Tax Filing Deadlines and Extensions

M1 Team
M1 Team February 20, 2025

The information provided in this article is for general informational purposes only and should not be considered as tax or investment advice. Tax laws are complex and subject to change. Please consult with a qualified tax professional for advice specific to your individual situation.

Tax season can be a challenging time for many investors. At M1, we believe that understanding key dates and requirements can help you stay organized and informed during tax season.

In this article, we’ll provide an overview of 2025 tax deadlines, the tax extension process, and general information about filing taxes. Let’s explore some essential information about tax deadlines and extensions for 2025 (for the 2024 tax year).

Key Tax Filing Deadlines for 2025 (2024 Tax Year)

Before we dive into the detailed 2025 tax calendar, here’s a quick summary of some important tax dates. These dates are based on current information and are subject to change. Please verify with the IRS or a qualified tax professional closer to the tax season for the most up-to-date information.

  • January 27, 2025: Tax Filing Season Start – IRS begins accepting and processing 2024 tax returns
  • April 15, 2025: Standard Filing Deadline – Federal income tax returns due for most individual taxpayers
  • October 15, 2025: Extension Deadline – Extended deadline for those who requested a six-month extension
  • April 15, 2025: Estimated Tax Payment 1 – For income earned January 1 – March 31
  • June 16, 2025: Estimated Tax Payment 2 – For income earned April 1 – May 31
  • September 15, 2025: Estimated Tax Payment 3 – For income earned June 1 – August 31
  • January 15, 2026: Estimated Tax Payment 4 – For income earned September 1 – December 31

Special Deadlines

  • June 15, 2025: Deadline for U.S. citizens or resident aliens living abroad, or are on military duty outside of the U.S.
  • Various dates: The IRS may extend deadlines for taxpayers affected by natural disasters

State Tax Deadlines

While most state tax deadlines typically align with the federal deadline of April 15, some states may have different due dates. Check with your specific state’s tax agency for accurate deadline information.

How to File Taxes on Time

Here are some general suggestions that may help you prepare for filing your taxes:

  • Consider starting early by gathering your documents as they arrive.
  • You might find it helpful to create a dedicated folder at the beginning of the year for relevant tax documents.
  • Decide on your preferred filing method: tax software, professional preparer, or self-preparation.
  • Consider marking key dates on your calendar and allowing ample time to complete your return.
  • Setting up reminders on your phone or calendar app for key tax dates may be useful.
  • You might consider using cloud storage or a dedicated app to store digital copies of your tax documents securely.
  • Organizing your tax documents by category (income, deductions, investments) could make them easier to reference.
  • Reviewing last year’s return might help ensure you haven’t overlooked any important items.
  • Double-checking all entered information for accuracy before submitting your return is generally advisable.
  • Some people find tax preparation software helpful in streamlining the filing process.

Note: While these suggestions may be helpful, it’s always advisable to consult with a qualified tax professional for personalized advice.

Requesting a Tax Filing Deadline Extension

The following information is general in nature and may not apply to all situations. Individual circumstances may vary. Please consult with a qualified tax professional for advice specific to your situation.

If you need more time to file your taxes, you may be able to request an extension using Form 4868, which could give you an additional six months to file your return. Here’s a general overview of the tax extension process:

  • File Form 4868 by April 15, 2025
  • Estimate your tax liability and pay any amount due
  • Use the extra time to gather all necessary information

Key points about tax extensions:

  • An extension gives you more time to file, not more time to pay
  • The IRS will contact you only if your request is denied

Remember, while an extension may provide more time to file, it doesn’t extend your payment deadline. Any taxes owed are still typically due by April 15 to avoid penalties and interest.

Consider your specific situation carefully before deciding to file for an extension. While it can provide needed time, it may also result in delayed refunds or increased stress closer to the extended deadline.

What Happens If You Miss Tax Filing Deadlines

Missing tax filing deadlines can result in penalties and interest charges, which can significantly increase the amount you owe. Here’s a general overview of potential consequences:

  • Failure-to-file penalty: 5% of unpaid taxes per month, up to 25%
  • Failure-to-pay penalty: 0.5% of unpaid taxes per month, up to 25%
  • Interest on unpaid taxes: The IRS charges interest on unpaid taxes, which compounds daily from the due date of the return until the date of payment.

