As we step into April, it’s crucial to stay on top of key tax deadlines to avoid penalties and make sure compliance with IRS regulations. Whether we are an employee, self-employed, or have foreign financial interests, here’s the most important individual tax deadlines for April 2025.
April 10 – Report Tips to Your Employer
If you work in a job where you earn tips, you must report them to your employer if they exceed $20 for March. Use IRS Form 4070 to document and submit your total tip income. Employers will then withhold Social Security, Medicare, and income taxes on these tips. If your paycheck isn’t enough to cover these withholdings, the IRS will record the uncollected amount in box 8 of your W-2 form, and you’ll need to pay it when filing your tax return.
April 15 – Filing Deadline for U.S. Citizens with Foreign Financial Interests
If you are a U.S. citizen or resident with financial interests or signature authority over foreign financial accounts exceeding $10,000 during 2024, you must file Form FinCEN 114. This form is due electronically to the Treasury Department by April 15. Unlike other tax forms, it cannot be submitted on paper. The good news is an auto 6-month extension is available if needed. If you’re unsure whether this requirement applies to you, consult a local tax professional for guidance.
April 15 – Individual Income Tax Returns Due
For most taxpayers, April 15 is the deadline to file a 2024 federal income tax return using Form 1040 or 1040-SR. If you require extra time, request an auto 6-month extension, which extends your filing deadline to October 15. However, this extension only applies to filing—not payment. You must pay by April 15 to avoid penalties and interest if you owe taxes. If you anticipate a refund, there’s no penalty for filing late, but delaying means letting the government hold your money interest-free.
Late Payment Penalty Warning:
Failing to pay the taxes owed by April 15 can result in a late payment penalty even if you file for an extension. This penalty and interest on the unpaid balance can add up quickly. If you are uncertain about your liability, filing and paying as soon as possible is better to minimize extra costs.
April 15 – Household Employers Must File Schedule H
If you employed a household worker in 2024 and paid them at least $2,700 in cash wages, you must report the wages and pay employment taxes using Schedule H. If you paid over $1,000 in wages during any calendar quarter in 2023 or 2024, you are also responsible for Federal Unemployment Tax (FUTA). Schedule H is submitted along with your federal tax return. Check your records and ensure compliance if you employ a nanny, housekeeper, or other household worker.
April 15 – First Estimated Tax Payment for 2025 Due
For self-employed individuals and others who receive income not subject to withholding, the first estimated tax installment for 2025 is due on April 15. The U.S. tax system is based on a “pay-as-you-go” structure, and estimated payments help ensure that individuals meet their annual tax obligations on time.
Avoiding Underpayment Penalties:
If you underpay your estimated taxes, you may be subject to penalties. However, there are “safe harbor” rules that can help you avoid these penalties:
- Pay at least 90% of your 2025 tax liability OR
- Pay 100% of your 2024 tax liability (110% if your adjusted gross income exceeds $150,000 for joint filers or $75,000 for single filers).
April 15 – Last Day to Establish a Keogh Retirement Account for 2024
If you plan to contribute to a Traditional or Roth IRA for the 2024 tax year, April 15 is your last chance. Contributions can help lower your taxable income (for Traditional IRAs) or grow tax-free (for Roth IRAs). Be sure to check your eligibility and contribution limits before making a deposit.
Weekend & Holiday Extensions
Disaster Area Extensions
Taxpayers in federally declared disaster areas may be eligible for extended deadlines. If your area has been affected by a natural disaster, check with the IRS to see if you qualify for additional time to file and pay taxes. If you need detailed information regarding disaster areas and the filing extension dates, visit the Internal Revenue Service website today.
Final Thoughts
By planning ahead + meeting these deadlines, you can ensure compliance and keep your finances in excellent standing. If you need help or have questions, it’s always a good idea to speak with a local tax expert. Need expert guidance to navigate these deadlines? Contact Howard, Howard & Hodges today for personalized tax strategies and peace of mind.
