It’s Tax Time!!

It's that time of year again—tax time! Whether you're a seasoned filer or a first-timer, the season of forms, deductions, and refunds is upon us. Don't let it overwhelm you; with the right information and tools, you can navigate this period. From important deadlines to filing tips and refund expectations, we've got you covered. Let's dive into the essentials and make this tax season a breeze!

Who?

• Individuals

• Businesses (Ex: Mary owns a neighborhood grocery store. The grocery store must file a separate tax return from Mary.)

When?

You may be asking yourself when do I have to file? Here are some key dates for individuals and business owners to note:

Federal Returns:

• March 15, 2025:

  • Partnerships (Form 1065)

  • S-Corporations (Form 1120-S)

    
    

• April 15:

  • Individuals (Form 1040)

  • C-Corporations (Form 1120)

  • Trust/Fiduciary Returns (Form 1041)

• September 15 (If extensions were filed):

  • Partnerships (Form 1065)

  • S-Corporations (Form 1120-S)

    
    

• September 30 (If extensions were filed): 

  • Trust/Fiduciary Returns (Form 1041)

    
    

• October 15 (If extensions were filed): 

  • Individuals (Form 1040)

  • C-Corporations (Form 1120)

State & City Returns:

Please be sure to pay attention to important state and city tax return deadlines. Each state and city may have different deadlines and requirements than the Federal tax return deadlines. It's also worth noting that some cities do not have filing requirements depending on where you live/work. It is crucial to check your local regulations to avoid any surprises.

Please note if more time is needed to file your returns, you can apply for a six-month extension (see my blog post next week for more information). Just because you apply for an extension, does not mean that you can pay the taxes later (again, more information next week).

Staying on top of these deadlines helps individuals & businesses maintain compliance and avoid costly penalties.

How Can I File my Taxes?

• E-file (online/virtually):

  • Strongly recommended for its convenience and speed. E-filing reduces the risk of your return being lost or delayed.

    
    

• Paper file:

  • If you prefer the traditional method of mailing in your tax return, please be aware of the risks of your return being lost, not being accepted on time, or other potential issues. Ensure you have proof of mailing and keep copies of all documents.

Taking these factors into account can simplify the tax filing process for both individuals and businesses.

I Need Help Filing My Taxes... Who Can Help Me?

• Affordable Knowledge: Seek tax preparation services or consult with a tax professional here at Affordable Knowledge. Investing in expert advice can save you money and stress in the long run.

  
  

• Tools such as TurboTax, H&R Block: These tools can simplify the filing process, offering step-by-step guidance and ensuring you don't miss any deductions or credits.

Refunds... Refunds... Refunds...

A lot of taxpayers welcome the tax season with open arms because they know something may be awaiting them... a refund. Below are a couple of FAQ related to refunds.

Will I Receive a Refund?

It depends… Your refund status depends on various factors, including your income, deductions, credits, and how much tax you've already paid throughout the year. Use tax calculators or consult with a tax professional to get an estimate of your refund or amount owed. For any further questions, please feel free to reach out to us at affordableknowledgellc@gmail.com or feel free to leave a comment.

When Will I Receive My Refund?

The timing of your refund depends on how you file your return and whether you choose direct deposit or a paper check. E-filing your return with direct deposit is the fastest way to receive your refund, often within 21 days of the IRS accepting your return. Paper returns and checks can take significantly longer, sometimes up to six weeks or more. Keep an eye on the IRS's "Where's My Refund?" tool for updates on your refund status. You can access the tool here.

Conclusion

As tax season approaches, staying organized and aware of deadlines is crucial. Knowing the important tax return deadlines will help both individuals and businesses meet their obligations and reduce stress.

Remember, tax time does not have to overwhelm you. By taking a proactive approach, you can navigate this busy season with confidence and ease. Happy Filing!

Please reach out to affordableknowledgellc@gmail.com to learn more about how we can help you during this tax season.

2025 Affordable Knowledge