If you can’t pay in full, don’t panic. Consider exploring options like an installment agreement with the IRS to address any missed deadlines.

Tools and Resources for Meeting Tax Deadlines

IRS Resources

  • IRS Free File: Free guided tax preparation for taxpayers with adjusted gross income of $73,000 or less in 2024. Opens on January 10, 2025.
  • IRS Direct File: New free tax filing service for eligible taxpayers in participating states. Check the IRS website for eligibility details.
  • IRS2Go mobile app: Check refund status, make payments, and find free tax preparation assistance.
  • Tax calculators: Estimate your tax liability or potential refund before filing.

M1 Resources

  • M1 Tax Center: Access resources designed to assist M1 clients during tax season.
  • Year-round investment tracking: Monitor your investments throughout the year.
  • Tax minimization strategy: Our automation features are designed with tax implications in mind.
  • Integration with tax software: Import your M1 tax documents into popular tax preparation software.

While tax software and online tools can be helpful, they may not account for every unique financial situation. Always consider consulting with a tax professional for personalized advice.

Common Tax Filing Mistakes to Avoid

While avoiding these common mistakes may help, it does not guarantee prevention of audits or issues with the IRS. Here are some general points to consider:

  • Filing deadlines: Be aware of important dates and consider filing on time or requesting an extension.
  • Math errors: Consider double-checking calculations or using tax software to help minimize mistakes.
  • Social Security numbers: Verify all SSNs for accuracy.
  • Signatures: Remember that an unsigned return is not considered valid.
  • Deductions and credits: Research potential tax breaks you might qualify for.
  • Bank account information: If expecting a direct deposit refund, double-check your details.
  • Income reporting: Consider including all sources of income.
  • Filing status: Select the status that best fits your situation.
  • Record keeping: Consider retaining a copy of your filed return for your records.
  • Thoroughness: Take your time to ensure accuracy and completeness.

FAQs About Tax Filing Deadlines and Extensions

Do I need to file taxes if I don’t owe any?

Filing requirements depend on your income, filing status, and age. Even if you don’t owe taxes, filing may be beneficial if you’re eligible for refundable credits. Consult with a tax professional for advice specific to your situation.

How long does it take to get a tax refund?

According to the IRS, they issue over 90% of refunds within 21 days for e-filed returns with direct deposit. Some returns may require additional review, potentially delaying the process.

What if I can’t pay my taxes on time?

Consider filing your return on time and paying as much as you can. Then, explore payment options like installment agreements with the IRS. Consult with a tax professional for guidance.

Can I file for an extension if I’ve already missed the deadline?

Extensions typically must be requested by the original filing deadline. If you’ve missed it, consider filing your return as soon as possible to minimize potential penalties. Consult with a tax professional for advice specific to your situation.

How can I minimize the tax impact of my investments?

There are various strategies that may help manage the tax impact of investments, but these can be complex and depend on individual circumstances. It’s advisable to consult with a qualified tax professional for personalized advice.

What’s the difference between a tax deduction and a tax credit?

Generally, a deduction reduces your taxable income, while a credit directly reduces your tax bill. Credits are often considered more valuable dollar-for-dollar. Consult with a tax professional to understand how these might apply to your situation.

How long should I keep my tax records?

The IRS recommends keeping records for at least 3 years from the date you filed your original return, or 2 years from the date you paid the tax, whichever is later. However, specific situations may require longer retention periods. Consult with a tax professional for advice tailored to your circumstances.

Conclusion

Understanding tax deadlines and requirements is an important part of financial planning. By staying informed about key dates and requirements, you can work towards a smoother tax filing experience. Remember that individual tax situations vary, and professional advice may be necessary.

Tax laws can change from year to year, so always check for the most current information on the IRS website or consult with a tax professional before filing. By staying informed and prepared, you can approach tax season with confidence and potentially minimize stress associated with this annual financial responsibility.

M1 and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. It is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

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