Now that the April 15th tax deadline is behind us, it might be tempting to take a break from anything tax related. However, as a responsible taxpayer, following the Business Owner’s Guide is important to stay on top of upcoming deadlines and avoid any penalties or setbacks. Whether you’re a business owner, self-employed, or someone who filed an extension, there are still a few critical deadlines ahead that you won’t want to miss.
Here are some essential tax dates and reminders to keep in mind:
- Second Quarter Estimated Tax Payments – Due June 16th
As a diligent taxpayer who makes estimated tax payments, it’s crucial to remember that your second-quarter payment is due by June 16th (since June 15th falls on a Sunday).
Who needs to pay?
Individuals who expect to owe $1,000 or more in tax for 2025, such as
- Self-employed professionals
- Freelancers and contractors
- Business owners with pass-through income
- Investors with significant interest, dividends, or capital gains
C Corporations expecting to owe $500 or more for the year
Timely estimated payments help avoid IRS underpayment penalties. If you’re unsure whether this applies to you or your business, contact us! We’re here to help with calculations and guidance. Discover how to boost your business outcomes in our blog, Elevating Business Performance with KPIs.
- Retirement Plans – Due July 31
If you’re a ROBS-funded business using a Third-Party Administration to manage your retirement account, your TPA typically handles the Form 5500 filing, which is due by June 31. However, according to the Business Owner’s Guide, this form cannot be filed unless your C corporation’s 2024 tax return has already been submitted. If your corporation is on extension, you won’t be able to file the 5500 just yet — your focus should first be on ensuring your corporate return is completed and filed.
- Haven’t Filed Yet? File ASAP
Did you miss the April 15th deadline and file for an extension instead? Resist the urge to procrastinate further. Filing now, even with an extension, can help you avoid a last-minute rush and provide a clearer financial outlook for the rest of the year. To get started or seek assistance if you’re behind, you can visit SAS-CPAs for support.
Remember, staying ahead of the curve and being proactive in your tax planning can make the entire process less stressful and prevent costly mistakes down the line. Following the Business Owner’s Guide can help whether you’re a business owner, self-employed individual, or simply unsure about your tax responsibilities. Consulting with a CPA or tax advisor can provide valuable guidance tailored to your specific needs. Here at SAS CPAs, we understand the complexities of tax planning and, according to the Business Owner’s Guide, are dedicated to helping our clients navigate their financial responsibilities with confidence and ease. Don’t delay – take charge of your taxes today and set yourself up for financial success.
Should you need further assistance or have any questions, feel free to reach out to us. Specialized Accounting Services (SAS) is here to serve as your trusted financial partner, providing reliable guidance and support every step of the way.
