December 31, 2024 • 18 mins
In this final podcast episode of 2024, Chris and John explore the "Taxpayer Timeline," equipping listeners with vital insights into the tax calendar year. They unravel the complexities of tax deadlines, clarifying essential dates for individuals and small business owners. As the year draws to a close, they ensure you're poised to enter 2025 with enhanced tax savvy. Sponsored by The Mortgage Shop, the episode extends gratitude to dedicated listeners and their community.
Navigating the tax timeline can be daunting, but this episode breaks down crucial dates like S Corporation and partnership deadlines on March 15, personal tax obligations on April 15, and estimated tax payments throughout the year. With expert insights, Chris demystifies the quarterly tax schedule, reducing the risk of missed deadlines and penalties. Their engaging discussion helps streamline tax planning, ensuring you never overlook important obligations.
Key Takeaways:
- The episode provides an in-depth walkthrough of the 2024 taxpayer timeline, highlighting pivotal tax dates for individuals and small business owners.
- Essential deadlines covered include S Corp and partnership returns due on March 15, personal tax filing on April 15, and quarterly estimated tax payments.
- The importance of adhering to IRS deadlines to avoid penalties, particularly for taxpayers with business interests, is a focal point.
- Listeners receive practical tips on organizing tax responsibilities with the help of technology like calendar reminders.
- The podcast pitches a service for finding tax professionals, showcasing the value of the Teaching Tax Flow community.
Notable Quotes:
- "There's so many dates going on in the tax preparation or tax world." – Chris Picciurro
- "Your fourth quarter federal estimated tax payment from the year before is due on January 15th." – Chris Picciurro
Resources:
- IRS website for tax payments: IRS.gov
- Teaching Tax Flow community tax prep: www.2025.tax
Episode Sponsor:
The Mortgage Shop
- (00:01) - Reflecting on 2024 and Exploring the Taxpayer Timeline
- (02:32) - Key Tax Dates and Their Importance for Taxpayers
- (06:46) - Key Tax Deadlines and Extensions for Individuals and Businesses
- (15:01) - New Year Tax Planning and Service Announcement
- (17:27) - Educational Content and Investment Advice Disclaimer
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Intro (00:01):
Welcome back to the teaching tax flow podcast. We
are here. We are at the end of2024. So as we go into a new
year, we picked a great topicfrom our teaching tax flow
community, and that is calledthe taxpayer timeline. So we're
gonna go through this, Chris andmyself, diving into some
details.
But more importantly, you'regonna leave this episode way
(00:24):
smarter than you came into it Sobefore we jump into the topic
today, let's do take a briefmoment and thank our episode
sponsor. This podcast issponsored by The Mortgage Shop.
Are you looking to qualify foran investment credit loan
without jumping through hoops?That's easy. They have loans
with LTV up to 89.99%.
Ad Read (00:47):
Exploring their products and discovering how
they can work for you is simple.Just visit mortgage.shop or call
865-325-2566, and tell them TTFsent you.
John Tripolsky (01:02):
Hey, everybody. Welcome back. The very last
podcast of 2024.
We're here. We did it. Wesurvived another year. God, we
are we are cranking throughthese things. Chris, I can't
believe we've just done a 100and what?
13, 114, 150 of these things,and I think we have more and
more fun as we go along. So, youknow, I gotta say it because I
(01:22):
haven't sent a few episodes.Welcome back to your own show,
sir. How are you?
Chris Picciurro (01:26):
Thank you. It feels good, and we have, we are
closing out 2024 here today. Youmight be listening to this in
2025. We don't know. Maybeyou'll listen in 24.
And happy New Year or happy NewYear coming up. Damn. I'm had a
great year here on the teachingtax flow podcast. Hard to
(01:48):
believe we're in episode, what,118, 120, somewhere in that
range. And I think we're gettingwe're picking up even more
momentum, and we're so fortunateto to have all the guests and
all the people in our community.
And since it's the last day ofthe year, I thought it'd be a
good idea for us to kinda to towalk through the calendar year
(02:11):
for a taxpayer. Because you hearthere's so many dates going on
in the tax preparation or taxworld. And the so I wanna walk
through the key dates fortaxpayers or small business
owners for them to remember. Andthere's especially a an
interesting wrinkle with federalquarterly estimated tax payments
John Tripolsky (02:32):
too. And we did a great show just on that one
specifically, and I'll I'llkinda set the, we'll say set the
groundwork, I guess, a littlebit for this one. So we're gonna
power through these things.We're we know it's the end of
the year. You've got greatthings to do.
