Tax Filing Tips for 2025: Deadlines, Extensions & Best Practices

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

• April 15, 2025: Standard deadline for filing federal tax returns and paying any taxes owed.
• October 15, 2025: Extended deadline for those who file a formal extension request with the IRS by April 15.

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:

• You’re missing key documents, such as K-1s or final year-end reports.
• Your business underwent significant changes, like a merger or acquisition.
• You need more time for strategic planning to take advantage of tax-saving opportunities.
• Unexpected life events or disruptions have delayed your ability to gather financial records.

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:

1. Start Early—Don’t Wait Until April
   Tax season ramps up quickly, and the earlier you begin, the more flexibility you have to identify tax-saving opportunities and resolve any outstanding issues. Procrastination often leads to rushed filings, overlooked deductions, and avoidable errors.

2. Submit Your Documents Promptly
   Ensure your financial records are organized and submitted to your tax professional well in advance. This includes items like financial statements, payroll summaries, 1099s, and documents related to new purchases, credits, or structural changes in your business.

3. Schedule Time with Your Tax Advisor
   Checking in with a tax advisor—especially if your business has undergone any significant changes—can help you stay aligned with the latest regulations and uncover ways to improve your tax position.

4. Maintain Clean, Accessible Records
   Use digital tools or cloud-based platforms to track and store your expenses, receipts, and financial documents. Consistent organization throughout the year simplifies the tax prep process significantly.

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.