Avoid Overlooking the Imminent Tax Return Submission Date
The Lowdown on Deadline Dynamite: 2025 Tax Filing Dates and Penalties
Tax season is looming, and the IRS is as unforgiving as ever. With the deadline fast approaching, it's time to get your act together and avoid the pain of penalties and interest. Here's your handy guide to the 2025 tax deadlines.
Deadline Data Explained
Typically, the tax filing deadline for most individual taxpayers is April 15. But, if you've got an extension, be aware that time is ticking! If you requested an extension earlier this year, your final deadline to file your 2024 tax return is October 15, 2025. Don't miss out - file that extension by April 15, right here.
Remember, an extension to file doesn't provide an extension to pay. If you owe taxes and don't pay by the April deadline, you'll start accruing penalties and interest. Ouch!
Desperate Measures: Last-Minute Filing Options
If you're up against the deadline, you've got choices:
- IRS Free File: Complete your tax return using guided software via a partner site, then e-file it with the IRS. This is available to taxpayers with an AGI of $84,000 or less in 2024.
- Commercial Tax Prep Software: There are plenty of options out there, and my pick for this year is H&R Block. For some pointers on choosing the right tool for you, take a look at my guide on popular options like TurboTax and FreeTaxUSA.
- Tax Pro Hire: Certified Public Accountants (CPAs) or Enrolled Agents can help with complex returns. Make sure your preparer is up to the task!
- Snail Mail Filing: File a paper return (postmarked by April 15 or Oct. 15 for extension filers). Just keep in mind that you'll likely face delays.
What If You Miss the Extended Deadline?
If you're reading this in October, buckle up. Missing the deadline can result in:
- Failure-to-File Penalty: This penalty is 5% of unpaid taxes per month, up to a maximum of 25%.
- Interest Charges: Your tax liability will accrue interest compounded daily.
- Lost Refunds: If you don't file, you won't get your refund, keep in mind that you have three years to claim it before it expires.
If you can't meet the Oct. 15 deadline, the IRS is unlikely to grant additional extensions, except in specific circumstances:
- Those living outside the United States may qualify for extensions.
- Military personnel serving in combat zones receive automatic extensions.
- Those impacted by federally declared disasters may receive additional time.
Last-Minute Filer Advice
The best piece of advice? File, even if you can't pay. Filing on time avoids the failure-to-file penalty, which is usually higher than the failure-to-pay penalty. Start gathering all essential documents like W-2s, 1099s, and receipts for deductions and credits. And if you can't pay in full, explore installment agreements offered by the IRS.
Planning Ahead: Tax Prep for 2025
Avoid finding yourself in a tax panic by getting organized. Use a spreadsheet to track all your tax-related documents throughout the year. Here's a basic template to kickstart your prep. The aim is to create a central archive of all your tax records, making next year's filing a breeze.
Remember, filing your taxes is a legal obligation, even if you can't pay what you owe. Filing on time helps minimize penalties and keeps you in compliance with tax laws. And, of course, for specific advice tailored to your tax situation, consult a qualified tax professional.
- To file your final tax return for the year 2024, if you have requested an extension, ensure that you submit it by the deadline of October 15, 2025, to avoid penalties.
- Money owed as taxes should be paid by the April deadline to avoid accruing penalties and interest, even if an extension has been granted for the filing of the return.
- If you find yourself in need of last-minute filing options for the 2024 tax year, consider using IRS Free File, commercial tax prep software like H&R Block, hiring a tax professional, or filing a paper return by snail mail. Freetaxusa is another option, amongst the commercial tax prep software available.