And, frankly, who wants to lookforward past January 1st at this
moment? So even if Kirstymentioned, even if you're
listening to this afterwards, wegot some great dates. And
(02:54):
believe it or not, I'll put thisout there. There's probably a
lot more important dates on thisfor anybody that's listening.
Almost bet you don't know themunless you're a tax pro.
If you're already a tax pro, youcannot cheat and say that you
know them because this is yourjob. If you don't know them, go
back to school. But I I do wannathrow one thing out, Chris, and
then I'll I'll hand the mic overto you and let you run with this
(03:14):
thing like, like you're in arelay race. But I feel like we
as taxpayers have been soconditioned that there's one
date in the entire year calledtax day. Right?
And and we kinda tend to forgetabout all this other stuff and,
you know, it could it couldreally get you. They can catch
up to you. So let let's runthrough these things
Chris Picciurro (03:34):
at the top and oh,
John Tripolsky (03:36):
I know what you're gonna say.
Chris Picciurro (03:37):
Accusation, though. I'm gonna make an
accusation that you wanna, 1,get under my skin by calling it
tax day. In order you want andyou you wanna focus on that day
because that's your birthday.
John Tripolsky (03:48):
It is. It you know what I do appreciate,
though? I do really appreciatethe fact that the IRS kinda
moved it off of that a littlebit. Right? Because was it 23
and 24?
It wasn't on 15th. They movedit, like, 17th, or it's like the
next business day. Right?
Chris Picciurro (04:04):
All of the dates we're gonna discuss today
are are movable if it falls on aweekend or if there is a holiday
on that day. So for instance,where there's a date in January
that sometimes Martin LutherKing Day. Your dates your
birthday sometimes falls onwhat's called emancipation day.
So if there's a federal holidayor a weekend, the it'll the the
(04:27):
due date will bump to the nextbusiness day. Also, there are
certain situations when you'rein a disaster recovery area that
due dates could get moved.
So let's say you're in an areathat was hit by hurricane or a
tornado. The what we're tryingto talk through today are the
the standard dates for ataxpayer. There are always
(04:49):
exceptions to these rules.
John Tripolsky (04:51):
Well, we know we know the IRS listens to this. In
fact, I real I'm not joking allthings aside actually due to one
person who is is an amazinghuman being. Works for the tax
is it the tax advocacy?
Chris Picciurro (05:04):
Prosper advocacy service.
John Tripolsky (05:06):
That's it. She actually listens to this, which
I appreciate. I won't I will notsay your name or the location
you're in, but I know you listento it because you tell me this.
Maybe we can throw this up thechain because you opened the
door up when you said if itfalls on a holiday. Well, isn't
my birthday every year aholiday?
So what why in the world do they
Chris Picciurro (05:23):
I know.
John Tripolsky (05:24):
Try to stick with this date, man? These guys
are delusional. Right? They'reforgetting that.
Chris Picciurro (05:28):
I don't know, John, but I think we should talk
to your friend to get her getget her on the podcast.
John Tripolsky (05:33):
She's probably afraid to get that conversation
with I think anybody that's tiedto the government is probably
terrified of us.
Chris Picciurro (05:40):
Oh, we're more or
John Tripolsky (05:41):
less me. You're you're reserved and, again, you
bring the brains to it. I thinkit's me and not having a filter
or not knowing what I'm talkingabout half the time, which is
why you're here is is what makesit fun, but that's all good.
Chris Picciurro (05:54):
Let's jump into these dates. We're gonna start
chronologically. Right? So it'sNew Year's Eve right now. You're
again, you're going to listen tothis probably in 2025.
Hopefully, you find yourselfhappy and healthy, and we find
ourselves in the middle ofJanuary with the first date,
January 15th, which is close tomy birthday, John. Couple things
(06:14):
are, that due that day. The thewell, one major thing is due
that day. And this is kind thisis where things get a little,
tough to comprehend. Your 4thquarter federal estimated tax
payment from the year before isdue in j on January 15th.
So by your 4th quarter estimatedtax payment is due for 2024 is
(06:36):
due January 15, 2025, whichmakes sense. Right? Because
until the year ends, you mightnot know what your exact
business profit is, what yourincome is, and how much your
estimated tax payment should be.So January 15th, 4th quarter
estimated tax payment due datefor the previous year. Now the
next major date applies to scorporations and partnerships.
