Taxes are an essential part of running a small business, but staying on top of tax deadlines can feel like navigating a financial labyrinth. Let this post serve as your guide to navigate the key tax filing dates for 2025, ensuring you stay compliant and avoid penalties. But here's a pro tip: while you're mastering those deadlines, consider opening a dedicated business savings account to streamline your accounting.
Mark Your Calendars
- February 28th: For S corporations electing a different tax status, this is the deadline to file Form 2553 for 2024. Missing it impacts your 2025 status.
- March 17th: Partnerships, S corporations, and LLCs taxed as partnerships with calendar-year tax years need to file their 2024 tax returns (Form 1065 or 1120S) by this date. Remember, this only applies to calendar-year filers. If your tax year follows a different schedule, consult the IRS guidelines.
- April 15th: This is the standard deadline for C corporations, single-member LLCs taxed as such, and sole proprietors to file their 2024 tax returns (Form 1120 or Schedule C). Don't forget, estimated tax payments for 2025 are also due on this date.
Extension Options
Need more time? No worries. Both individual and business extensions are available. Filing for an extension buys you additional time to file your return, but remember, it doesn't extend the deadline for paying any owed taxes. Here are the extended filing dates:
- September 15th: For partnerships, S corporations, and LLCs taxed as partnerships who filed for an extension.
- October 15th: For C corporations, single-member LLCs taxed as such, and sole proprietors who filed for an extension.
The Savings Advantage
Here's where that business savings account comes in. By consistently depositing a portion of your profits into a dedicated account, you create a tax-time buffer. No more scrambling for funds at the last minute. Plus, depending on the account type, you might even earn interest on your savings, a real advantage when you’re trying to tuck away funds. With no monthly maintenance fees, FDIC insurance and a leading interest rate, check out Live Oak Bank’s business savings account options here: https://info.liveoakbank.com/business-savings
Additional Reminders
- State and local taxes: Don't forget about your state and local tax obligations. Deadlines and requirements can vary, so research diligently.
- Estimated taxes: If you expect to owe more than $1,000 in taxes after deductions and credits, you'll need to make estimated tax payments throughout the year.
- Professional help: Consider seeking guidance from a tax professional, especially if your business structure or finances are complex.
Staying informed is key.
Bookmark the IRS website and your state's tax authority page for updates and specific filing instructions. By planning ahead, meeting deadlines, and having a business savings account as your safety net, you can transform tax season from a headache into a smooth and stress-free experience.
Disclaimer: Live Oak Bank does not provide tax advice. This material is for informational purposes only. Please consult your tax, legal, and/or financial advisor before engaging in any transaction.
