Important Tax Filing Deadlines | Are You Prepared?

Key Deadlines

• March 15th, 2026 – Filing deadline for business taxes (S-Corporations and Partnerships)
• April 15th, 2026 –  Filing deadline for Personal Taxes and Estate/Trust return (Form 1041) and business taxes (C-Corporation)

Need additional time?
Our office can file a 6 month extension of time on the client’s behalf, at no additional charge.

• September 15th, 2026 – Extension filing deadline for Filing deadline for business taxes (S-Corporations and Partnerships)
• October 15th, 2026 – Extension filing deadline for Personal Taxes and Estate/Trust return (Form 1041) and business taxes (C-Corporation)

Learn more about the Safe-Harbor rule here.

One, Big, Beautiful Bill provisions –

– and what that means for you as an individual

For everyday taxpayers, the bill brings tax credits that can benefit families and some workers. But it also introduces stricter eligibility for some safety-net programs.

Key Provisions:

• Child Tax Credit: Raised to $2,200 per child, with a portion refundable. Applies only to qualifying dependents and is indexed for inflation.
• Dependent Credit: $500 for other qualifying dependents, such as elderly parents.
• Senior Deduction: Taxpayers of 65 years or older can claim an extra $6,000 (or $12,000 for married couples filing jointly where both filers are 65 years old or older) standard deduction through 2028. However, this amount starts to phase out for individuals making more than $75,000 (or joint filers making more than $150,000). Seniors with an income of $175,000 and couples with a combined income of $250,000 are not eligible for this deduction.
• SALT deduction cap: The cap on deducting state and local taxes (SALT) is temporarily raised to $40,000 for tax year 2025—but it’s scheduled to return to lower levels after 2029 unless Congress acts again.
• Car loan interest deduction: Individuals can deduct up to $10,000/year in interest from car loans for U.S.-assembled vehicles purchased between 2025 and 2028. Income limits and other restrictions apply.
• “Trump Accounts”: The new tax-deferred savings accounts for children born between 2025 and 2029 allows families to contribute up to $5,000/year, and the money can be used for education, medical expenses, or first-time home purchases starting at age 18.
• Major federal tax credits and some rebate programs for energy-efficient home improvements are expiring at the end of 2025. This includes the Energy Efficient Home Improvement Credit (25C) and the Residential Clean Energy Credit (25D), which provided significant tax savings for upgrades like solar panels, efficient windows, and heat pumps.

How to Understand the Major Shift

The One Big Beautiful Bill reshapes both personal and business taxes by locking in lower rates, expanding deductions, and introducing new but sometimes temporary credits. At the same time, it trims certain safety net and environmental programs, showing the trade-offs built into the law.

For most individuals and families, this means greater certainty in planning, but also the need to track which benefits are temporary. Tax law is always evolving, and while the OBBB settles some questions, it also raises new ones. It’s normal to feel uncertain about what applies to you. That’s why professional guidance is so valuable.

One, Big, Beautiful Bill provisions –

– and what that means for you as a business owner

Business owners gain several permanent tax advantages. The 20% deduction for QBI is now permanent, offering clarity to owners of pass-through entities. The bill also makes 100% bonus depreciation permanent, allowing companies to fully expense capital investments right away.

Workforce Related Updates

• Tips and Overtime Pay: Starting in 2025, tips and part of overtime income are no longer taxable. What’s important for employees to know is that only the “extra” portion (the half-time premium) is tax free. For example, if an employee normally earns $20/hour and makes “time and a half” ($30/hour) for overtime, only the extra $10 is tax-deductible. For employers, regular payroll tax rules still apply. But employers must report the portion of the employee’s pay that is qualified overtime separately on the W-2 form.
• Section 179D (Energy Efficient Commercial Buildings Tax Deduction): It’s been 20 years since the Energy Policy Act of 2005, which included Section 179D to reduce energy use, was signed into law. Businesses will no longer be able to claim this deduction starting in July of 2026. The OBBB phases out the popular deduction, but projects that begin construction before July 1, 2026 can still qualify, even if they’re completed later. This change affects developers, building owners, and contractors who’ve used 179D to offset costs for installing high-efficiency HVAC, lighting, and building envelope systems.