(07:00):
Remember, s corporations file aform 11 20 s, and then entities
that file as a partnership couldbe a a general partnership, a
limited partnership, or alimited liability company with
more than one member. Multimember LLCs, those are your
common entities that file as apartnership. That due date is
(07:20):
really tricky. It's March 15th.And if you don't file on time,
and there's an approximately$200 per partner or per s corp
shareholder per month penaltyfor not filing on time.
I would say in our privatepractice, the vast majority of s
corps and partnership returns donot file by March 15th. However,
you can easily get a 6 monthextension by filing a form 7004.
(07:44):
So a lot of times people thatare new with that have an s
corporation and they're new toit, they think that the s corp
is due on April 15th with theirpersonal return. And I can't
tell you how many times they'vemissed and and got a letter from
the IRS penalizing them. SoMarch 15th, s corp and
partnership due date.
And that makes sense. Right?Because those entities are
(08:05):
creating k ones that report eachshareholder or each member or
each partner's share of theincome deductions and credits.
We need to have those before wecan prepare a personal return.
So they can't be due on the samedate, or so you would just have
a big problem.
John Tripolsky (08:19):
And, actually, I know our last episode was, you
know, gifts from the IRS. Youknow, we we don't have to dive
into all the extensions, butthat's a pretty significant gift
to s corps and partnerships as a6 months extension. But the
trick with that is, right, isyou actually have to file the
extension before the due date.Right?
Chris Picciurro (08:36):
Absolutely. So, yes, yeah, you gotta file the
extension. So March 15th, scorps partnership returns. Now
the next date, theaforementioned Johnny Chipolski
birthday.
John Tripolsky (08:48):
Birthday. Oh,
Chris Picciurro (08:51):
boy. Hey. Don't quit your day job. Oh, I'm not
gonna work. I gotta I gottawhenever my daughter sings just
to get under her skin, and Itell her, I'm so happy you're in
theater.
I mean, some people in theatersing, but not in our family.
April 15th. This is the this isthe date that has the most
(09:11):
amount of items associated withit. One is the individual tax
return deadline. Okay?
Now, again, remember, you canjust get a tax extension if you
would like by filing a form for4868 or filing 1 online, but in
which gives you an extra 6months, but that is the
individual tax return due datefor the previous year. 2, it's
(09:36):
also the due date of your Q1estimated tax payment. So April
15, 2025 will be the whateveryour profit was or income
between March, January, andMarch, if you have to pay
estimated tax payments, that'sthe due date of the estimated
tax payment. Now typically so sodo you have both of those things
due on the same day? It's alsothe due date for IRA
(10:00):
contributions from the previousyear and health savings account
contributions for for theprevious year.
If you owe tax, this is the duedate for the tax you owe even if
you file an extension. And ccorporations, the due date for
those returns are April 15th.Now when I first started in this
business, c corps are due inMarch, and partnerships are due
(10:21):
in April, and those gotswitched, which was which was
smart. With the c corporation,you can easily get a 6 month
extension as well. You just haveto request it.
So individual return, Q1estimate, c corp due date, IRA
and HSA contribution deadline,those cannot be extended. And
then, payment with a of any taxdue from the previous year. So
(10:44):
lots going on on April 15th, notjust your birthday, John.
John Tripolsky (10:48):
It happens. You know? But but, another little
bonus from the IRS too is if, ifyou don't happen to have any
checks laying around, just a alittle reminder, we talked about
this in previous episodes, youcan make all these payments
online. You know, direct on onthe IRS's website. It's like a
very easy thing to do.
So you don't have to worry aboutpostmark and all that.
Chris Picciurro (11:07):
IRS dotgov, I believe. You know, we I mean, I
have an account that I I make,payments right directly to the
IRS, and it just makes life alittle easier. Now things get
tricky on these personalestimated tax payments. Right?
Because you think they'requarterly.
The Q1 is due in in April. Forthis is probably the most
missed. The next two things arethe most missed. The second
(11:30):
quarter payment for individualsis June 15th. You're thinking,
shouldn't it be July?
I know, but it's June. So June15th so you're gonna pay tax in
the Q2 for whatever your incomeor profit was for just April and
May. Usually, you're but the thesecond quarterly second federal
quarterly estimate of taxpayment is due June 15th, not
(11:51):
July 15th, so be very aware ofthat. The 3rd quarterly payment,
you're thinking logically, youwould think, oh, that's due
October 15th. Right?
