Tax laws change every year, and 2025 is no exception. Taxpayers will encounter several notable changes this year, as well as adjustments to tax brackets and other deductions. Stay tuned because I’m going to cover all the 2025 tax deadlines and updates in this post.
The Most Important Tax Deadlines for 2025
Tax deadlines stay pretty consistent, but special circumstances sometimes result in changes to the schedule. Here’s what you can expect for 2025.
Tax Day: The Primary Filing Deadline
The deadline to file taxes falls on a Tuesday this year, so April 15th the filing deadline is unchanged for 2025.
Quarterly Deadlines for Estimated Tax Payments
Most independent contractors are required to submit estimated tax payments every quarter. In a normal year, payments are due on April 15th for Q1, June 15th for Q2, September 15th for Q3, and January 15th for Q4.
This year, the due date for Q2 falls on June 16th due to the weekend, but the other deadlines fall on the 15th as normal.
The Extended Filing Deadline
You can extend your filing deadline to October 15th by filing Form 4868. This year, the six-month deadline moves back to Tuesday, October 15th. Just remember, you must pay your taxes by April 15th to avoid exposing yourself to potential penalties & interest
Other Tax Deadlines to Consider
There are also several other important tax deadlines that may affect some people this year.
Corporate Filing Deadline
The deadlines for corporate tax returns depend on the business entity filing. For example, partnerships and S corporations have to file by March 15th, while C corporations have to file by April 15th.
Partnerships and S corporations requesting an extension must file by September 16th, while C corporations have until October 15th.
Deductible IRA Contributions for Tax Year 2025
Anyone who wants to make a deductible contribution for 2025 has until April 15th, 2026 to do so. You can contribute $7,000 to $8,000 to your IRA depending on your age.
Other Important Updates
It is also important to consider other changes, such as new tax bracket adjustments and changes in bonus depreciation and child tax credits.
Tax Bracket Adjustments
There will also be new income tax brackets for 2025 as a result of inflation and rising cost of living. SIngle filers may fall into a lower tax bracket this year as a result.
- 37%: Applicable to single taxpayers with incomes over $626,350 and married couples filing jointly over $751,600.
- 35%: For single incomes over $250,525 ($501,050 for joint filers).
- 32%: Single incomes over $197,300 ($394,600 for joint filers).
- 24%: Single incomes over $103,350 ($206,700 for joint filers).
- 22%: Single incomes over $48,475 ($96,950 for joint filers).
- 12%: Single incomes over $11,925 ($23,850 for joint filers).
- 10%: For single incomes up to $11,925 ($23,850 for joint filers).
Bonus Depreciation Phase-Out Continues
Bonus depreciation will continue to phase out in 2025. This year, deductions for bonus depreciation will max out at 40% for 2025. The cap will decline by another 20 percentage points next year, and so on, until it expires 2027.
There is some chatter in Washington D.C. about renewing bonus depreciation before it expires. So far, there’s nothing concrete, but it could happen.
Child Tax Credit
The child tax credit remains in effect this year. In 2025, the credit provides up to $2,000 per child, with roughly $1,700 of it refundable.
Closing Thoughts
The tax code changes constantly, so it’s important to keep a close eye on the latest updates, especially if you’re managing your own books and taxes.
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