July 1 - Time for a Mid-Year Tax Check Up
Review your 2025 year-to-date income and expenses to confirm that expected tax payments and withholding are sufficient to avoid underpayment penalties.
July 10 - Report Tips to Employer
If you are an employee who works for tips and got more than $20 in tips in June, you must report them to your employer using IRS Form 4070 by July 10. Your employer is required to deduct FICA and income tax withholding for these tips from your normal pay. If your regular wages are insufficient to pay FICA and tax withholding, your employer will record the uncollected withholding in box 8 of your annual W-2. When you file your annual return, you will be obligated to pay any uncollected withholdings.
Weekends & Holidays:
If a due date comes on a Saturday, Sunday, or legal holiday, it is automatically extended to the following working day that is not a legal holiday.
Disaster Area Extensions:
Please keep in mind that when a geographic area is classified as a disaster area, deadlines will be extended. For further information on whether an area has been declared as a disaster area and the filing extension dates, please visit the following websites:
FEMA: https://www.fema.gov/disaster/declarations
IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
July 2025 Business Due Dates
July 1 - Self-Employed Individuals with Pension Plans
If you have a pension or profit-sharing plan, you may be required to file a Form 5500 or 5500-EZ for calendar year 2024. Even though the forms do not need to be submitted until July 31, you should call our office right away to discover if you have a filing requirement, and if so, provide enough time to prepare the return.
July 15 - Social Security, Medicare and Withheld Income Tax
If you are an employer and the monthly deposit regulations apply, the deadline for submitting your Social Security, Medicare, and withheld income tax deposits for June 2025 is July 15. This is also the deadline for the nonpayroll withholding deposit for June 2025, assuming the monthly deposit rule applies.
July 31 - Self-Employed Individuals with Pension Plans
If you have a pension or profit-sharing plan, this is the deadline for completing Form 5500 or 5500-EZ for calendar year 2024.
July 31 - Social Security, Medicare and Withheld Income Tax
Fill out Form 941 for the second quarter of 2025. Deposit or pay any undeposited tax according to the accuracy of deposit guidelines. If your tax liability is less than $2,500, you can pay it in full by filing a timely return. If you deposited the tax for the quarter in whole and on time, you have until August 11 to file your return.
July 31 - Certain Small Employers
If your tax burden for 2025 exceeds $2,500 but is less than $2,500 in the second quarter, deposit any undeposited tax.
July 31 - Federal Unemployment Tax
If the tax owed exceeds $500, deposit it till June.
July 31 - All Employers
If you have an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, submit Form 5500 or 5500-EZ for calendar year 2024. If you utilize a fiscal year as your plan year, submit the form by the last day of the seventh month following the plan year's conclusion.
Weekends & Holidays:
If a due date comes on a Saturday, Sunday, or legal holiday, it is automatically extended to the following working day that is not a legal holiday.
Disaster Area Extensions:
Please keep in mind that when a geographic area is classified as a disaster area, deadlines will be extended. For further information on whether an area has been declared as a disaster area and the filing extension dates, please visit the following websites:
FEMA: https://www.fema.gov/disaster/declarations IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
