Smart Tax Moves: Key Deductions and Credits Small Businesses Shouldn’t Miss in 2025
As tax season picks up, small business owners have a prime opportunity to reduce their tax liability through smart use of available deductions and...
2 min read
Baldwin CPAs 3/31/25 2:43 PM
As the April 15th tax filing deadline is upon us, business owners are once again faced with the annual task of preparing and submitting their returns. Whether you’re operating a construction firm, managing a nonprofit, or overseeing a growing medical practice, it’s essential to ensure your business is ready—and that starts with understanding the deadlines, knowing your options, and following best practices that can save time, money, and stress.
Key Dates to Remember
It’s worth noting that filing an extension only gives you more time to file your return—not more time to pay. Any taxes due must still be estimated and paid by April 15 to avoid interest and penalties.
When Should You Consider Filing an Extension?
While it’s generally ideal to file your return by the initial deadline, there are situations where requesting more time makes strategic sense. Common scenarios include:
Filing an extension is simple—it requires submitting IRS Form 7004 for businesses—but it should be done with intention and, ideally, guidance from your tax advisor.
Best Practices for a Smooth Filing Season
Here are a few essential steps businesses can take to prepare for tax season effectively and reduce stress leading up to the deadline:
Avoiding Penalties: What Happens If You Miss the Deadline?
Failing to file or pay taxes on time can result in penalties, interest, and potential disruption to your operations. The failure-to-file penalty is typically higher than the failure-to-pay penalty, so even if you can’t pay your tax bill immediately, it’s better to file on time or request an extension and work with your CPA on payment options.
Plan Ahead to Save Later
Tax season isn’t just about compliance—it’s an opportunity to reflect, plan, and prepare your business for future success. Taking a proactive approach allows you to capture deductions, improve cash flow, and make informed decisions.
Need Help Filing or Planning?
At Baldwin CPAs, we serve businesses across industries—including construction, healthcare, nonprofits, government, and professional services. Whether you’re preparing to file or considering an extension, our experienced team is here to ensure your tax season runs smoothly. Click here to learn more.
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