October 2025 Business Due Dates October 15 - CorporationsFile a 2024 calendar year income tax return (Form 112 and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension by April 15.October 15 - Social Security, Medicare and Withheld Income Tax
If you are an employer and the monthly deposit rules apply, October 15 is the due date for you to make your deposit of Social Security, Medicare, and withheld income tax for September 2025. This is also the due date for the nonpayroll withholding deposit for September 2025 if the monthly deposit rule applies.October 15 - Nonpayroll Withholding If the monthly deposit rule applies, deposit the tax for payments in September.
October 15 - Last Day to Establish a Keogh Account for 2024If you received an automatic 6-month extension of time to file your 20232024 tax return and are self-employed, October 15, 2025, is the last day to establish a Keogh Retirement Account if you plan to contribute for 2024.
October 15 - SEP IRA & Keogh Contributions Last day to contribute to a SEP or Keogh retirement plan for calendar year 2024if tax return is on extension through October 15.
October 31 - Social Security, Medicare and Withheld Income Tax File Form 941 for the third quarter of 2025. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until November 10 to file the return. October 31 - Certain Small EmployersDeposit any undeposited tax if your tax liability is $2,500 or more for 2025 but less than $2,500 for the third quarter.October 31 - Federal Unemployment TaxDeposit the tax owed through September if more than $500.
Weekends & Holidays:
If a due date falls on a Saturday, Sunday or legal holiday, the due date is automatically extended until the next business day that is not itself a legal holiday.
Disaster Area Extensions:
Please note that when a geographical area is designated as a disaster area, due dates will be extended. For more information whether an area has been designated a disaster area and the filing extension dates visit the following websites:
FEMA: https://www.fema.gov/disaster/declarationsIRS: https://www.irs.gov/newsroom/t....ax-relief-in-disaste
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October 2025 Individual Due Dates October 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 8 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.October 15 - Taxpayers with Foreign Financial InterestsIf you received an automatic 6-month extension of time to report your 2024 foreign financial accounts to the Department of the Treasury, this is the due date for Form FinCEN 114. October 15 - Individuals If you requested an automatic 6-month extension to file your income tax return for 2024, file Form 1040 and pay any tax, interest, and penalties due.
Weekends & Holidays:
If a due date falls on a Saturday, Sunday or legal holiday, the due date is automatically extended until the next business day that is not itself a legal holiday. 
Disaster Area Extensions:Please note that when a geographical area is designated as a disaster area, due dates will be extended. For more information whether an area has been designated a disaster area and the filing extension dates visit the following websites:
FEMA: https://www.fema.gov/disaster/....declarationsIRS: htt
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Plan Now For the 2027 Revival of Opportunity Zone Investment Tax Breaks Article Highlights:

Why Congress Established Opportunity Zones
Investing Capital Gains into Opportunity Zones
Investment Requirements
 The Benefits of Holding Opportunity Zone Investmentso   Five-Year Periodo   Thirty-Year Period
Incorporating Opportunity Zones into Estate Planningo   Deferred Gain Strategyo   Tax-Free Growtho   Strategic Valuation
The Strategic Case for this 2027 Investment

