Hello and welcome to September!
With the year nearly 3/4 of the way through, this is a good month to make sure you are up to speed on your tax planning in order to take advantage of some benefits that will be expiring, as well as keeping up on year-end due dates that may have an effect on your tax filings either for 2024, or for 2025 in the spring.
Important Upcoming Due Dates
September 15th – Taxes are due to be filed for Partnerships and Sub S Corporations that had filed extensions back in March.
This is also the due date for those that are paying quarterly estimated taxes in lieu of traditional tax withholding.
September 30th – Taxes are due to be filed for Estates and Trusts with a December 31st year end that were extended in April.
October 15th – Tax due date for individuals and Corporations who had extensions filed in April.
Tax Credit Expirations
The last day of September also marks the expiration of several tax breaks that were discontinued by the One Big Beautiful Bill (OBBB) back in July. These include the popular Clean Energy credits that were meant to maximize residential energy efficiency. If you are planning on putting on those solar panels or adding an energy-efficient heat pump to your home in order to take advantage of tax breaks, now is the time.
While the tax credit for the purchase of an Electric Vehicle (EV) is also expiring on September 30th, there is some relief to those who want to receive the credit. According to the IRS, you are considered to have acquired a qualifying vehicle if you sign a contract and make a down payment on it by September 30th.
Year-End Tax Planning
These last few months of the year are also an optimum time to consider scheduling a tax planning appointment, especially if any of the following circumstances apply to you:
- You have had an increase in income, such as a bonus or change of employment status from employee to contractor.
- There has been a life change, such as marriage, divorce, birth, death, or decrease in the number of dependents you will claim for 2025
- A child turned 17 in 2025
- You plan on making a year-end money move, such as selling a piece of property, large investment, or anything that may generate capital gains
- You retired in 2025, or plan to retire soon
Remember, a little planning can make a big difference come tax time.