Every spring, before we can start to enjoy the warming weather and the beautiful flowers, we all have to get past one big hurdle so we can start to relax — tax day.
Most of us dread mid-April when we have to file our taxes due. But once it’s over, we can finally enjoy the spring season.
Most taxpayers only pay their taxes once when filing their annual returns. However, some individuals need to make quarterly estimated tax payments in addition to filing the annual return.
Erika Taught Me
- Every year, annual taxes are due on April 15 or by the following business day.
- Not paying your taxes on time can result in penalties and interest payments.
- Some taxpayers need to file quarterly estimated taxes in addition to annual taxes.
- If filing taxes electronically, always do so on IRS.gov.
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What Is a Tax Return?
If you live in the United States, a tax return is a document you file with the Internal Revenue Service (IRS) each year. Your tax return includes information about your income, expenses, and other key financial details. These details help determine whether you owe taxes or if you will receive a refund.
When it's time to file your tax return, you will report any sources of income. Common sources of income include wages, business profits, interest, investment gains, and dividends.
You will also declare any deductions and credits you have.
- Deductions can include expenses like business expenses, mortgage interest, medical expenses, and charitable contributions.
- Credits can reduce the amount of tax you owe on a dollar-for-dollar basis, such as the child tax credit or student loan interest deduction.
Both help you spend less on taxes, so the more you can rightfully claim, the better.
READ MORE: How Do Taxes Work?
When Are Tax Returns Due?
Every year, you need to file your annual taxes by April 15. If the 15th falls on a legal holiday, or a Saturday or Sunday, the IRS pushes the deadline to the next business day.
You need to have your tax returned properly postmarked and deposited in the mail by the official tax deadline each year to file your taxes on time.
In 2025, you will need to file your 2024 annual tax return by Tuesday, April 15, 2025.
When Are Estimated Taxes Due?
We hate to break it to you, but if you're self-employed, you likely have to pay taxes more than once a year.
Quarterly estimated tax payments may be required if you have income that is not subject to withholding. If you expect to owe more than $1,000 in taxes when you file, you'll want to discuss the possibility of paying quarterly with your accountant.
The following table outlines the dates each year for filing each quarter's estimated tax payment:
| Payment Period | Due Date |
| January 1 – March 31 | April 15 |
| April 1 – May 31 | June 15 |
| June 1 – August 31 | September 15 |
| September 1 – December 31 | January 15 of the following year |
READ MORE: Do I Need a Business Bank Account?
How To File for a Tax Extension
If, for whatever reason, you can’t file your annual federal tax return on time, you can file an extension with the IRS.
To qualify for a tax extension, you have to file your request by the tax return due date. You can file this extension request for free, and doing so will extend your return filing date until October 15.
Similar to the original tax deadline on April 15, if October 15 falls on a holiday or weekend date, your deadline moves to the next business day.
Keep in mind that filing for an extension only gives you more time to file. It does not change the due date you need to pay your taxes. So if you owe money you'll still need to pay that by the April deadline.
What To Do if You Miss the Tax Deadline
You got sick, were slammed with work, or got stuck traveling, and the next thing you know, tax day has come and gone. It happens. Ideally, you will request an extension before the tax deadline passes in April.
If you miss the deadline for filing taxes, file your tax return as soon as you can and pay any outstanding taxes that you owe as soon as possible. Interest and late fees will be accruing during the delay.
If you can’t afford to pay all of your taxes, you can apply for an installment payment agreement using the IRS Online Payment Agreement tool
Where Can I Get Help With My Taxes?
Filing your taxes can feel overwhelming. If you feel like you need a helping hand to get through tax season in one piece, you have options for where to turn for support.
How much you earn will impact your decision here. If you or your household make less than $79,000 per year, you can use the IRS Free File program, which gives you access to free tax preparation software. This software comes from commercial tax software companies.
If you earn more than $79,000 a year, you can always purchase software like TurboTax. This software can help guide you through the process and you can often upgrade to speak with a tax preparation professional if you need extra help.
If your budget allows, you can hire a tax professional like a Certified Public Accountant (CPA). Doing so is the easiest way to get the job done, but it will cost you a bit more. That being said, an experienced professional may be able to save you money through their knowledge of deductions and tax credits.
What Is a Tax Refund?
A tax refund is a reimbursement of excess taxes that you pay to the government throughout the year. Whether you had too many taxes withheld from your paycheck or you made more estimated payments than you needed to, you will get your money back if you overpaid.
If you are a salaried employee, the amount withheld depends on your income, filing status, and the information you submit on your W-4 form.
FAQs
Are state and federal taxes due on the same day?
In some cases, state and federal tax filing deadlines are on the same day. All states have varying filing deadlines, so double-check what date your state follows to make sure you don’t accidentally miss your state income tax deadline.
How do I know if I need to file estimated taxes?
If you aren’t sure if you need to file estimated taxes, you can always consult a professional tax preparer or accountant to get a better idea of what your plan should be.
If you expect to owe more than $1,000 in payments for the current tax year, it’s a good idea to make estimated payments to help you avoid penalties down the road.
What time is the tax deadline in 2025?
You will need to file your 2024 tax return by Tuesday, April 15, 2025, at 11:59 p.m.
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