No. That's due September 15th. Iknow it's very odd, but do you
mean do you
John Tripolsky (12:08):
mean the government doesn't have
everything in a very organized,you know, makes sense plan?
Shocking.
Chris Picciurro (12:16):
I know. It's a little nutty. So September 15th
is gonna be your 3rd quarterlypayment due date, and it's also
the filing deadline for any ofyour s corporation or
partnership returns that file anextension. So September 15th is
a huge day for tax professionalsand business owners. October
15th is even a bigger day insome way ways.
(12:39):
That's the filing deadline forany of the tax returns, personal
returns that are on extensionand c corp returns on extension.
So September 15th October 15th,very, very important days in the
tax preparation world. So forOctober 15th, final deadline for
extended personal returns andextended c corporation tax
(13:04):
returns. Now you might think,oh, it's December 31st. Anything
going on today?
Well, sure. It's the, last dayof the year, but it's also the
final day for making RMDs. So ifyour taxpayers that are mature
aged, they see 73 or older, thatare required to take money out
(13:25):
of their their retirementaccounts. That's why it's called
the required minimumdistribution. Or if someone that
has inherited an IRA orretirement account, this is the
final day to take thosedistributions.
And the penalty for not takingthose distributions, it did go
down a little bit from 20 50% to25% is still significant. And
then, obviously, this is thelast day to implementing type of
(13:47):
tax. Last second tax planningopportunities. The most popular
one's gonna be your tax lossharvesting. So if you have
capital losses in your brokerageaccounts and you're trying to
sell, you you've got till today.
Or if you're making charitablecontributions, you know, today
is your final day to get thosein before the end of the year.
Make sure those are postmarkedif you're mailing them or it's
(14:08):
just easy to make thecontribution electronically.
John Tripolsky (14:12):
You know, it was I think last year around this
time, I I made the same joke,and I don't know why this just
clicked with me. But you know,we didn't use the example of
actually, in this episode oreven for the past couple months,
I don't think I pulled theexample out, you know, of, oh,
well, I'm at the bar. It's 11:55PM on 31st. What can I still do?
You know what I mean?
I don't know if you rememberthat from last year. I think I I
(14:34):
think I said it too much andI'll that it just you know, it
it became like my own personalbrand was clearly everybody
thinks I'm at the bar drinkingat 11:59 when you have a toddler
at home and you actually go tosleep about 9 and you play last
year's replay, and so they thinkthey've seen it, or the ball
drop. But this was awesome, man.I'm I'm glad we ran through
these, because we get askedthese a lot. And, you know,
(14:55):
we'll I'll go ahead and I'llmake sure that our team posts
these dates in the show notes aswell.
It'll be pretty lengthy. Sodepending on what device you're
looking at, you know, might notshow up exactly correct. But,
again, they're they're variabledates for the most part. You
know, because you mentioned theholidays, etcetera on there,
it's next business day. Justmark your calendar.
And and what I did, I don't knowif it's helpful for everybody
(15:18):
else's, actually go in yourcalendar and, you know,
technology is a beautiful thing.Just set it to recur annually
with a reminder, like, 7 days or20 days before, and then you
know if that date changes. It'sa very easy thing to do because
as we know, we all got so muchstuff going on. We'll tend to
forget some of these. Right?
Chris Picciurro (15:35):
Very smart. Happy New Year. Thank you for
listening to the podcast. We'reso excited about this year
coming up, and, yeah, we gave itwe we you know what? We did a
little bit shorter podcast thisthis this week because we want
you to spend more time with yourfamily.
John Tripolsky (15:51):
Absolutely. And as we've mentioned in the New
Year, we didn't actually talkabout this for a while, but this
has been in the works for acouple years, really based off
of people asking us forsomething. You know, we're we're
basically in the business ofproviding information and
resources, and that being so, ifif anybody listening to this is
actually looking for a taxprofessional, we made it a we
(16:14):
made a great domain name. Veryeasy to find. It's just
2025.tax.
So 2025.tax. We actually are aregonna start offering a service
here in a couple days. So get onget on that list. You can really
tap into the resources throughteaching tax flow as well as,
you know, Chris' privatepractice and other ones too. So,
(16:37):
basically, what it is in anutshell is we're offering some
some direct, tax prep servicesand and strategy and planning.
