📢 March 2025 Business Tax Deadlines – What You Need to Know!

[Steven Bialecki]

📢 March 2025 Business Tax Deadlines – What You Need to Know!

🚨 Tax season is here! If you own a business, now is the time to get ahead of key deadlines to avoid IRS penalties and maximize deductions.

📅 March 2025 Tax Deadlines:
✔️ March 17 – S-Corp (1120-S) & Partnership (1065) tax returns due (if not filing an extension).
✔️ March 21 – BOI (Beneficial Ownership Information) Reporting Deadline – New requirement for many businesses.
✔️ March 31 – Final deadline to correct & e-file 1099 forms before penalties increase.

💰 Tax Deductions Business Owners Shouldn’t Overlook:
🏠 Home Office Deduction – If you use a part of your home exclusively and regularly for business, you can deduct a portion of rent, mortgage, utilities, and internet. Use either the simplified method ($5 per sq. ft., up to 300 sq. ft.) or actual expenses.
🚗 Mileage Deduction – Standard $0.67 per mile or actual vehicle expenses.
💼 Startup Costs – Deduct up to $5,000 in the first year (if total costs are under $50K).
📢 Marketing Expenses – Ads, branding, and website costs are fully deductible.

⚠️ IRS & BOI Penalties to Avoid:
🛑 Late business tax filings = 5% penalty per month on unpaid taxes (up to 25%).
🛑 BOI Reporting non-compliance = $591 per day in fines, up to $10,000 + potential jail time.

Final Tip: Many business owners work with a CPA to ensure tax compliance and maximize deductions. If you haven’t checked in with yours yet, now is the time!

📢 How are you preparing for tax season? Drop your questions or tax strategies below! 👇👇