April 15th isn’t JUST Tax Day

Most people know April 15th as Tax Day – the day my taxes are due to the IRS. However, this day is not just about filing your tax returns, it’s a deadline for other tax sensitive activities that should be on your radar.

Here’s a breakdown of what to keep on your radar as the April 15th deadline approaches.

Still Time to Make 2025 IRA Contributions

Even though it’s already 2026, you still have time to contribute to a traditional or Roth IRA for the 2025 tax year.

For 2025, you can contribute up to $7,000, or $8,000 if you’re age 50 or older. This limit applies across all IRAs combined.

For traditional IRAs, your contribution may be tax-deductible, lowering your 2025 taxable income. For Roth IRAs, contributions aren’t deductible, but qualified withdrawals in retirement are tax-free.

If your income is too high for a Roth IRA, you may still be able to make a nondeductible contribution to a traditional IRA.

SEP Contributions for Business Owners

If you’re self-employed or own a business, you can set up and make 2025 contributions to a Simplified Employee Pension (SEP) plan and potentially reduce your tax bill. The contribution limit is up to 25% of eligible compensation and capped at $70,000.

If you file for an extension, you’ll have until October 15th to both establish and fund the SEP.

Keep in mind: Any percentage you contribute to your own SEP must be contributed at the same percentage of compensation for all eligible employees.

Filing for a Tax Extension

If you’re not ready to file your return by April 15th, you can request an automatic six-month extension using Form 4868.

Remember, this extends your filing deadline, not your payment deadline. Any taxes owed should still be paid by April 15th to avoid penalties and interest.

First Estimated Tax Payment for 2026

Individuals who receive income not subject to withholding, such as self-employment earnings, investment returns, or supplemental income, may be required to make estimated tax payments.

The first payment for 2026 is due April 15th. You may need to pay estimated taxes if you expect to owe at least $1,000 when you file next year.

To avoid penalties, aim to pay at least 90% of your 2026 tax liability, or 100% of your 2025 tax (110% for higher-income taxpayers). Staying current with estimated payments can help you avoid unnecessary interest and penalties.

Trusts and Estates: Form 1041 Deadline

If you’re responsible for a trust or estate, you will need to file Form 1041 by April 15th.

Filing is generally required if the entity earned $600 or more in gross income, or if it has a nonresident alien beneficiary.

If you need more time, you can request an extension using Form 7004, which gives you until September 30th(or October 15 in certain cases). However, any taxes owed must still be paid by April 15th.

Other April 15th Deadlines

• Federal Gift Tax Returns: Required if a person gives more than $18,000 in 2024 or $19,000 in 2025 to an individual in one year

• Foreign Bank Account Reporting (FBAR): U.S. citizens who have over $10,000 in foreign financial accounts during the year must report them to the Treasury using FinCEN Form 114

Stay Ahead of the Deadline

April 15th is about more than just filing your tax return. It’s a key opportunity to take advantage of tax-saving strategies and stay compliant.

If you're uncertain about which deadlines are relevant or want assistance completing tasks efficiently, consulting a tax professional can help you steer clear of expensive errors and maximize your tax advantages.