So it's something to definitelytake advantage of. There you
fill out this form. It's veryquick, very easy, very short for
the most part, and it'snonbinding. So even if you
wonder if this is good for you,fill it out, talk to our team,
(16:57):
figure it out, and go fromthere. But even more important
than that, can definitely notclose out on a pitch of what
we're doing.
This is about you, not us. Havea good night. Have a good day.
Have a great rest of the year asit winds down, and let's get
into 2025. And to close it out,you know, I normally say the
same thing over and over again.
(17:18):
I'm just gonna say we'll see youguys next year. So thank you so
much for everybody joining ushere on the Teaching Tax Flow
podcast.
Disclaimer (17:27):
The content provided is for educational purposes
only. We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney.
Investment advisory services areoffered through cabin advisors,
a registered investment advisor.Securities are offered through
cabin securities, a registeredbroker dealer. The content of
this podcast does not constitutean offer of securities.
(17:49):
Offerings can only be madethrough an offering memorandum,
and you should carefully examinethe risk factors and other
information contained in thememorandum.
Welcome back to the teaching tax flow podcast. We
are here. We are at the end of2024. So as we go into a new
year, we picked a great topicfrom our teaching tax flow
community, and that is calledthe taxpayer timeline. So we're
gonna go through this, Chris andmyself, diving into some
details.
But more importantly, you'regonna leave this episode way
(00:24):
smarter than you came into it Sobefore we jump into the topic
today, let's do take a briefmoment and thank our episode
sponsor. This podcast issponsored by The Mortgage Shop.
Are you looking to qualify foran investment credit loan
without jumping through hoops?That's easy. They have loans
with LTV up to 89.99%.
Ad Read (00:47):
Exploring their products and discovering how
they can work for you is simple.Just visit mortgage.shop or call
865-325-2566, and tell them TTFsent you.
John Tripolsky (01:02):
Hey, everybody. Welcome back. The very last
podcast of 2024.
We're here. We did it. Wesurvived another year. God, we
are we are cranking throughthese things. Chris, I can't
believe we've just done a 100and what?
13, 114, 150 of these things,and I think we have more and
more fun as we go along. So, youknow, I gotta say it because I
(01:22):
haven't sent a few episodes.Welcome back to your own show,
sir. How are you?
Chris Picciurro (01:26):
Thank you. It feels good, and we have, we are
closing out 2024 here today. Youmight be listening to this in
2025. We don't know. Maybeyou'll listen in 24.
And happy New Year or happy NewYear coming up. Damn. I'm had a
great year here on the teachingtax flow podcast. Hard to
(01:48):
believe we're in episode, what,118, 120, somewhere in that
range. And I think we're gettingwe're picking up even more
momentum, and we're so fortunateto to have all the guests and
all the people in our community.
And since it's the last day ofthe year, I thought it'd be a
good idea for us to kinda to towalk through the calendar year
(02:11):
for a taxpayer. Because you hearthere's so many dates going on
in the tax preparation or taxworld. And the so I wanna walk
through the key dates fortaxpayers or small business
owners for them to remember. Andthere's especially a an
interesting wrinkle with federalquarterly estimated tax payments
John Tripolsky (02:32):
too. And we did a great show just on that one
specifically, and I'll I'llkinda set the, we'll say set the
groundwork, I guess, a littlebit for this one. So we're gonna
power through these things.We're we know it's the end of
the year. You've got greatthings to do.
And, frankly, who wants to lookforward past January 1st at this
moment? So even if Kirstymentioned, even if you're
listening to this afterwards, wegot some great dates. And
(02:54):
believe it or not, I'll put thisout there. There's probably a
lot more important dates on thisfor anybody that's listening.
Almost bet you don't know themunless you're a tax pro.
If you're already a tax pro, youcannot cheat and say that you
know them because this is yourjob. If you don't know them, go
back to school. But I I do wannathrow one thing out, Chris, and
then I'll I'll hand the mic overto you and let you run with this
(03:14):
thing like, like you're in arelay race. But I feel like we
as taxpayers have been soconditioned that there's one
date in the entire year calledtax day. Right?
And and we kinda tend to forgetabout all this other stuff and,
you know, it could it couldreally get you. They can catch
up to you. So let let's runthrough these things
Chris Picciurro (03:34):
at the top and oh,
John Tripolsky (03:36):
I know what you're gonna say.
