Tax Day is Upon Us!
- lnn
- Apr 4
- 2 min read
April 4, 2025
Image provided by Wix.
Welcome back to the Bean Blog! 🚀
Oh, how quickly time moves! We're already in Q3 of the year and Tax Day is upon us!
Disclaimer: BeanLogix does not file taxes. We just want to make sure you're prepared to file yours with a trusted CPA! This informed is to be used for individual income tax returns.
What is Tax Day?
According to NerdWallet, Tax Day is the "last day to file your taxes with the IRS before penalties and interest may begin to accrue. The tax deadline is generally the same each year unless it falls on a weekend or holiday."
When is Tax Day?
Tax Day is on April 15th of every year.
Running behind and need more time to file your taxes?
File Form 4868! Form 4868 is the Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. The final day to submit this tax extension is also April 15th.
NerdWallet informs that "an extension gives you more time to submit your return, not pay your taxes. Even if you submit a request for an extension, you must pay your taxes owed by April 15."
Make sure to file your taxes on time!
You'll get penalized if you submit a tax return after April 15th (without an extension). Here's how the IRS calculates their penalty amounts:
"The penalty is 5% of the tax due (less any tax paid on time and available credits) for each month or partial month the return is late. The penalty accrues up to a maximum of 25%.
We calculate the failure to file penalty in this way:
Tax required to be shown on the return,
Less any tax paid on time (example: withholding credits or estimated tax payments),
Less available refundable credits, then
Multiplied by 5% per month (up to 25%).
If the return is more than 60 days late, the minimum penalty is the amount listed or 100% of the underpayment, whichever is less."
Now we don't want that to happen! Contact your CPA today if you haven't filed your taxes.
🤙🏻 Get in touch!
Our Bean Counters are experienced bookkeepers who care about your business! Looking for a bookkeeper? Email us at hello@beanlogix.com!
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