Complete Guide to the 2025 Tax Season

The 2025 tax season is already on the horizon, and with it comes the need to organize and meet the key dates set by the IRS. Here we provide you with all the information you need to be prepared, avoid penalties and maximize your tax benefits.

When is Tax Day in 2025?

El Tax Day, known as the deadline for filing federal income returns, will be April 15, 2025. This year, the date won't be affected by weekends or holidays, providing clarity to plan your presentation.

What happens if you file your taxes late?

Failure to meet the deadline can have serious consequences, both financial and legal:

1. Late filing penalty:
   • The IRS imposes a penalty of 5% of the amount due for each month of delay, with a maximum limit of 25% per year.
2. Accumulated interest:
   • Interest on the balance due is calculated at 3% per year and are capitalized daily.
3. Legal Actions:
   • Failure to file a return may result in wage garnishments or freezing of bank accounts.

If you can't file on time, you can request an automatic extension using the Form 4868, which will extend your deadline until October 15, 2025. However, any taxes due must be paid by April 15 to avoid additional interest.

IRS Tax Calendar 2025

Here are the most important dates to mark on your calendar:

• January 15: Estimated final tax payment due by 2024.
• End of January: The IRS will begin processing tax returns.
• April 15: Deadline for filing taxes for 2024 and first estimated tax payment for 2025.
• June 16: Second estimated tax payment for 2025.
• September 15th: Third estimated tax payment for 2025.
• October 15: Extended deadline for filing the 2024 return.
• January 15, 2026: Expiration of the fourth estimated tax payment by 2025.

When does the 2025 tax season start?

The IRS estimates that it will begin accepting returns in the week of January 27, 2025. For those looking to receive their refund faster, the IRS recommends:

• File the return electronically.
• Opt for direct deposit.

In 2024, the average reimbursement was USD 3,050, which underlines the importance of declaring on time and accurately.

Who should pay estimated taxes?

If you are self-employed or your income does not have taxes withheld, you must do estimated quarterly payments. The key dates for 2025 are:

• April 15
• June 16
• September 15th
• January 15, 2026

Failure to meet these dates may result in additional penalties.

Benefits of being up to date with your taxes

Meeting tax dates and requirements not only avoids penalties and interest, but it also protects your finances and strengthens your tax record. In addition:

• You avoid legal action: Failure to comply can lead to drastic measures such as wage garnishments or frozen accounts.
• You get faster refunds: Declaring early ensures a more efficient process.
• You organize for the future: Keeping your taxes up to date makes financial planning easier.

Conclusion

The 2025 tax season is an opportunity to take control of your finances. Knowing key dates, avoiding delays and seeking professional advice are essential steps for a successful declaration.

If you need help with your taxes, don't hesitate to consult an expert. In The Multiservices Family, we're here to ensure that you get the most out of your tax benefits, avoiding errors and complications.

References:

• IRS: Key dates and guidelines for the 2025 tax season.
• IRS statistics on refunds in 2024.
• Rules and regulations for estimated taxes.

Don't wait any longer! Organize your documents and get ready for the 2025 tax season.

‍