Stay Ahead of the Game with 2025 Tax Deadlines

2025 Racine tax deadlines

The new year is upon us, and with it comes a fresh set of tax deadlines. Here at Perfect Balance Accounting, we want to help you stay organized and avoid any last-minute scrambling. Let’s take a look at key tax dates for 2025, focusing on those relevant in the first quarter (January-March).

January:

  • 15th: This is the final estimated tax payment deadline for individuals for tax year 2024. However, if you file your 2024 return and pay all taxes due by January 31st, you can skip this payment.
  • 31st: This is a crucial date for various filings:
    • Employees who receive tips: Report December tips to your employer.
    • Businesses: File Form 1099-NEC for non-employee compensation paid in 2024.
    • Businesses: Provide annual information statements (Forms 1099) to recipients of certain 2024 payments (excluding Forms 1099-B, 1099-S, and specific entries on 1099-MISC).
    • Individuals (optional): File your 2024 tax return (Form 1040 or 1040-SR) and pay all taxes due to avoid estimated tax penalties.

February:

  • 10th:
    • Employees who receive tips: Report January tips to your employer.
    • Individuals who claimed income tax withholding exemption: File a new Form W-4 to continue the exemption for 2025.
  • 18th: Businesses: Provide annual information statements for specific 2024 payments (Forms 1099-B, 1099-S, and substitute payments on 1099-MISC).
  • 28th: Businesses: File information returns (Forms 1099) for most 2024 payments (excluding electronically filed Forms 1097, 1098, 1099 (except NEC), 3921, 3922, and W-2G with a March 31st deadline).

March:

  • 10th: Employees who receive tips: Report February tips to your employer.
  • 17th: This is the deadline for filing and paying taxes for the following entities (2024 tax year):
    • S Corporations: File Form 1120-S and provide K-1s to shareholders.
    • Partnerships: File Form 1065 and provide K-1s to partners.
    • Farmers and Fishermen: File your 2024 tax return (Form 1040 or 1040-SR). However, you can extend the deadline to April 15th if you paid your estimated tax by January 15th, 2025.
  • 31st: Electronic Filers:
    File Forms 1097, 1098, 1099 (except NEC), 3921, 3922, and W-2G electronically with the IRS.

Remember: This is not an exhaustive list. For specific filing requirements and deadlines, consult with a tax professional or visit the IRS website at IRS.gov.

Stay on Top of Your Taxes with Perfect Balance Accounting

At Perfect Balance Accounting, we understand that navigating tax deadlines can be overwhelming. Let our experienced team handle the complexities for you, ensuring you meet all filing requirements and maximize your deductions. Contact us today to schedule a consultation and discuss how we can help you achieve financial peace of mind.

We serve business, non-profit, and individual clients in Racine, Kenosha, and throughout Southeastern Wisconsin.