Important Dates 2025

Important Financial Dates to Remember for 2025

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2025 Important Dates for Individuals and Businesses

In today's fast-paced world, being organized and keeping track of important tax and financial deadlines can be a significant challenge. Missing deadlines can have serious consequences, including penalties, interest charges, and missed opportunities. At Total Clarity Wealth Management, we understand the importance of staying informed and proactive when it comes to your financial well-being. This resource outlines key dates throughout 2025 for individuals and businesses, empowering you to navigate the complexities of tax season and make informed financial decisions.

Our goal is to provide you with the knowledge and tools you need to achieve your financial goals. By staying informed about important deadlines and financial milestones, you can make informed decisions, minimize the effects on your taxes and seek to maximize opportunities by knowing these dates. This resource is designed to be a valuable tool in your financial planning journey.

Below are key tax deadlines for individuals in 2025:

• January 1st: Marks the commencement of the tax year and the first quarter (Q1). It also signals the start of the General Enrollment Period for Medicare Part A and Part B.
• January 15th: Deadline for submitting the fourth quarter estimated tax payment for the preceding year.
• January 31st: Deadline for filing and remitting payment for the income tax return (Form 1040) to avoid late-filing penalties. 
• February 15th: Deadline for filing Form W-4 if an exemption from income tax withholding is desired for the current tax year.
• March 31st: Conclusion of the General Enrollment Period (for Parts A & B) and the Open Enrollment Period (for Medicare Advantage).
• April 1st: Commencement of the second quarter (Q2). Also, the designated date for initiating Required Minimum Distributions (RMDs) from retirement accounts for individuals aged 72 or older. 
• April 15th: Deadline for submitting the first quarter estimated tax payment for 2025. Also, the deadline for contributing to an Individual Retirement Account (IRA) or Health Savings Account (HSA) for the preceding tax year.
• June 15th: Deadline for submitting the second quarter estimated tax payment for 2025.
• June 30th: Deadline for submitting the Free Application for Federal Student Aid (FAFSA) for the previous academic year.
• July 1st: Commencement of the third quarter (Q3).
• September 15th: Deadline for submitting the third quarter estimated tax payment for 2025.
• October 1st: Commencement of the fourth quarter (Q4). 
• October 15th: Commencement of the Open Enrollment Period for existing Medicare enrollees. Also, the extended deadline for filing the income tax return (Form 1040) and gift tax return (Form 709).
• November 1st: Commencement of the Open Enrollment Period for the Health Insurance Marketplace.
• December 1st: Anticipated initial day for filing the FAFSA for the forthcoming academic year.
• December 7th: Conclusion of the Annual Enrollment Period for existing Medicare enrollees.
• December 15th: Deadline for enrolling in a health insurance plan through the Health Insurance Marketplace to ensure coverage commencing on January 1st of the subsequent year. 
• December 31st: Conclusion of the tax year. Also, the deadline for fulfilling Required Minimum Distributions (RMDs) for the current year, dividing retirement accounts with multiple beneficiaries if separate accounting is desired, and completing gifts for tax purposes.

Important Dates for Businesses

Similar to individuals, businesses also encounter critical tax deadlines throughout the year. A summary of key tax dates for businesses in 2025 follows:

• January 1st: Marks the commencement of the tax year and Q1 for businesses.
• January 15th: Deadline for submitting the fourth quarter estimated tax payment for the preceding year for sole proprietorships and single-member Limited Liability Companies (LLCs).
• January 31st: Deadline for issuing various Forms 1099 and 1098, as well as Form W-2 to employees.
• February 28th: Paper filing deadline for various Forms 1099 and other informational returns.
• March 15th: Deadline for issuing K-1s to partners and shareholders. Also, the deadline for requesting a six-month extension to file the tax return by submitting Form 7004. Additionally, this is the deadline for filing Form 2553 if electing to treat the business as an S-corporation.
• March 31st: Deadline for electronically filing various Forms 1099 and other informational returns.
• April 1st: Commencement of Q2 for businesses.
• April 15th: Deadline for submitting the first quarter estimated tax payment for sole proprietorships, single-member LLCs, C-corporations, and multi-member LLCs electing to be treated as a corporation. Also, the deadline for requesting a six-month extension to file the tax return by submitting Form 7004. A six-month extension to file the tax return can be obtained by submitting Form 4868 by this date.
• June 15th: Deadline for submitting the second quarter estimated tax payment for sole proprietorships, single-member LLCs, C-corporations, and multi-member LLCs electing to be treated as a corporation.
• July 1st: Commencement of Q3 for businesses.
• September 15th: Deadline for submitting the third quarter estimated tax payment for sole proprietorships, single-member LLCs, C-corporations, and multi-member LLCs electing to be treated as a corporation. Also, the extended deadline for filing the income tax return (Form 1120S) for S-corporations and the extended deadline for filing the income tax return (Form 1065 or 1065-8) for multi-member partnerships and LLCs.
• October 1st: Commencement of Q4. 
• October 15th: Extended deadline for filing the income tax return (Form 1040) for sole proprietors and single-member LLCs. Also, the extended deadline for filing the income tax return (Form 1120) for C-corporations and multi-member LLCs electing to be treated as a corporation.
• December 15th: Deadline for submitting the fourth quarter estimated tax payment for C-corporations and multi-member LLCs electing to be treated as a corporation.
• December 31st: Conclusion of the tax year for businesses.

Please Note: These deadlines are subject to modification due to individual circumstances, entity elections, and delays when deadlines coincide with weekends or legal holidays.

Meeting these deadlines is crucial for maintaining a healthy financial position. By staying informed and proactive, you can ensure that your tax obligations are fulfilled and your financial trajectory remains on track. This is where comprehensive financial planning can make a significant difference.

At Total Clarity Wealth Management, we are committed to assisting our clients in achieving their financial aspirations through personalized strategies and ongoing guidance. We believe in building long-term relationships with our clients based on trust, transparency, and a shared commitment to their financial success.

Contact us today to schedule a consultation and explore how we can assist you in navigating your financial journey.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.