Tax Provider’s Update: Important Deadline Approaching and Filing Tips
The tax filing deadline for 2024 is approaching, with the deadline to complete your taxes by April 15, 2025. If you fail to do so, you can request an automatic six-month tax extension. Missing this deadline puts you at risk of processing delays for refunds and other tax-related issues. Filing tax extensions can be a helpful avenues to avoid these headaches, though it may be costly.
When seeking a tax extension, be mindful of the time required to file the IRS Form 4868. Completing the form is a crucial step, as late submissions are subject to penalties and interest. Making early proper submissions can often save money in the long run.
Those with complex tax situations benefit from filing extensions, which can help accommodate last-minute tax-related decisions for businesses and individuals. The extended timeline can also open up opportunities for proactive tax planning, such as cash balance savings or individual retirement account contributions.
■ If you never file taxes in full during the extension period, the IRS may continue to impose penalties and interest, doubling on the late filing penalties or $0.50 per month unpaid taxes, escalating to 25% penalties on unpaid taxes.
In California, for example, the tax deadline has been extended to October 15, 2025, giving residents six months more to file returns and pay taxes.
■ If your taxes aren’t filed on time, penalties can increase, with the late filing penalty being a significant financial burden—up to 5% per month. Maybe don’t procrastinate until October 15 to work on your tax returns.
■ For California residents, filing extensions during the extension period can take advantage of extended submission dates, often up to a month prior to the deadline. Proactive tax planning can help offset this delay, ensuring timely payments and minimizing overall costs.
This summary highlights the importance of timely filing to avoid penalties and ensures compliance with tax obligations. Proactive take-不到做, memorable.
