Tax time – it comes around so quickly doesn’t it? While it may feel like you just finished 2024 taxes, it’s already time to start getting things together to finalize 2025’s edition.

While the deadline isn’t until April, the earlier you get all your information together (for your own preparation or that by your tax advisor), the sooner you will know your final tax obligations. I talked with a client (who is anxious to quantify exact tax liabilities sooner vs. later) about a few reminders this week

Q4 2025 Estimated Tax Payments

Perhaps the most important reminder is that final estimated payments for 2025 were due on January 15, 2026. If you overlooked that date, go ahead and make those payments now. Keep in mind you can pay any remaining balance due (above and beyond your safe harbor estimates) upon filing but to avoid penalties and interest, ensure all safe harbor estimated payments were made by the 15th (or ASAP)

Business Owner Reminders

If you own a business, you will want to start pulling together your 2025 financials and supporting documentation. If you hire contractors/service providers, you may may need to file 1099s by January 31, 2026. (This will apply if you have paid over $600 to certain parities including individuals who performed services that are not an employee, payments to attorneys, rent payments, interest payments, and several others. If you aren’t certain the rules apply to you, please reach out to your tax advisor).

If you receive any self-employment income (board fees, consulting fees, etc), you will be on the receiving end of those 1099s (will arrive in January). Now is also a good time to organize your expenses incurred while working (such as mileage logs, phone bills, etc).

1099s

As an individual tax payer, you will be on the receiving end of 1099s – tax forms issued that provide support of various items such as interest earned, dividends earned, capital gains, and mortgage interest paid (and self employment income noted above). Delivery dates will vary based on the exact 1099 form but expect to receive them mostly between January and early March. Keep track of these as they arrive and keep a list so you don’t miss one!

Other Tax Information

Most tax advisory firms utilize a tax organizer (paper or electronic) to learn about your situation in the given tax year and identify any changes. While it may seem like a length exercise, it is very valuable to go thru these documents as you may not realize certain life events impact your taxes. This is especially true this year with the recent tax law changes. They’ll also notify you what supporting documentation is necessary. Start a folder of documents now so that as forms are received, you have a place for them!

Retirement Account & Health Savings Account Contributions

Certain retirement accounts (like IRAs and Roth IRAs and small business retirement accounts), as well as Health Savings Accounts, allow for contributions to be made up until tax filing (and some allow up until extension dates). Be sure to confirm your eligibility for contributions and the amounts you can contribute for tax year 2025 before making them – but you can start to plan for that required cash flow so you are ready once the amounts are known.

2026 Planning

I know it’s exhausting to even think about this year when you are compiling tax information for the prior one. But the clock has already started on 2026 – so if you pay estimated payments, start planning for what that requirement is likely to be this year. The first of those payments will be due in April (at the same time your final 2025 balance is due) so now is the time to adjust cash flow accordingly.

Hope these reminders are helpful. As always, we suggest working with a trusted tax advisor on this important task given the ongoing complexity of the process!