Taxpayers who received an extension for their 2025 individual federal income-tax return generally have until October 15, 2026, to file. If you have not yet completed your return, now is the time to gather your records. Waiting until the last minute could make it harder to locate missing documents, verify income, and claim all the deductions and credits for which you may qualify.

Common documents include Forms W-2 and 1099, Social Security income statements, retirement distributions, investment statements, mortgage-interest statements, charitable-contribution records, estimated tax payments, and information for dependents. Rental-property owners should gather their rental income, repairs, property taxes, insurance, mortgage interest, management fees, and other property expenses.

Self-employed individuals and business owners may also need bank and credit-card statements, bookkeeping reports, mileage records, equipment purchases, loan-interest statements, contractor payments, and receipts for ordinary and necessary business expenses. Business loans and transfers between accounts should be identified so they are not mistakenly reported as taxable sales.

Remember that a filing extension does not provide additional time to pay. Taxes owed for 2025 were generally due by April 15, 2026, and penalties and interest may apply to an unpaid balance. Even if you cannot pay the full amount, filing your return by October 15 may help you avoid an additional failure-to-file penalty.

Tax Services of Tennessee helps individuals, rental-property owners, and small-business owners in Brentwood, Franklin, Nashville, and throughout Middle Tennessee prepare accurate federal tax returns. If you need help organizing your documents or completing your extended 2025 return, visit taxservicesoftennessee.com or call 615-933-8292.https://taxservicesoftennessee.blogspot.com/2026/08/october-15-tax-extension-deadline-tennessee.html

Comments

Post a Comment

Popular posts from this blog

Image
At Tax Services of Tennessee, we believe that a successful business has a responsibility to give back to the community it serves. While we are passionate about helping individuals and businesses with tax preparation, bookkeeping, tax planning, and business consulting, we are equally committed to making a positive difference beyond the office. This year, Tax Services of Tennessee is expanding its community outreach by supporting efforts that help provide lunches for children in local communities. We believe that no child should have to worry about where their next meal will come from. When children have access to nutritious meals, they are better prepared to learn, grow, and succeed. Food insecurity continues to affect many families across Tennessee, especially during school breaks when children may not have access to school meal programs. Community organizations, schools, nonprofits, and volunteers work together to help fill this need through meal programs and local partnerships. Our g...
Read more
Image
self-employed professionals Estimated Taxes, Self-Employment Tax, Tax Planning, Small Business Taxes, Brentwood TN Self-employed individuals generally do not have an employer withholding federal income tax, Social Security tax, or Medicare tax from their earnings. As a result, they may need to make estimated tax payments during the year. Estimated payments are commonly required when a taxpayer expects to owe at least $1,000 after subtracting withholding and eligible credits. Paying the correct amount throughout the year can help reduce the risk of an unexpected tax bill or underpayment penalty. Tax Services of Tennessee helps self-employed professionals and small-business owners estimate their potential tax liability and plan appropriate quarterly payments. Because income and expenses can change during the year, estimated payments should be reviewed periodically and adjusted when necessary. Professional tax planning can help you remain prepared, protect your cash flow, and approach tax...
Read more
Image
  Why Do I Owe Self-Employment Tax? A Guide for Brentwood, Tennessee Business Owners Many self-employed people are surprised when they prepare their tax returns and discover that they owe self-employment tax in addition to regular federal income tax. This commonly affects independent contractors, consultants, freelancers, sole proprietors, and other small-business owners throughout Brentwood, Tennessee. Self-employment tax helps fund Social Security and Medicare. The general rate is 15.3% , consisting of 12.4% for Social Security and 2.9% for Medicare. It is generally calculated on 92.35% of net self-employment earnings. Additional Medicare tax may apply at higher income levels. Employees normally split Social Security and Medicare taxes with their employers. Self-employed individuals generally pay both portions because they are treated as both the worker and the employer. This is why a self-employed person may owe considerably more than someone who earns the same amount through...
Read more