 15, 2025: Extended filing deadline for 2024 federal tax returns.
- January 15, 2026: Fourth estimated tax payment for the 2025 tax year due.
When Does Tax Season Start?
The IRS typically begins accepting and processing tax returns in late January, with 2025 expected to kick off during the week of January 27 (official date pending).
- Fastest Refunds: Filing electronically with direct deposit ensures the quickest turnaround. Most refunds are issued within 21 days of filing.
- Average Refund: In 2024, taxpayers received an average refund of $3,050.
Estimated Taxes: A Guide for the Self-Employed
If you’re self-employed or have income that doesn’t withhold taxes, you must pay estimated taxes quarterly. Here’s the schedule for the 2024 tax year:
- April 15, 2025: First payment due.
- June 16, 2025: Second payment due.
- September 15, 2025: Third payment due.
- January 15, 2026: Final payment for 2025.
Takeaway
Timely filing and payments are essential to avoid penalties and stay on track with your finances. Preparation now can save you stress—and money—in the long run. Bookmark these dates and contact us at PSA CPA to start your tax prep! Call us at 301-879-0600 or email us at [email protected] – we can’t wait to work with you!
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