2025 Quarterly Estimated Tax Payment Due Dates - April 15, 2025, June 16, 2025, September 15, 2025, January 15, 2026 PLAN FOR AN EXTENSION NOW You don’t have to wait until April 15 to decide you need more time to file. If you think an extension will help, request one now. Your filing due date will be automatically moved to October 15, just for asking. Be forewarned, however: Though your tax return can be delayed, your tax payment cannot. If you expect to owe taxes, make a good faith estimate of what you owe and submit it with your request for extension. There are three easy ways to submit your request: • Use IRS Form 4868 to request an extension by mail. You can also do so with help from an IRS e-filing partner or tax pro. • Request an automatic tax-filing extension using IRS Free File. There is no income restriction on using Free File when you’re requesting an extension. • Pay the tax you owe using an IRS on line payment option and check the box that indicates you’re paying as part of filing for an extension. You don’t have to file an additional form requesting the extension and will receive an automatic confirmation of your payment. When an extension may already be granted: You may already be eligible for an automatic extension if you live in a federally declared disaster area, are in the military abroad or deployed to a combat zone, or are currently living outside the U.S. Check the IRS site for more information. CHECK TAX CREDITS AND DEDUCTIONS Tax credits can reduce your tax bill significantly or increase your refund if you have one coming. This year, inflation adjustments to standard deductions and tax brackets may also lower your tax bill, if your income and other parameters stay the same. FILE AN ACCURATE RETURN Inaccuracies on your tax return are a potential trigger for an IRS audit. When you file your taxes, the IRS checks the information in it
against W-2 forms from your employer; 1099s from clients, banks or investment companies; and its own record of payments you’ve made (such as quarterly estimated tax payments). If your tax return differs from what the IRS has on file, it may be flagged for a manual review, which could delay your refund. To be extra safe, check your return for accuracy against the information the IRS has on file. You can get a free digital copy of your tax transcript by visiting the IRS’s Get Your Tax Record site. THE BOTTOM LINE One final bit of advice: Start early and file on time. Giving yourself a bit of a runway makes the tax preparation process much less stressful. Also, do everything you can to file on time. You’ll avoid penalties and interest. And, in truth, your taxes don’t get easier to do the longer you wait to do them. Get ready, get set and go. Information compiled from www.experian. com/blogs/ask-experian/tax-filing-tips/ IRS website: www.irs.gov Need to make an end-of-year charitable donation for tax purposes? Here are a couple of charities to consider: People In Partnership Focus: Hurricane Helene recovery & relief https://donate.mazloweb.com/donate/ DkhQj5zTWyqb4oG3nfUU8P Focus: Provides food, warmth, & more to those who need assistance on the Plateau www.highlandsemergencycouncil.com (828) 526-4357 (Read all about them on page 37!) (Read all about them on page 32!) Highlands Emergency Council Year End Charitable Donations
NEW YEAR, NEW YOU
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