July 2021 Individual Due Dates
July 1 - Time for a Mid-Year Tax Check-Up Time to review your 2021 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties.
July 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during June, you are required to report them to your employer on IRS Form 4070 no later than July 12. Your employer is required to 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 will be required to pay the uncollected withholding when your return for the year is filed.
July 2021 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 calendar year 2020. Even though the forms do not need to be filed until August 2, 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 15 - Non-Payroll Withholding If the monthly deposit rule applies, deposit the tax for payments in June. July 15 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in June.
July 31 - Social Security, Medicare and Withheld Income Tax File Form 941 for the second quarter of 2021. 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.