It's May — Here's What You Need to Know About Taxes | PRZ CPA

 

As the spring season settles in, many assume tax season is behind us. While the April filing deadline may have passed, May is a crucial time for taxpayers and business owners to stay ahead of financial and tax planning. At PRZ CPA, we’re here to ensure you stay informed, compliant, and on track for financial success throughout the year.

1. Missed the April 15 Deadline? Here's What to Do

If you didn’t file your federal tax return or request an extension by April 15, it’s important to act quickly. Penalties and interest can add up the longer you wait. Here’s what you can do:

• File ASAP: Even if you can’t pay your full balance, filing reduces the late filing penalty.

• Set Up a Payment Plan: The IRS offers installment agreements if you’re unable to pay in full.

• Contact PRZ CPA: We can help assess your situation, file your return, and negotiate with the IRS if needed.

2. Quarterly Estimated Tax Payments: Next Deadline is June 17

If you're self-employed, own a business, or receive income not subject to withholding, you need to make estimated tax payments. The next due date for Q2 is June 17, 2025. Now is the time to:

• Review your income and deductions from Q1

• Adjust payments to avoid underpayment penalties

• Let PRZ CPA help you calculate accurate estimates

3. Start Mid-Year Tax Planning Now

May is the perfect time to start planning for the rest of the year. Waiting until year-end limits your options. Here’s how PRZ CPA can help:

• Evaluate your current tax strategy

• Identify deductions and credits available to you or your business

• Consider retirement contributions, charitable giving, and investment decisions

4. 2025 Tax Law Updates and Opportunities

Tax laws can change, and staying informed can save you money. In 2025, we’re keeping an eye on:

• IRS enforcement updates for high-income earners

• Changes to deduction limits, especially for businesses

• Potential tax reform discussions leading into the 2025 election cycle

We’ll keep our clients updated, but now is a great time to schedule a consultation to see how changes may affect you.

5. Need to File an Extension? Don't Forget the October Deadline

If you filed an extension in April, your new deadline is October 15, 2025. Don’t wait until fall to prepare your documents. PRZ CPA offers full-service support to help you stay on top of this important date and maximize your refund or minimize liability.

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Let PRZ CPA Help You Stay Ahead

At PRZ CPA, we go beyond tax filing — we’re your year-round financial partner. Whether you’re managing personal finances, growing a business, or planning your estate, our team is ready to support you with trusted guidance and tailored solutions.

📅 Ready to plan ahead? Contact us today to schedule your mid-year tax review.

📞 951-230-3662
📧 Przgroupcpa@gmail.com
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