Tax Filing Deadlines Are Rapidly Approaching

Article Highlights:

• Filing due date
• Balance due payments
• Contributions to a Roth or traditional IRA
• Individual refund claims for tax year 2022
• Filing extension
• Foreign Bank and Financial Accounts Report (FBAR)
• Estimated tax payments for the first quarter of 2026

Just a reminder to those who have not yet filed their 2025 federal tax return that the filing due date, April 15, 2026, is the due date to either file your return and pay any taxes owed, or file for the automatic extension and pay the tax you estimate to be due for 2025.

In addition, the April 15, 2026, deadline also applies to the following:

• Tax year 2025 balance-due payments – Taxpayers that are filing extensions are cautioned that the filing extension is an extension to file, NOT an extension to pay a balance due. Late payment penalties and interest will be assessed on any balance due, even for returns on extension. Taxpayers anticipating a balance due will need to estimate this amount and include their payment with the extension request.
  
  
• Tax year 2025 contributions to a Roth or traditional IRA – April 15 is the last day contributions for 2025 can be made to either a Roth or traditional IRA, even if an extension is filed.
  
  
• Individual refund claims for tax year 2022 – The regular three-year statute of limitations expires on April 15 for the 2022 tax return. Thus, no refund will be granted for a 2022 original or amended return that is filed after April 15, 2026.
  
  
• Filing Extension - A tax return extension provides taxpayers with additional time to file their federal income tax return, shifting the due date from April 15 to October 15. To secure this extension, Form 4868, the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, must be filed by the original April 15 deadline. Taxpayers are required to estimate and pay any expected balance due by April 15 to avoid interest and penalties. Failure to pay the full estimated amount can result in late payment penalties, even if an extension has been granted for the filing itself. Therefore, accurate estimation and timely payment are essential to ensure the extension is valid and to minimize potential additional charges.
  
  
• Foreign Bank and Financial Accounts Report (FBAR) – For the tax year 2025, the FBAR is due on April 15, 2026, aligning with the standard federal income tax filing deadline. The FBAR is required for taxpayers with $10,000 or more in a foreign account at any time during 2025. If you fail to meet the initial April 15 deadline, an automatic extension is granted, extending the deadline to October 15 of 2026. It's important to ensure that the FBAR is filed by this extended deadline to avoid draconian penalties.
  
  
• Individual estimated tax payments for the first quarter of 2026 – The deadline for the first installment of the 2026 estimated tax payments is also April 15, 2026. In many cases the amount of estimated tax payments required for 2026 is predicated on the tax determined for 2025. So, although the filing deadline of your individual return for 2025 may be October 15 if you filed for an extension, it may be necessary to estimate your 2026 tax liability prior to April 15 to determine your first 2026 quarterly estimated payment due April 15.  

Missing information – If this office is holding up the completion of your returns because of missing information, please forward that information as quickly as possible to meet the deadlines.  Keep in mind that the ending days of tax season are very hectic, and your returns may not be completed if you wait until the last minute.  If it is apparent that the information will not be available in time for the April 15 deadline, then let the office know right away so that an extension request, and 2026 estimated tax vouchers if needed, may be prepared.

Is your return completed but you are unable to pay your tax liability? Please call to discuss your options.

If your returns have not yet been completed, please call right away so that we can schedule an appointment and/or file an extension if necessary.