Business owners should evaluate how these provisions affect entity structure, capital investment plans, and workforce benefits. Not all companies will benefit equally, as outcomes depend on industry, size, and workforce composition.

How to Understand the Major Shift

The One Big Beautiful Bill reshapes both personal and business taxes by locking in lower rates, expanding deductions, and introducing new but sometimes temporary credits. At the same time, it trims certain safety net and environmental programs, showing the trade-offs built into the law.

For most individuals and families, this means greater certainty in planning, but also the need to track which benefits are temporary. Tax law is always evolving, and while the OBBB settles some questions, it also raises new ones. It’s normal to feel uncertain about what applies to you. That’s why professional guidance is so valuable.

What is a Trump Account?

A Trump account is a new, tax-advantaged custodial Individual Retirement Account (IRA) for children under 18, created by the One Big Beautiful Bill Act (OBBBA) and launching in 2026

• No contributions necessary—but you can deposit up to $5,000 per year to maximize growth.
  Your account balance will grow over time on its own, whether you choose to contribute additionally or not. You may contribute up to $5,000 per year to accelerate gains.
• The account is fully in your child’s name, and you are the sole custodian until they turn 18. –
  They’re free to continue letting it grow, or they can withdraw funds right away to use for things like education or a home—with all the tax advantages of a traditional IRA.
• Get $1,000 for every American child born between January 1, 2025 and December 31, 2028. –
  The federal government will make a one-time $1,000 contribution for each eligible child’s account

– Enroll your child at anytime or by making an election when you file your 2025 taxes –

Additional Information:

Overview of Trump Accounts

• Parents, guardians, or others can establish a Trump Account for an eligible child
• Trump Accounts cannot be funded before July 4, 2026
• The federal government will make a one-time $1,000 contribution for each eligible child’s account
• Authorized contributions from individuals and employers are allowed up to $5,000 per year
• Employers can contribute up to $2,500 per year toward an employee’s or dependent’s Trump Account without it counting as taxable income for the employee
• Funds must be invested in certain mutual funds or exchange-traded funds that track a U.S. stock index such as the S&P 500

Withdrawal and use

• Generally, money cannot be withdrawn before the year the child turns 18
• After that point, the account is treated like a traditional IRA with similar tax rules

Who must receive a 1099-NEC?  

Any individual or unincorporated entity (such as sole proprietors or partnerships) that you paid $600 or more during the tax year for services rendered.

What is needed to issue a 1099-NEC? 

• Full Legal Name
• Social Security Number
• Mailing Address
• Total Amount paid in 2025

Confirming and gathering this information now allows you to avoid last-minute stress and potential filing penalties.

**A best practice tip from the Professionals**  Have all laborers at the start of work, complete a Form W-9 – this will provide you, the employer with all the necessary information to file a 1099-NEC.

Form W-9 linked here: https://www.irs.gov/pub/irs-pdf/fw9.pdf

The October 15th, 2025 deadline to file your 2024 personal tax return is almost here. If you filed an extension, this is your final chance to submit your return for our office to guarantee completion by the October 15^th deadline. — let our team at Tax Professional Group help you file quickly, accurately and avoid penalties.

We make the process simple:

• Gather and organize your documents
• Submit them securely to our team
• We’ll prepare and file your return before the deadline

Are You Ready?

2024 Tax season is moving quickly, and missing deadlines can cost you.

Key Deadlines:
September 15, 2025 – Filing deadline for Partnerships, S-Corporations, and C-Corporations (with extension).

October 15, 2025 – Filing deadline for Individuals (with extension).

Don’t let these important dates pass you by. Our team is here to help you stay compliant and file with confidence.

S-Corporation Deadlines

Saturday March 15, 2025 is the Partnerships and S-Corporations filing deadline, so please contact us regarding your business tax return.

If you need a six-month extension of time to file, you must give us permission to file the extension for your business.

Filing deadline with extension: September 15, 2025.

Our team is here for all your tax needs! To schedule an appointment, please call 239-598-9901 or email us at office@taxpg.com