Chris Picciurro (03:37):
Accusation, though. I'm gonna make an
accusation that you wanna, 1,get under my skin by calling it
tax day. In order you want andyou you wanna focus on that day
because that's your birthday.
John Tripolsky (03:48):
It is. It you know what I do appreciate,
though? I do really appreciatethe fact that the IRS kinda
moved it off of that a littlebit. Right? Because was it 23
and 24?
It wasn't on 15th. They movedit, like, 17th, or it's like the
next business day. Right?
Chris Picciurro (04:04):
All of the dates we're gonna discuss today
are are movable if it falls on aweekend or if there is a holiday
on that day. So for instance,where there's a date in January
that sometimes Martin LutherKing Day. Your dates your
birthday sometimes falls onwhat's called emancipation day.
So if there's a federal holidayor a weekend, the it'll the the
(04:27):
due date will bump to the nextbusiness day. Also, there are
certain situations when you'rein a disaster recovery area that
due dates could get moved.
So let's say you're in an areathat was hit by hurricane or a
tornado. The what we're tryingto talk through today are the
the standard dates for ataxpayer. There are always
(04:49):
exceptions to these rules.
John Tripolsky (04:51):
Well, we know we know the IRS listens to this. In
fact, I real I'm not joking allthings aside actually due to one
person who is is an amazinghuman being. Works for the tax
is it the tax advocacy?
Chris Picciurro (05:04):
Prosper advocacy service.
John Tripolsky (05:06):
That's it. She actually listens to this, which
I appreciate. I won't I will notsay your name or the location
you're in, but I know you listento it because you tell me this.
Maybe we can throw this up thechain because you opened the
door up when you said if itfalls on a holiday. Well, isn't
my birthday every year aholiday?
So what why in the world do they
Chris Picciurro (05:23):
I know.
John Tripolsky (05:24):
Try to stick with this date, man? These guys
are delusional. Right? They'reforgetting that.
Chris Picciurro (05:28):
I don't know, John, but I think we should talk
to your friend to get her getget her on the podcast.
John Tripolsky (05:33):
She's probably afraid to get that conversation
with I think anybody that's tiedto the government is probably
terrified of us.
Chris Picciurro (05:40):
Oh, we're more or
John Tripolsky (05:41):
less me. You're you're reserved and, again, you
bring the brains to it. I thinkit's me and not having a filter
or not knowing what I'm talkingabout half the time, which is
why you're here is is what makesit fun, but that's all good.
Chris Picciurro (05:54):
Let's jump into these dates. We're gonna start
chronologically. Right? So it'sNew Year's Eve right now. You're
again, you're going to listen tothis probably in 2025.
Hopefully, you find yourselfhappy and healthy, and we find
ourselves in the middle ofJanuary with the first date,
January 15th, which is close tomy birthday, John. Couple things
(06:14):
are, that due that day. The thewell, one major thing is due
that day. And this is kind thisis where things get a little,
tough to comprehend. Your 4thquarter federal estimated tax
payment from the year before isdue in j on January 15th.
So by your 4th quarter estimatedtax payment is due for 2024 is
(06:36):
due January 15, 2025, whichmakes sense. Right? Because
until the year ends, you mightnot know what your exact
business profit is, what yourincome is, and how much your
estimated tax payment should be.So January 15th, 4th quarter
estimated tax payment due datefor the previous year. Now the
next major date applies to scorporations and partnerships.
(07:00):
Remember, s corporations file aform 11 20 s, and then entities
that file as a partnership couldbe a a general partnership, a
limited partnership, or alimited liability company with
more than one member. Multimember LLCs, those are your
common entities that file as apartnership. That due date is
(07:20):
really tricky. It's March 15th.And if you don't file on time,
and there's an approximately$200 per partner or per s corp
shareholder per month penaltyfor not filing on time.
I would say in our privatepractice, the vast majority of s
corps and partnership returns donot file by March 15th. However,
you can easily get a 6 monthextension by filing a form 7004.
(07:44):
So a lot of times people thatare new with that have an s
corporation and they're new toit, they think that the s corp
is due on April 15th with theirpersonal return. And I can't
tell you how many times they'vemissed and and got a letter from
the IRS penalizing them. SoMarch 15th, s corp and
partnership due date.
And that makes sense. Right?Because those entities are
(08:05):
creating k ones that report eachshareholder or each member or
each partner's share of theincome deductions and credits.
