As tax season approaches, it’s essential for businesses, employers, and individuals to stay on top of important tax deadlines to avoid penalties and interest. From corporate filings to individual income tax reporting, key dates are just around the corner. In this guide, we’ll break down the upcoming tax due dates that could impact you and your business.
Make sure you’re prepared to meet these deadlines so you can file on time and keep things running smoothly.
March 15: Key Tax Deadlines for S Corporations, Partnerships, and Employers
March 15 is a critical deadline for various business entities, including S corporations and partnerships. Here’s what you need to know:
1. Calendar-Year S Corporations: File Income Tax Return and Distribute Schedule K-1
S corporations are required to file their 2025 income tax return by March 15. This includes submitting Form 1120-S, which reports the corporation’s income, deductions, and credits. Additionally, each shareholder must receive a Schedule K-1 (Form 1120-S), which details their share of income, deductions, and credits.
- File Form 1120-S by March 15, 2025.
- Provide shareholders with Schedule K-1 (Form 1120-S) or a substitute.
- If additional time is needed, file Form 7004 for an automatic six-month extension.
- Pay any tax due: Ensure that any taxes owed by the S-corp are paid by the deadline to avoid late payment penalties.
For more on S-corporation tax filing requirements, visit the IRS Guide to S Corporations.
2. Calendar-Year Partnerships: File Income Tax Return and Distribute Schedule K-1
Just like S corporations, partnerships must file their 2025 income tax return by March 15. The form to file is Form 1065 (or Form 1065-B for certain types of partnerships), which reports the income, deductions, and credits of the partnership.
- File Form 1065 (or Form 1065-B) by March 15, 2025.
- Provide each partner with Schedule K-1 (Form 1065) or a substitute Schedule K-1.
- Request an automatic six-month extension with Form 7004 if additional time is needed.
For more information about partnership tax filings, visit IRS Form 1065 Instructions.
3. Employers: Deposit Social Security, Medicare, and Withheld Income Taxes for February
Employers must deposit Social Security, Medicare, and federal income taxes withheld from employees’ wages for February by March 15, 2025. This deposit is required under the monthly deposit rule for employers who have a monthly deposit schedule.
4. Employers: Deposit Nonpayroll Withheld Income Tax for February
If your business withholds non payroll income tax (such as payments for independent contractors), these must also be deposited by March 15, 2025. This follows the same monthly deposit rule for employers who are required to make monthly deposits of withheld taxes.
5. Employers: Deposit Other Payroll Taxes for February
In addition to the taxes above, employers must also deposit other payroll taxes (such as Federal Unemployment Tax, or FUTA) if the monthly deposit rule applies. Be sure to review your payroll tax obligations to stay compliant.
March 31, 2025: File Forms 1097, 1098, 1099, and W-2G
1. Employers: File Form 1097, 1098, 1099, and W-2G Electronically
By March 31, 2025, employers must electronically file several key forms, including:
- Form 1097 (Information Return for Certain Government Payments)
- Form 1098 (Mortgage Interest Statement)
- Form 1099 (Other than Forms 1099-MISC, 1099-NEC)
- Form W-2G (Certain Gambling Winnings)
These forms report income and other financial information to the IRS and the payee. Be sure to file electronically as required to avoid any delays or penalties.
For more details on 1099 filing requirements, see the IRS’s Guide to 1099 Forms.
April 10, 2025: Report Tip Income for March
1. Employees: Report Tip Income of $20 or More to Employers
If you work in a service industry and received $20 or more in tip income in March, you must report those tips to your employer by April 10, 2025. This report is submitted using Form 4070, which ensures that tip income is properly accounted for and taxes are withheld accordingly.
How to Stay Ahead of Upcoming Tax Deadlines
- Mark Your Calendar: Use a digital calendar or a tax planner to keep track of all important dates.
- Set Reminders: Set up automated reminders a few days before each tax due date to avoid last-minute scrambling.
- File Early: File your returns early to avoid delays and ensure your business stays compliant.
- Consult a Tax Professional: If you have questions about your specific situation, it’s always a good idea to consult with a tax professional or accountant. They can help ensure you meet deadlines and maximize your deductions.
Need Help With Your Taxes? Contact Us Today
Staying on top of tax deadlines can be overwhelming, but with proper planning and preparation, you can avoid penalties and filing mistakes. If you need assistance with your tax filings or have questions about upcoming deadlines, our team is here to help.
Contact us today to schedule a consultation with our tax experts. We can help you navigate complex tax rules, file your forms on time, and ensure your business stays in good standing with the IRS.