One of the new year’s highlights is quickly approaching—although your eagerness regarding Tax Day may differ—so let’s take a look at filing deadlines and other essential need-to-knows.
The 2025 filing deadline for most people is April 15, which falls on a Tuesday this year. Those who have yet to pay their last quarterly estimated payment for 2024, have until Jan. 15—Wednesday next week—to make a deposit.
If you so desire, you can apply for an extension, which buys you time until Oct. 15 to file your taxes without penalty. However, you still have to make sure to pay any tax you owe by the April filing date.
To file a tax extension, you’ll need to use form 4868, but make sure it’s postmarked no later than the April 15 deadline.
Whatever you do, avoid filing your federal taxes late. The standard penalty is a 5 percent surplus of any tax due for every month that the return is late, capped at 25 percent of the unpaid balance.
If you got an extension but paid too little, you face a much smaller monthly penalty of 0.5 percent of the unpaid amount.
And if you’re in a very difficult situation, there are various ways to resolve your debts, such as a payment plan, or an offer in compromise, which lets you settle your tax debt for less than you owe—if you are eligible that is.
The IRS encourages taxpayers to sign up for an online account to benefit from the speed and convenience of a digital platform.
The online account gives taxpayers quick access to all their tax records, such as their most recently filed tax returns and advance Child Tax Credit payments. It also allows them to check whether they have a refund and how much, get a five-year overview of their payment history, schedule and cancel future payments, and more.
If you filed electronically and opted to receive your refund by direct deposit, your refund may arrive within 21 days, according to the IRS.
For paper returns, the wait could be four weeks or longer.
Members of the military community can also file their taxes using MilTax, a free tax resource offered by the U.S. Department of Defense.
People who live or do business in areas afflicted by disasters automatically receive a deadline extension from the IRS to file returns and pay taxes. People with damaged or lost property may qualify to claim a casualty loss deduction, which may result in a larger refund.
Those affected by Hurricane Helene in Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia have until May 1 to file taxes, as do the Florida victims of Hurricane Milton.
Visit the IRS’s disaster assistance page to check whether your area falls within the recognized disaster area, or call the agency’s disaster line at 866-562-5227 if you have further questions.
Freelancers, independent contractors, and royalty recipients should receive a 1099 tax form by mid-February.
Employers are required to send W-2 forms to their employees by Jan. 31.