When is the last day you can file taxes in 2025?
February 19, 2025
Tax Deadline 2024
Tax Day is coming, and if you are the sort who works best against a deadline, we can give you several to jot down on your calendar.
When is the filing deadline for 2025?
Taxes for 2024 are due for most of us by April 15, which falls on a Tuesday this year. If you don't expect to file by then, you can request a six-month extension.
When do I get my refund?
If you filed electronically and chose to receive your refund by direct deposit, your refund will probably be issued within 21 days, the IRS says. If you mailed a paper return, the wait could be four weeks or longer.
What happens if I miss the tax deadline?
If you fail to file your federal tax return on time, the standard penalty is a whopping 5% of any tax due for every month the return is late, up to 25% of the unpaid balance. If you file a return but fail to pay any taxes you owe, or if you get an extension, you typically face a much smaller monthly penalty of 0.5% of any unpaid amount.
Are there exceptions to the April 15 tax deadline?
Yes. The IRS extends the annual tax deadline for taxpayers who live or do business in areas afflicted by disasters and for people in states with local holidays.
A complete list of disaster-related extensions is on their website.
Hurricane Helene tax deadlines
Individuals and businesses affected by Hurricane Helene in all or parts of Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, Virginia and West Virginia have until May 1 to file taxes.
Florida victims of Hurricane Milton also have until May 1 to file returns.
Deadline for filing income tax returns with extensions
If you request an extension, you'll have until Oct. 15, a Wednesday, to file your return. It's important to keep in mind that the extension doesn't buy you more time to pay your taxes. If you think you owe tax, you'd be wise to make your best estimate of the amount and pay it by April 15 to avoid penalties later on.
1099 deadline
If you're a freelancer, an independent contractor, or earn income from sources outside of a traditional job, you should receive a 1099 tax form by Feb. 15. Employers are generally required to send the forms by the end of January.
W-2 deadline
Your employer is also required to send you a W-2 by Jan. 31.
Quarterly tax due dates
If you earn income that isn't subject to withholding taxes, you're typically required to make estimated tax payments to the IRS. You can do this every quarter or through one annualized estimate. The annualized estimate is due on April 15.
The quarterly payments for 2025 are due by the following dates:
◾ First payment: April 15.
◾ Second payment: June 16. (This is because the 15th falls on a Sunday.)
◾ Third payment: Sept. 15.
◾ Fourth payment: Jan. 15, 2026.
Under the new One Big Beautiful Bill Act (OB3), qualified tips are any cash tip received by an individual with a valid Social Security number and in an occupation that 'customarily and regularly' received tips on or before Dec. 31, 2024. They include tips that are paid in cash or charged. The Treasury Department has not yet released the “official” list of occupations that qualify for the No Tax on Tips Regulations. It is expected, though, that the job titles will include but not be limited to those listed below: 1) Food & Beverage : Bartenders, Wait Staff, Servers, Chefs, and Cooks 2) Entertainment: Gambling Dealers, Change Persons, Booth Cashiers, Dancers, Musicians, Singers, Entertainers, and Other Performers 3) Personal Services: Personal Care Workers, Private Event Planners, Photographers, Videographers, Event Officiants, Pet Caretakers, Tutors, Nannies, and Babysitters. 4) Personal Appearance & Wellness: Skincare Specialists, Massage T herapists, Barbers, Hairdressers, Cosmetologists, Manicurists, Exercise Trainers, and Group Fitness Instructors. 5) Recreation : Golf Caddies, and Tour & Travel Guides. 6) Transportation : Ride Share, Taxi, and Food Delivery, Drivers, Porters, and Sky Caps. The final list is expected to be issued in October, 2025. Some implications of the No Tax on Tips Regulations. First , the deduction is for qualified tips of up to $25,000 per year regardless of how many employers you have during the year. The tax savings will be in the form of a tax deduction when you file your Federal tax return the following year. Second , qualified tips must be reported to the individual on one of three forms to be eligible for the deduction; a) Form W-2; b) Form 1099-NEC, Nonemployee Compensation; or c) Form 1099-K, Payment Card and Third-Party Network Transactions. Third , it only applies to Federal income taxes. It does not include State, Local, Social Security or Medicare taxes. Finally, the maximum annual deduction of $25,000 for single filers and $25,000 each for joint or married filing separately filers phases out by $100 for each $1,000 for taxpayers with modified adjusted gross income over $150,000 (or $300,000 for joint filers). How Advantage Tax Relief Can Assist You At Advantage Tax Relief, based in Itasca, IL, we have over a decade of experience helping individuals and businesses resolve tax issues. Our team specializes in offering personalized tax relief and tax resolution solutions tailored to your unique needs. We will work with you to assess your situation and explore your options, whether it’s an Offer in Compromise, installment agreements, or other strategies. Our experience allows us to identify the best path forward to ease your tax burden and guide you toward financial freedom. If you're facing tax debt, don't wait. Advantage Tax Relief is here to assist you with effective, professional help. Call Advantage Tax Relief today at 630-773-3200 to schedule a consultation and take the first step toward resolving your tax issues.
First, working overtime does not mean you are getting an automatic increase in your take-home pay because it is not going to be taxed. That is not what is going to happen. The tax savings will be in the form of a tax deduction when you file your Federal tax return the following year. There will be no immediate impact. Second, it only applies for Federal income taxes. It does not include State, Social Security or Medicare taxes. Third, it also only applies to the overtime premium and within certain deduction and wage limits. You can only deduct the pay that exceeds your regular rate of pay. The 'half' portion of 'time-and-a-half' compensation. For example, say you make $20 per hour and work 5 hours of overtime that week at time-and-a-half. The deduction would the Federal tax on $50 of premium pay. ($20 divided by 2 times 5 hours) Finally, the maximum annual deduction is $12,500 for single filers and $25,000 for joint filers. The deduction phases out for taxpayers with modified adjusted gross income over $150,000 (or $300,000 for joint filers).
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