Income Tax Returns Now Due

The federal income tax filing deadline for individuals who don't reside in certain disaster areas is Tuesday, April 15, 2025.

Need more time?

If you're not able to file your federal income tax return by the April due date, you can file for an extension by using IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Filing this form will make your new filing due date October 15, 2025. Make sure you file the extension by your original due date or there will be penalties for failing to file or for filing late.

Note:  if you're living outside the country, or serving in the military outside the country, this does not apply to you

Pay what you owe

Don't forget to pay. Even if you file an extension to move your due date for filing, your payment due date is still April 15. If the bottom line on your return shows, or will show, that you have an amount due, file and pay that amount due in full by the due date, if possible. If you absolutely cannot pay what you owe, file the return and pay as much as you can. You will owe interest and penalties on the unpaid amount, but it will be worse if you don't file your return on time.

Please understand that filing for an extension to file your return does not provide extra time to pay your balance due. When you file for an extension, you should make a reasonable estimate of the amount you will owe and pay what you can by filing due date.

Tax refunds

The IRS encourages filers with tax refunds to file their tax returns as soon as possible. The IRS anticipates most tax refunds being issued within 21 days of the IRS receiving a tax return if the return is filed electronically, the tax refund is delivered by direct deposit, and there are no issues with the tax return.

Please understand that the IRS will not compute or issue your refund if you don't file a tax return.

If you want your refund, you have to file a tax return.

IRA and Roth IRA contributions

You can still contribute to an IRA for tax year 2024 by April 15.

If you retired from earning income in 2024 and will not have any earned income in 2025, this may be your last chance to contribute to an IRA.

To learn more, contact MNM Vested, LLC