Financially speaking, these are uncertain times for businesses across the U.S. As the new administration ramps up, many folks are speculating about whether the Tax Cuts & Jobs Act (TCJA) will expire later this year or get an extension. Talks of tariffs are adding another layer of ambiguity. It might feel like there’s a lot of shifting sand under your feet.
There are, however, some things that are hard-set. And upcoming tax deadlines are a few of them. While filing paperwork with the relevant tax authorities is probably not your idea of a great time, the certainty of the requirements and deadlines can feel reassuring right now.
Here are some things your business needs to do in the coming year, no matter how things shift. For more information here, consult our free 2025 tax season guide for founders.
By January 31, 2025: W-2, 1099-NEC, Form 3921
The last day of January marks your deadline for getting:
- W-2s to your employees
- 1099-NECs to any contractors you paid more than $600
- Form 3921 to any former or current employees who exercised incentive stock options (ISOs) in the last year
As you’re issuing W-2s, remember to report any non-statutory stock options that employees exercised through the year by marking Box 12, Code V. If you use a payroll company, communicate with them ASAP to get that marked.
Also, as you’re figuring out which contractors need to get 1099ed, make sure you check for any payments you made outside services like Gusto or Justworks.
February 28/March 31, 2025: Form 3921
Remember that Form 3921 that was due to current and former employees who exercised ISOs? The IRS needs its copy, too.
If you’re completing a paper filing, it’s due February 28, 2025. If you’re going to e-file, you have until March 31, 2025.
By March 1, 2025: Delaware Annual Franchise Tax Report
Delaware wasn’t just the first state to ratify the Constitution. It’s also the first choice for many founders starting businesses. Because of the ease and cost-effectiveness of incorporating in Delaware, a lot of companies establish themselves in this state.
If you followed suit, you need to be aware of Delaware’s requirements — no matter where your business is actually located.
That includes the March 1st Annual Report and franchise tax payment deadline.
You can (and have to) file the report and pay your franchise taxes online, but it’s often somewhat complicated. You need to calculate how much your entity owes in franchise taxes based on some fairly complex calculations. As a result, we recommend consulting with your accountant well in advance of the deadline.
By March 17, 2025: Form 1065, Form 1120-S
Usually, partnerships and S-corporations need to get their tax returns in by March 15. But because the 15th falls on a Saturday this year, you have until the 17th (happy St. Patrick’s Day to you).
For partnerships, that means handing over your Form 1065 by that date. That’s true for:
- General partnerships (GPs)
- Limited partnerships (LPs)
- Limited liability partnerships (LLPs)
- Limited liability companies (LLCs) that file as a partnership
March 17 is also the deadline for S-corps to get in their Form 1120-S.
Partnerships and S-corps have the option to file an extension, giving them until September 15, 2025 to get their required paperwork to the IRS. This March 17 deadline still applies, though, because you need to get your extension request (Form 7004) in by this date.
By April 15, 2025: Corporate and Personal Taxes
This is the big tax deadline, and one you probably already have in your head. It’s the date by which most people and companies need to pay their taxes.
By April 15, corporations (other than S-corps) need to get Form 1120 to the IRS. That’s true unless you’re a fiscal year filer. In that case, your income tax return is generally due three months and two weeks after your fiscal year ends.
If you need more time, you can file for an extension with Form 7004. If approved, that buys you an extra six months to file your income tax return. Still, you need to get that request for the later deadline into the IRS by April 15.
The middle of April also marks the due date for your personal income tax returns. And because the goings-on at your business has ramifications there, we want to mention it here.
With all of that in mind, we have a couple of specific things we want to call out for VC-backed tech companies.
Corporate taxes: R&D tax credit
The R&D tax credit could mean tax savings of up to $500,000. With so much money on the line, it’s not surprising that the IRS wants to see a lot of evidence to corroborate your eligibility for this credit.
As recent public examples have illuminated, that means diligent record-keeping. To maximize this credit for your company, spend some time with your accountant. First, you need to make sure that the areas you want to claim actually qualify. Specifically, that means passing a four-part test.
Then, assuming you have qualified research expenses (QREs), you need to have proof to substantiate them. If you plan to claim part of an engineer’s salary, for example, you need to have time tracking to show the IRS the time they allocated to qualifying research activities.
Once you know how much you can claim (and substantiate) for this tax credit, you’re not done just yet. Per changes to Section 174 of the Internal Revenue Code (IRC), you need to capitalize domestic QREs over five years and foreign QREs over 15 years.
Personal taxes: Qualified small business stock (QSBS)
While we’ve focused on your business tax filings up to this point, we want to call out qualified small business stock (QSBS) and its impact on your personal taxes. When you can get shares in your company to qualify for this provision, you can protect gains from the sale of that stock from capital gains taxes.
It’s worth learning more about IRC Section 1202 and what it can do for your personal tax bill. We’ve got a guide to get you started.
By June 1, 2025: Delaware LLC Annual Tax
After surviving the spring tax deadline, you might think you’re in the clear. If you founded an LLC in Delaware, though, you have one more to do at the start of summer. By the beginning of June, you need to pay the $300 annual tax.
To dive deeper into your requirements for this year, download our 2025 tax season guide for founders. And to get help with all of it, contact our team.
