It’s time! What to prepare for tax year 2025 filing

Article | January 06, 2026

Authored by Your Firm LLC

Yes, it’s time to get started preparing for your 2025 tax return. Upping your organizational game and understanding what you need and when will eliminate the last-minute scrambles to meet deadlines, and it might just improve your financial results, too.

Whether you’re an individual taxpayer or business owner, starting early can reduce delays, minimize errors, and help your tax pros do their best work on your behalf. Our team has put together a practical guide to get you started on the right foot this tax season, including key deadlines, commonly required documents, and planning considerations.

Important deadlines

The 2025 tax year covers income earned from January 1 through December 31, 2025, with returns generally filed in 2026. Important deadlines to keep in mind include:

February 2, 2026:

• Employers must issue Forms W-2 for regular employees on payroll
• Businesses must issue Forms 1099-NEC and 1099-MISC for pay issued to non-employees, such as contractors, freelancers, gig workers, etc.

Normally, the deadline is January 31, but since that date falls on Saturday this year, the deadline is Monday, February 2.

March 16, 2026:

• Calendar year S-Corporation and Partnership returns due (Forms 1120-S and 1065)

These returns are normally due March 15, but it’s a Sunday this year. You’ve got an extra day, if you need it. (We hope you’re not pushing it that close to the wire!)

April 15, 2026:

• Individual income tax returns (Form 1040) due
• First-quarter estimated tax payment for 2026 due
• Trust returns (Form 1041) due – extension due date is October 15, 2026

May 15, 2026:

• Nonprofit/Tax-exempt entities (Form 990) due – extension due date is November 16, 2026

September 15, 2026

• Deadline for individual return extensions
• Third-quarter 2026 estimated tax payments are due for individuals and most calendar-year C corporations.
• Extended S corporation and partnership returns (Forms 1120-S and 1065) for calendar-year entities on extension
• The September 15 deadline also applies to many multi-member LLCs taxed as partnerships (Form 1065) are on extension
• Some corporations with short tax years ending June 30, 2026 may have a September 15, 2026 filing deadline under IRS tax calendar rules

October 15, 2026

• Extended deadline for individual returns (if an extension is filed)

A note about filing extensions: The important thing to remember is that while extensions provide extra time to submit your return, they do not extend the time to pay taxes owed—you’ll still need to send a check to Uncle Sam by the deadline date, if you owe.

Personal tax preparation checklist

If you’re preparing an individual tax return, gather the following documents as early as possible:

Income Documents

• Forms W-2 (wages and salaries)
• Forms 1099-NEC, 1099-MISC, 1099-INT, 1099-DIV, or 1099-R
• Records of freelance, gig, or self-employment income
• Social Security benefit statements (SSA-1099)
• Unemployment income statements (1099-G)
• Investment and Asset Information
• Brokerage statements showing capital gains or losses
• Cryptocurrency transaction records
• Documentation for real estate sales or purchases
• Deduction and Credit Documentation
• Mortgage interest statements (Form 1098)
• Property tax records
• Charitable contribution receipts
• Medical expense records (if itemizing)
• Education expenses (Forms 1098-T)
• Childcare costs and dependent information

Other Important Items

• Last year’s tax return (to help spot inconsistencies or significant changes)
• Bank account details for direct deposits or payments
• Records of estimated tax payments made during 2025

Business Tax Preparation Checklist

For business owners, early organization is especially important. Key items include:

Financial Records

• Year-end profit and loss statement
• Balance sheet
• General ledger
• Bank and credit card statements
• Income and Expense Support
• Sales records and invoices
• Expense receipts (rent, utilities, supplies, travel)
• Payroll records and payroll tax filings
• Fixed asset purchases and depreciation schedules

Compliance and Reporting

• Forms 1099 issued to contractors
• Business use of vehicle mileage logs
• Inventory counts (if applicable)
• State and local tax filings

Well-maintained bookkeeping throughout the year can significantly reduce preparation time and help avoid filing delays. Our firm can help with that!

Estimated taxes and withholding review

If you’re self-employed, receive investment income, or have multiple income sources, reviewing your estimated tax payments is essential. Underpayment can result in IRS penalties, even if you ultimately owe only a small balance at filing time. Individuals may also benefit from reviewing their withholding elections to ensure they align with current income levels and personal circumstances to avoid over- or underpayment.

Common Filing Mistakes to Avoid

Each tax season, taxpayers encounter preventable issues that slow processing or trigger notices. Some of the most common include:

• Missing or incorrect Social Security numbers
• Reporting income that doesn’t match IRS records
• Forgetting estimated tax payments already made
• Claiming credits without proper documentation
• Filing before receiving all tax forms

Taking time to confirm completeness and accuracy before filing can prevent snags in processing or IRS audits. Working with a tax professional will give you an advantage.

Starting your tax preparation early is always a good idea. An early start gives you more time to resolve issues like missing documents, and less pressured work reduces the risk of errors and gives more time for planning. You’ll be able to focus more on accuracy and strategy rather than last-minute urgency.

Getting professional help is worth it!

Remember the part about tax preparation and filing not having to be dreadful? Engaging the services of a professional tax team can make all the difference, and it will likely pay for itself in mistake and penalty avoidance, recouping your irreplaceable time, and trading anxiety for peace of mind. Whether you’re filing a complex individual return or trying to keep your business compliant, our team’s expertise will help improve the process.

Whether you work with our team or another professional, start working sooner, rather than later. The clock is ticking!