We need to have those before wecan prepare a personal return.
So they can't be due on the samedate, or so you would just have
a big problem.
John Tripolsky (08:19):
And, actually, I know our last episode was, you
know, gifts from the IRS. Youknow, we we don't have to dive
into all the extensions, butthat's a pretty significant gift
to s corps and partnerships as a6 months extension. But the
trick with that is, right, isyou actually have to file the
extension before the due date.Right?
Chris Picciurro (08:36):
Absolutely. So, yes, yeah, you gotta file the
extension. So March 15th, scorps partnership returns. Now
the next date, theaforementioned Johnny Chipolski
birthday.
John Tripolsky (08:48):
Birthday. Oh,
Chris Picciurro (08:51):
boy. Hey. Don't quit your day job. Oh, I'm not
gonna work. I gotta I gottawhenever my daughter sings just
to get under her skin, and Itell her, I'm so happy you're in
theater.
I mean, some people in theatersing, but not in our family.
April 15th. This is the this isthe date that has the most
(09:11):
amount of items associated withit. One is the individual tax
return deadline. Okay?
Now, again, remember, you canjust get a tax extension if you
would like by filing a form for4868 or filing 1 online, but in
which gives you an extra 6months, but that is the
individual tax return due datefor the previous year. 2, it's
(09:36):
also the due date of your Q1estimated tax payment. So April
15, 2025 will be the whateveryour profit was or income
between March, January, andMarch, if you have to pay
estimated tax payments, that'sthe due date of the estimated
tax payment. Now typically so sodo you have both of those things
due on the same day? It's alsothe due date for IRA
(10:00):
contributions from the previousyear and health savings account
contributions for for theprevious year.
If you owe tax, this is the duedate for the tax you owe even if
you file an extension. And ccorporations, the due date for
those returns are April 15th.Now when I first started in this
business, c corps are due inMarch, and partnerships are due
(10:21):
in April, and those gotswitched, which was which was
smart. With the c corporation,you can easily get a 6 month
extension as well. You just haveto request it.
So individual return, Q1estimate, c corp due date, IRA
and HSA contribution deadline,those cannot be extended. And
then, payment with a of any taxdue from the previous year. So
(10:44):
lots going on on April 15th, notjust your birthday, John.
John Tripolsky (10:48):
It happens. You know? But but, another little
bonus from the IRS too is if, ifyou don't happen to have any
checks laying around, just a alittle reminder, we talked about
this in previous episodes, youcan make all these payments
online. You know, direct on onthe IRS's website. It's like a
very easy thing to do.
So you don't have to worry aboutpostmark and all that.
Chris Picciurro (11:07):
IRS dotgov, I believe. You know, we I mean, I
have an account that I I make,payments right directly to the
IRS, and it just makes life alittle easier. Now things get
tricky on these personalestimated tax payments. Right?
Because you think they'requarterly.
The Q1 is due in in April. Forthis is probably the most
missed. The next two things arethe most missed. The second
(11:30):
quarter payment for individualsis June 15th. You're thinking,
shouldn't it be July?
I know, but it's June. So June15th so you're gonna pay tax in
the Q2 for whatever your incomeor profit was for just April and
May. Usually, you're but the thesecond quarterly second federal
quarterly estimate of taxpayment is due June 15th, not
(11:51):
July 15th, so be very aware ofthat. The 3rd quarterly payment,
you're thinking logically, youwould think, oh, that's due
October 15th. Right?
No. That's due September 15th. Iknow it's very odd, but do you
mean do you
John Tripolsky (12:08):
mean the government doesn't have
everything in a very organized,you know, makes sense plan?
Shocking.
Chris Picciurro (12:16):
I know. It's a little nutty. So September 15th
is gonna be your 3rd quarterlypayment due date, and it's also
the filing deadline for any ofyour s corporation or
partnership returns that file anextension. So September 15th is
a huge day for tax professionalsand business owners. October
15th is even a bigger day insome way ways.
(12:39):
That's the filing deadline forany of the tax returns, personal
returns that are on extensionand c corp returns on extension.
So September 15th October 15th,very, very important days in the
tax preparation world. So forOctober 15th, final deadline for
extended personal returns andextended c corporation tax
(13:04):
returns. Now you might think,oh, it's December 31st. Anything
going on today?
