July 2019 Individual Due Dates

July 1 – Time for a Mid-Year Tax Check Up

Time to review your 2019 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 are required to report them to your employer on IRS Form 4070 no later than July 10. 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 2019 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 the calendar year 2018. 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 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 –  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 calendar year 2018.

July 31 – Social Security, Medicare and Withheld Income Tax 

File Form 941 for the second quarter of 2019. 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 12 to file the return.

July 31 – Certain Small Employers 

Deposit any undeposited tax if your tax liability is $2,500 or more for 2019 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 calendar year 2018. 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.