Q3 Estimates and Upcoming Tax Deadlines

Several important tax deadlines are approaching for taxpayers who filed extensions for their 2024 federal tax returns, as well as for those making 2025 estimated tax payments.

Pass-Through Business (Partnerships, Multi-member LLCs, S-Corporations):

If a pass-through business entity obtained an extension for its 2024 federal return the extension deadline is Monday, September 15^th, 2025. This is important for qualifying taxpayers to avoid potential penalties and interest for failure to file. This includes tax returns for Partnerships, Multi-member LLCs filing as partnerships, and S-Corporations.

Individuals:

The extended filing deadline for individuals is the following month on Wednesday, October 15^th, 2025.  Individuals who are unsure about their filing status should consult their CPA or refer to the IRS website (IRS.gov) for official guidance.

Corporations:

For C-Corporations that filed an extension for their 2024 federal tax returns, the extended deadline is also on Wednesday, October 15th. Corporations that have not yet filed their 2024 returns should prioritize gathering all necessary information and working with their tax professional to ensure timely preparation and submission.

Estimated Payments:

All taxpayers should be preparing to make their Q3 estimated tax payments due on Monday, September 15^th. For individual taxpayers, quarterly estimated tax payments should be made if both of the following apply:

• You expect to owe at least $1,000 in tax after accounting for their withholding and refundable tax credits. 
• Your total tax withholding and tax credits are expected to be less than the smaller of:
  
  • 90% of the tax you expect to owe on your 2025 income
  • 100% of the tax shown on your 2024 return (110% for higher income taxpayers).

Estimated tax payments can be made online at https://www.irs.gov/payments. Individuals and businesses unsure about their estimated payment obligations or current payment status should consult with their CPA or a qualified tax professional.

Tennessee Disaster Tax Relief:

On April 14^th, 2025, the IRS announced tax relief for individuals and businesses in the entire state of Tennessee. These taxpayers now have until November 3^rd to file their returns and make their quarterly estimated payments. However, it is important to note that this relief specifically applies to federal tax deadlines and estimated payments, and taxpayers should still confirm any state-specific deadlines.

Similar relief is available for taxpayers in other states. Please refer to the IRS’s “Tax relief for disaster situations” page to see if your state or county is eligible for relief. Tax relief in disaster situations | Internal Revenue Service

Navigating tax deadlines and obligations can be complex, causing confusion or uncertainty for taxpayers. Whether you're dealing with an extension, making estimated payments, or seeking relief from a disaster, staying informed is paramount. To ensure compliance and optimize your tax situation, we urge taxpayers to proactively consult with their qualified tax professionals or refer directly to the official IRS website and their state’s official department of revenue website.

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