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Filing Deadlines for Individual and Business Income Tax Returns |
| March 15 |
| * |
Filing due date for Partnerships (form 1065) and S-Corps (form 1120S). |
| * |
The deadline for S corp and partnership returns is the 15th day of the third month following the end of the fiscal year if they are on a fiscal year rather than a calendar year. |
| * |
Give copy of Sch. K-1 to each shareholder. |
| * |
File for extension (form 7004) and deposit estimated taxes. |
| * |
Extended deadline is September 15. |
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| April 15 |
| * |
Filing due date for Individuals (forms 1040, 1040A, or 1040EZ, schedule C, schedule E, schedule A), SMLLCs, C-Corps (form 1120), and Trust & Estates (form 1041), and Gift tax returns (form 709), etc. |
| * |
The deadline for C corp returns is the 15th day of the fourth month following the end of the corporation's fiscal year if the corporation is on a fiscal rather than a calendar year. |
| * |
Give copy of Sch. K-1 to each shareholder. |
| * |
File for extension (form 4868 for Individuals or form 7004 for Corps) and deposit estimated taxes. |
| * |
Extended deadline is October 15. |
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| May 15 |
| * |
Filing due date for tax-exempt organizations (form 990). |
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Deadlines for Other Filings |
| January 31 |
| * |
Filing due date for form W2s, W3s, 1099s. |
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| April 15 |
| * |
Filing due date for Foreign income reporting - FBAR form FinCEN114 |
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Deadlines for Estimated Taxes |
| April 15 |
Q1 payment |
| June 15 |
Q2 payment |
| September 15 |
Q3 payment |
| January 15 |
Q4 payment |
**News you can use |
Tax year 2025 |
*Get ready to file taxes |
- IRS.gov/GetReady provides useful tips you can use to prepare for tax filings. |
| *Standard deductions |
Single or MFS ............. $ 15,750
MFJ or QSS................. $ 31,500
HOH............................ $ 23,625
*Additional age 65 or older, or
blind, per person, per event:
MFJ, QSS, or MFS ......... $ 1,600
Single or HOH ............... $ 2,000 |
| *Personal exemption deduction |
Enhanced deduction for seniors............. $6,000. Phaseout at begins at MAGI $75K ($150K MFJ).
Qualifying relative gross income limit ..... $5,200 |
| *Above-the-line deductions |
| Deduction |
Maximum deduction |
Phaseout begins at MAGI |
| Qualified tips |
$25,000 |
$150K ($300K MFJ) |
| Qualified overtime pay |
$12,500 ($25,000 MFJ) |
$150K ($300K MFJ) |
| Interest on new qualified vehicle loan |
$10,000 |
$100K ($200K MFJ) |
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| *Itemized deductions (Schedule A) |
| Taxes (state/local income tax, real estate taxes, etc) |
$40K ($20K MFS). Deduction is reduced by 30% of MAGI over $500K, but not below $10K. |
| Mortgage Interest |
• $750,000 ($375,000 MFS) limit.
• $1 million ($500,000 MFS) limit applies for homes
acquired before 12/15/17. |
| Charitable contributions |
• General limit is 60% of AGI for cash contributions.
• Form 8283 required if noncash total is over $500. |
| Casualty and Theft Lost - Personal |
Deductible only if attributable to federally-
declared disaster area. |
| Others |
Other itemized deductions include the following.
• Gambling losses up to gambling winnings.
• Casualty and theft losses of income-producing
property.
• Claim of right repayments over $3,000.
• Federal estate tax on income in respect of a
decedent.
• Amortizable bond premium deduction.
• Ordinary loss attributable to certain debt instruments.
• Certain unrecovered investment in a pension.
• Impairment-related work expenses of persons
with disabilities. |
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| *Dependent credits |
Child Tax Credit (CTC)
• $2,200 per child (nonrefundable).
• Phase out begins at $400,000 MFJ ($200,000 all others).
Additional Child Tax Credit (ACTC)
• Up to $1,700 per child (refundable).
• Applies when CTC disallowed.
Credit for Other Dependents (ODC)
• $500 per qualifying dependent other than a qualifying child (nonrefundable). |
| *Standard mileage rates |
Business ................................ 70.0¢
Medical and Moving............... 21.0¢
Charitable .............................. 14.0¢
Depreciation ........................... 33.0¢ |
| *Estate and Gift tax |
Gift tax annual exclusion per donee $19,000
Gift tax annual exclusion to noncitizen spouse $190,000
Estate and gift tax unified exclusion per decedent $13,990,000
Maximum tax rate: 40% |
| Residential Clean Energy Credit |
The Residential Clean Energy Credit allows taxpayers to claim 30% of costs for qualified clean energy property installed in their home during. However, this credit expires for expenditures made after December 31, 2025. |
| Federal Tax Rate Schedule |
| Single or Married Filing Separately (MFS) Taxable Income |
| $ 0 to 11,925 × 10.0% minus $ 0.00 |
| 11,926 to 48,475 × 12.0% minus 238.50 |
| 48,476 to 103,350 × 22.0% minus 5,086.00 |
| 103,351 to 197,300 × 24.0% minus 7,153.00 |
| 197,301 to 250,525 × 32.0% minus 22,937.00 |
| 250,526 to 626,350 × 35.0% minus 30,452.75 |
| 626,351 and over × 37.0% minus 42,979.75 |
| Married Filing Jointly (MFJ) or Qualifying Surviving Spouse (QSS) Taxable Income |
| $ 0 to 23,850 × 10.0% minus $ 0.00 |
| 23,851 to 96,950 × 12.0% minus 477.00 |
| 96,951 to 206,700 × 22.0% minus 10,172.00 |
| 206,701 to 394,600 × 24.0% minus 14,306.00 |
| 394,601 to 501,050 × 32.0% minus 45,874.00 |
| 501,051 to 751,600 × 35.0% minus 60,905.50 |
| 751,601 and over × 37.0% minus 75,937.50 |
| Head of Household (HOH) Taxable Income |
| $ 0 to 17,000 × 10.0% minus $ 0.00 |
| 17,001 to 64,850 × 12.0% minus 340.00 |
| 64,851 to 103,350 × 22.0% minus 6,825.00 |
| 103,351 to 197,300 × 24.0% minus 8,892.00 |
| 197,301 to 250,500 × 32.0% minus 24,676.00 |
| 250,501 to 626,350 × 35.0% minus 32,191.00 |
| 626,351 and over × 37.0% minus 44,718.00 |
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| **Useful links/resources |
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| Tax Services |
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-Individual Income Tax Preparation/Planning |
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-Business Income Tax Preparation/Planning |
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-ITIN/CAA |
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and many more... |
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-Account Payable/Account Receivable |
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-Payroll Process |
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and many more... |
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