The Tax Cuts and Jobs Act (TCJA) of 2017 introduced Opportunity Zones to foster economic development in underserved communities while offering significant tax incentives to investors. Fast forward to January 1, 2027, and under the One Big Beautiful Bill Act (OBBBA), and we find that Opportunity Zones have been revitalized and remain a powerful tool for astute investors seeking both community impact and financial gains, including the potential of significant tax savings.
Why Congress Established Opportunity Zones (OZs): The Opportunity Zone initiative was created in response to economic disparities that exist across various U.S. regions. By incentivizing investments in economically distressed areas, Congress aimed to spur business development, create jobs, and promote the overall infrastructure within those communities. This legislative decision underscored a commitment to bridging economic divides and fostering sustainable growth in areas traditionally overlooked by private capital.
Investing Capital Gains into Opportunity Zones: To entice people to invest in OZs, the original 2017 legislation provided temporary tax benefits for those who invested in OZs. The OBBBA enhances and makes permanent the tax advantages derived when investing in OZs. For taxpayers anticipating capital gains from the sale of assets like stocks or real estate, the upcoming 2027 changes present a unique opportunity. By investing these gains into a Qualified Opportunity Fund (QOF), taxpayers can defer the capital gain and benefit from potential reductions or exclusions of gain upon sale of the QOF.
Investment Timing: After realizing a capital gain, taxpayers have a 180-day window to reinvest the gain into a QOF. This time-sensitive requirement is crucial for securing the tax deferral, as the reinvestment must occur within this six-month period following the sale or exchange that generated the gain. By adhering to this timeline, investors ensure their eligibility for the associated benefits, including potential long-term tax reductions or exclusions. Being mindful of this deadline is essential for effective tax planning and maximizing the advantages of OZ investments.
Investment Requirements: It is critical to note that only the gain portion from the sale needs to be invested into a QOF for tax deferral eligibility. For instance, if a taxpayer realizes a gain of $100,000 from a real estate sale, only that amount would be subject to the Opportunity Zone investment, not the total proceeds from the sale. It does not matter what type of asset the taxpayer sold that produced the capital gain; it can be stock, real estate, collectibles, cryptocurrency, a business or a partnership interest.
The Benefits of Holding Opportunity Zone Investments: The OBBBA introduces structured deferral periods, setting the stage for distinct advantages:

Five-Year Period: If a taxpayer holds the investment in a QOF for at least five years, there is a 10% exclusion of the deferred gain. This means that 10% of the original gain invested is tax-free when the gain is eventually realized.
Thirty-Year Period: Extending the holding period to thirty years offers the remarkable benefit of exclusion from taxation entirely on any gain from the original opportunity zone investment upon sale. This extended timeline ensures that gains enjoy maximized long-term growth, coupled with substantial tax savings.

Such time-bound frameworks in OZ investments provide critical benefits and make a compelling case for incorporating these into long-term investment strategies.
Incorporating Opportunity Zones into Estate Planning
When considering estate planning, the benefits of OZs should not be overlooked. Here's how they might be effectively utilized:

Deferred Gain Strategy: Incorporating QOF investments into an estate plan allows heirs to inherit deferred gains, offering them the choice to manage when recognitions occur based on their personal financial landscape.
Tax-Free Growth: By potentially leveraging tax-free appreciation over periods as long as thirty years, families can enhance intergenerational wealth transfer while reducing future tax liabilities associated with asset liquidation.
Strategic Valuation: If the investment forms a part of an estate portfolio, valuation strategies could include discounts that lessen taxable estate value—thereby reducing estate tax outcomes.

Tax professionals and estate planners should be consulted to effectively navigate these complex but rewarding opportunities tied to Opportunity Zones, ensuring alignment with personal financial goals and legacy plans.
The Strategic Case for This 2027 Investment: With the Opportunity Zone provision's revival set for 2027, it is crucial for investors to proactively prepare. The act of positioning investment strategies ahead of these changes not only allows for maximizing potential returns but also grants investors a role in affecting positive change in designated communities.
In the context of broader economic policies, OZ investments act as both a financial growth tool and a catalyst for community development. As regulations and guidance continue to evolve, staying informed and adaptable to these changes will position savvy investors to take full advantage of the fiscal and societal benefits that Opportunity Zones offer.
In conclusion, OZ investments are profoundly effective for those planning for 2027. By proactively incorporating these opportunities into financial and estate plans, investors can achieve significant tax deferrals and exclusions while making impactful contributions to economically challenged communities—a testament to aligning personal financial goals with greater good aspirations.
Considering the forthcoming revival of Opportunity Zone investment tax breaks, taxpayers poised to realize significant capital gains have a unique opportunity to enhance their financial strategies while contributing to community revitalization. Contact our office for a consultation to explore how these upcoming tax incentives can be effectively integrated into your financial and estate planning and are appropriate for you.
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Video Tips: Passenger Vehicle Loan Interest In the swirling complexities of tax legislation, even well-intentioned provisions can seem like offers of relief that arrive weighed down with restrictions. The OBBBA provision, which allows taxpayers to deduct up to $10,000 of interest paid on passenger vehicle loans, is poised to be one such measure. On the surface, it beckons with the promise of financial relief; however, for many taxpayers, the reality will be a confounding array of limitations that may render the deduction more symbolic than substantive.
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Exploring Tax Opportunities to Pay Off Student Loans Article Highlights:

Qualified Tuition Plans
Employer Payments
Paying Principal vs. Interest
Public Service Loan Forgiveness
Income-Driven Repayment Plans
State-Level Programs
Death or Disability Forgiveness

Paying off student loans can be a significant challenge for many graduates. However, leveraging tax-advantaged strategies can alleviate some of this burden. In this article, we'll explore various tax opportunities to help pay off student loans, including Section 529 plans, Section 127 employer payments, and strategies related to paying principal versus interest. We'll also highlight new provisions and permanency established by the One Big Beautiful Bill Act (OBBBA).
Qualified Tuition Plans: Qualified Tuition Plans (sometimes referred to as Section 529 plans) are plans established to help families save and pay for education expenses in a tax-advantaged way and are available to everyone, regardless of income.
These plans allow taxpayers to gift large sums of money for a family member's education expenses, while continuing to maintain control of the funds. The earnings from these accounts grow tax-deferred and are tax-free, if used to pay for qualified education expenses. Here's how they can help manage student loans:

Tax-Free Withdrawals for Educational Expenses: 529 plans offer tax-free withdrawals for qualified educational expenses, including student loan repayments up to a lifetime limit of $10,000 per beneficiary.
Recent Changes Under OBBBA: The OBBBA has expanded the uses of 529 funds. However, it's important to note that any distributions from a 529 plan made for the purpose of paying student loans will not allow the beneficiary to claim student loan interest deductions.

Employer Payments: With education becoming a key benefit for recruits, many employers offer educational assistance:

What Section 127 Covers: Under Section 127, employers can offer up to $5,250 annually in tax-free educational assistance, which can include student loan repayments.
Permanency Due to OBBBA: This benefit was made permanent by the OBBBA legislation, offering a long-term planning opportunity for employees.

Paying Principal vs. Interest: When deciding how to allocate payments, understanding the tax implications can be crucial:

Interest Deduction: For taxpayers itemizing their deductions, they are allowed to deduct student loan interest up to $2,500 per year. Thus, where possible it would be beneficial to allocate payments from Sec 529 plans and employer payments to principle and the taxpayer to pay the interest.
Strategic Approaches: Balancing payments between principal and interest can optimize both tax benefits and debt reduction speed.

Additional Sources and Methods: Besides Sec 529 and Sec 127, other strategies can also aid in managing student loans:

Public Service Loan Forgiveness (PSLF): The Public Service Loan Forgiveness (PSLF) program is a significant federal initiative designed to alleviate the financial burden of student loans for individuals committed to careers in public service. Established to incentivize and reward employment in essential public sectors, PSLF targets employees working full-time for qualifying employers, including government agencies, 501(c)(3) non-profit organizations, and certain other non-profit entities dedicated to public services. To benefit from PSLF, borrowers must make 120 qualifying monthly payments under a qualifying repayment plan while working with an eligible employer. Unlike many loan forgiveness programs, the PSLF discharges forgiven debt tax-free.
Income-Driven Repayment Plans: Though not directly offering tax benefits, these plans can reduce monthly payments, enabling borrowers to use savings elsewhere, possibly toward tax-advantaged accounts.
State-Level Programs: Some states offer tax incentives or repayment assistance programs for student loans. Check if your state provides such a benefit.

Death or Disability Forgiveness: It's important to recognize the specific provisions related to student loan discharge under unfortunate circumstances:

Tax-Free Discharge: Typically, student loans discharged upon death or total and permanent disability are excluded from taxable income. Emphasize planning for these situations to ease burdens on family or affected individuals.
OBBBA Amendments: Significant changes have occurred with the OBBBA, where such discharge exclusions are reinforced, ensuring they remain effective well into the future.

Conclusion: A mindful approach to student loan repayment, utilizing various tax-advantaged opportunities and keeping abreast of legislative changes, can dramatically ease the financial pressure. Consultation with a tax professional can further personalize these strategies based on individual circumstances.
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