Are you having trouble pulling together all the information required to file your 2025 return on time? Or are you simply procrastinating?
Strategy: Cut yourself some slack. The IRS provides a unique opportunity to extend your filing deadline. To obtain an automatic six-month filing extension, all you have to do is submit Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to the IRS. In other words, you don't have to file your 2025 return until Oct. 15, 2026. This should give you plenty of time to get your ducks in a row. At the same time, don't overlook tax-saving opportunities. For instance, a self-employed business owner can still contribute to a Simplified Employee Pension (SEP) plan for the 2025 tax year as late as Oct. 15. But be aware that a filing extension is not an extension to pay tax. Make a good-faith estimate by April 15, 2026, and pay what you still owe.
Tip: If you pay at least 90% of your 2025 tax liability or 100% of your 2024 liability (110% if your 2024 AGI was more than $150,000), no underpayment penalty will be assessed.
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