tax deadline - Linkenheimer LLP CPAs & Advisors

An Essential Tax Deadline is Coming Up

Mark your calendars and stock up on coffee—Tuesday, April 15, 2025, is just around the corner. Yes, it’s that special day when accountants celebrate their “New Year’s Eve,” fueled by spreadsheets, calculators, and an unhealthy amount of caffeine. For taxpayers, it’s the infamous annual filing deadline, but wait—there’s more! It’s also the day the IRS expects your first quarterly estimated tax payment for 2025. That’s right, it’s a double-header of deadlines designed to keep you and your CPA on your toes.

Basic details

You may have to make estimated tax payments for 2025 if you receive interest, dividends, alimony, self-employment income, capital gains, prizes or other income. If you don’t pay enough tax through withholding and estimated payments during the year, you may be liable for a tax penalty on top of the tax that’s ultimately due.

Estimated tax payments help ensure that you don’t wind up owing one large lump sum — and possibly underpayment penalties — at tax time.

When payments are due

Individuals must pay 25% of their “required annual payment” by April 15, June 15, September 15, and January 15 […]

By Linkenheimer LLP|2025-04-10T22:19:26+00:00April 10th, 2025|estimated tax payments, tax deadlines|0 Comments

2024 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in a federally declared disaster area.

Tuesday, October 1

The last day you can initially set up a SIMPLE IRA plan, provided you (or any predecessor employer) didn’t previously maintain a SIMPLE IRA plan. If you’re a new employer that comes into existence after October 1 of the year, you can establish a SIMPLE IRA plan as soon as administratively feasible after your business comes into existence.

Tuesday, October 15

If a calendar-year C corporation that filed an automatic six-month extension:
- File a 2023 income tax return (Form 1120) and pay any tax, interest and penalties due.
- Make contributions for 2023 to certain employer-sponsored retirement plans.

Thursday, October 31

Report income tax withholding and FICA taxes for third quarter 2024 (Form 941) and pay any tax due. (See […]

By Linkenheimer LLP|2024-10-02T15:08:36+00:00October 2nd, 2024|New Tax Laws, News, tax deadlines|0 Comments

California Conforms To IRS Filing Extensions For California Storm Victims

The Governor’s office has announced that California will conform to the filing extensions granted by the IRS for California storm victims. This means the FTB has extended filing and payment deadlines for many individuals and businesses in California until May 15, 2023.

This relief applies to the following deadlines falling on or after January 8, 2023, and before May 15, 2023:

Individual income tax returns;
Business return filings normally due between March 15 and April 18, 2023;
Fourth and first quarter estimated tax payments due on January 17, 2023, and April 18, 2023. Individual taxpayers can skip making the fourth quarter estimated tax payment and instead include it with the 2022 return as long as the return is filed on or before May 15, 2023;
IRA and health savings account (HSA) contributions; and
Quarterly payroll and excise tax returns, normally due on January 31, 2023, and April 30, 2023.

Below is the complete press release from the Governor’s office:

SACRAMENTO – Californians impacted by winter storms are now eligible to claim a deduction for a disaster loss and will have more time to file their taxes.

“Whether it’s more time to file your taxes or getting a deduction, this […]

By Linkenheimer LLP|2023-01-16T18:32:49+00:00January 16th, 2023|ca, CA tax, california, disaster, ftb, irs, tax deadlines|0 Comments

It’s Almost That Time of Year Again! If You’re Not Ready, File for an Extension

The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by the due date. If you need more time, you should file for an extension on Form 4868.

An extension will give you until October 17 to file and allows you to avoid incurring “failure-to-file” penalties. However, it only provides extra time to file, not to pay. Whatever tax you estimate is owed must still be sent by April 18, or you’ll incur penalties — and as you’ll see below, they can be steep.

Failure to file vs. failure to pay

Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty runs at 0.5% for each month (or part of a month) the payment is late. For example, if payment is due April 18 and is made May 25, the penalty is 1% (0.5% times 2 months or partial months). The maximum penalty is […]

By Linkenheimer LLP|2022-03-29T23:24:33+00:00March 29th, 2022|extension, extensions, irs, tax deadlines|0 Comments

California Tax Updates Regarding Wildfire Victims

Update 1:

Wildfire victims in parts of California now have until Jan. 3, 2022, to file certain tax returns and make tax payments. In August 2021, CA granted extensions to individuals and businesses affected by wildfires. They were originally given until Nov. 15, 2021 to complete these tasks. The IRS has now extended that deadline to Jan. 3, 2022. This deadline also applies to the quarterly payroll and tax returns normally due on Aug. 2, 2021, and Nov. 1, 2021. In addition, penalties on payroll tax deposits due on or after July 17, 2021, but before July 29, 2021 will be abated as long as the deposits were made by July 29, 2021.

Update 2:

New rates for California’s cannabis cultivation tax have been posted for 2022.The CA Dept. of Tax and Fee Administration (CDTFA) lists the following: cannabis flower, $10.08 per dry-weight ounce; cannabis leaves, $3.00 per dry-weight ounce; and fresh cannabis plants, $1.41 per ounce. Rates for cannabis cultivation tax are […]

By Linkenheimer LLP|2021-12-02T20:34:10+00:00December 2nd, 2021|filing deadline, fire, Fire Relief Info, tax deadlines|0 Comments