Well, sure. It's the, last dayof the year, but it's also the
final day for making RMDs. So ifyour taxpayers that are mature
aged, they see 73 or older, thatare required to take money out
(13:25):
of their their retirementaccounts. That's why it's called
the required minimumdistribution. Or if someone that
has inherited an IRA orretirement account, this is the
final day to take thosedistributions.
And the penalty for not takingthose distributions, it did go
down a little bit from 20 50% to25% is still significant. And
then, obviously, this is thelast day to implementing type of
(13:47):
tax. Last second tax planningopportunities. The most popular
one's gonna be your tax lossharvesting. So if you have
capital losses in your brokerageaccounts and you're trying to
sell, you you've got till today.
Or if you're making charitablecontributions, you know, today
is your final day to get thosein before the end of the year.
Make sure those are postmarkedif you're mailing them or it's
(14:08):
just easy to make thecontribution electronically.
John Tripolsky (14:12):
You know, it was I think last year around this
time, I I made the same joke,and I don't know why this just
clicked with me. But you know,we didn't use the example of
actually, in this episode oreven for the past couple months,
I don't think I pulled theexample out, you know, of, oh,
well, I'm at the bar. It's 11:55PM on 31st. What can I still do?
You know what I mean?
I don't know if you rememberthat from last year. I think I I
(14:34):
think I said it too much andI'll that it just you know, it
it became like my own personalbrand was clearly everybody
thinks I'm at the bar drinkingat 11:59 when you have a toddler
at home and you actually go tosleep about 9 and you play last
year's replay, and so they thinkthey've seen it, or the ball
drop. But this was awesome, man.I'm I'm glad we ran through
these, because we get askedthese a lot. And, you know,
(14:55):
we'll I'll go ahead and I'llmake sure that our team posts
these dates in the show notes aswell.
It'll be pretty lengthy. Sodepending on what device you're
looking at, you know, might notshow up exactly correct. But,
again, they're they're variabledates for the most part. You
know, because you mentioned theholidays, etcetera on there,
it's next business day. Justmark your calendar.
And and what I did, I don't knowif it's helpful for everybody
(15:18):
else's, actually go in yourcalendar and, you know,
technology is a beautiful thing.Just set it to recur annually
with a reminder, like, 7 days or20 days before, and then you
know if that date changes. It'sa very easy thing to do because
as we know, we all got so muchstuff going on. We'll tend to
forget some of these. Right?
Chris Picciurro (15:35):
Very smart. Happy New Year. Thank you for
listening to the podcast. We'reso excited about this year
coming up, and, yeah, we gave itwe we you know what? We did a
little bit shorter podcast thisthis this week because we want
you to spend more time with yourfamily.
John Tripolsky (15:51):
Absolutely. And as we've mentioned in the New
Year, we didn't actually talkabout this for a while, but this
has been in the works for acouple years, really based off
of people asking us forsomething. You know, we're we're
basically in the business ofproviding information and
resources, and that being so, ifif anybody listening to this is
actually looking for a taxprofessional, we made it a we
(16:14):
made a great domain name. Veryeasy to find. It's just
2025.tax.
So 2025.tax. We actually are aregonna start offering a service
here in a couple days. So get onget on that list. You can really
tap into the resources throughteaching tax flow as well as,
you know, Chris' privatepractice and other ones too. So,
(16:37):
basically, what it is in anutshell is we're offering some
some direct, tax prep servicesand and strategy and planning.
So it's something to definitelytake advantage of. There you
fill out this form. It's veryquick, very easy, very short for
the most part, and it'snonbinding. So even if you
wonder if this is good for you,fill it out, talk to our team,
(16:57):
figure it out, and go fromthere. But even more important
than that, can definitely notclose out on a pitch of what
we're doing.
This is about you, not us. Havea good night. Have a good day.
Have a great rest of the year asit winds down, and let's get
into 2025. And to close it out,you know, I normally say the
same thing over and over again.
(17:18):
I'm just gonna say we'll see youguys next year. So thank you so
much for everybody joining ushere on the Teaching Tax Flow
podcast.
Disclaimer (17:27):
The content provided is for educational purposes
only. We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney.
Investment advisory services areoffered through cabin advisors,
a registered investment advisor.Securities are offered through
cabin securities, a registeredbroker dealer. The content of
this podcast does not constitutean offer of securities.
(17:49):
Offerings can only be madethrough an offering memorandum,
and you should carefully examinethe risk factors and other
information contained in thememorandum.
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