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July 2023 Individual Due Dates
July 3 - Time for a Mid-Year Tax Check Up
Time to review your 2023 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties.
July 10 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during June, you must report them to your employer on IRS Form 4070 no later than July 10. Your employer must 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 12 of your W-2 for the year. You must pay the uncollected withholding when your return for the year is filed.
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, which is not a legal holiday.
Disaster Area Extensions: Please note that due dates will be extended when a geographical area is designated as a disaster area. For more information on whether an area has been designated a disaster area and the filing extension dates, visit the following websites:
FEMA: https://www.fema.gov/disaster/declarations IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations For example, disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments.
July 2023 Business Due Dates
July 1 - Self-Employed Individuals with Pension Plans
If you have a pension or profit-sharing plan, you may need to file a Form 5500 or 5500-EZ for 2022. Even though the forms do not need to be filed until July 31, you should contact this office now to see if you have a filing requirement, and if you do, allow time to prepare the return.
July 17 - Non-Payroll Withholding
If the monthly deposit rule applies, deposit the tax for payments in June.
July 17 - Social Security, Medicare, and Withheld Income Tax
If the monthly deposit rule applies, deposit the tax for payments in June.
July 31 - Self-Employed Individuals with Pension Plans
If you have a pension or profit-sharing plan, this is the final due date for filing Form 5500 or 5500-EZ for 2022.
July 31 - Social Security, Medicare, and Withheld Income Tax File Form 941 for the second quarter of 2023. 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 August 10 to file the return. July 31 - Certain Small Employers Deposit any undeposited tax if your tax liability is $2,500 or more for 2023 but less than $2,500 for the second quarter. July 31 - Federal Unemployment Tax Deposit the tax owed through June if more than $500. July 31 - All Employers If you maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or 5500-EZ for 2022. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.
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 on whether an area has been designated a disaster area and the filing extension dates, visit the following websites:
FEMA: https://www.fema.gov/disaster/declarations IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations For example, disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments.
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